Ryde, Hunters Hill property values grow strongly
STRONG increases in land values have been recorded for Ryde and Hunters Hill, with one street gaining by 27 per cent.
Northern District Times
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STRONG increases in land values have been recorded for Ryde and Hunters Hill, with one street gaining by 27 per cent.
Residential land value in Ryde grew by 12.7 per cent to a $979,000 average over the 12 months to July 1, 2016, according to figures published by the NSW Valuer General.
Residential land in Hunters Hill grew by 15 per cent to a $1,620,000 average.
The Government uses property sales to set land values.
The average sale price for Ryde over the same period was $1,525,000 and $2,750,000 for Hunters Hill.
Councils use land values as part of calculating rate charges, while the Government uses the values to calculate land tax and the new Emergency Services Property Levy.
The residential street with the biggest gain in Ryde and Hunters Hill was Cowell St at Gladesville.
Its land value was $925,000 in 2015, but jumped by 27.6 per cent to $1,180,000 last year.
The only areas not to see strong growth in the two local government areas were Melrose Park and some waterfront properties. These experienced only slight increases.
The NSW Valuer General Simon Gilkes issued values for 2.5 million properties across NSW.
He said land values did not include the value of the home or improvements to the land.
Changes in land value don’t always mean changes to council rates.
Each council has a revenue policy, used to determine rates charged to fund community services.
Councils make their draft revenue policy available for public comment.
Landholders will receive a Notice of Valuation showing their land value before it is used by the council for calculating its rates.
They will then have 60 days to object.
New land values for rating are generally provided every three to four years.
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