Sea changers and tree changers with deep pockets have been confirmed as the main drivers in the increase in residential land values all across the South Coast, a new report has found.
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The Department of Planning and Environment has released data on South Coast land values that show very strong increases of 30.3% overall, with variations across each local government area.
NSW Valuer General David Parker completed land values for every parcel of land across NSW as at July 1, 2021.
Land value is the value of the land only and does not include the value of a home or other structures.
The total land value for the South Coast NSW region increased by 30% between July 1, 2020 and July 1, 2010 from $118.7billion to $154.3billion.
Very strong increases were seen in in Bega Valley, with an overall increase of 29.3%.
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The Eurobodalla saw a big jump to 30.4%, with Shoalhaven at 49.2%, and Kiama at a staggering 53.5%.
"The residential market has experienced a continuing trend of buyers focusing on regional areas in search of greater affordability and preferred lifestyle options," Dr Parker said.
"This green change, tree change, sea change and ski change has been exacerbated by greater employer flexibility in work locations as a result of home working during COVID."
The report concluded people from Melbourne, Canberra, and to a lesser extent Sydney, who were after a lifestyle change were driving up the demand.
Rural land value increases across the South Coast
The strongest type of land value increase in the Bega Valley was by far rural land values, with an overall increase of 24.1% between July 2020 and July 2021.
Rural land values rose all across the South Coast region, with Eurobodalla (34.1%), Shoalhaven (47.9%), Wollondilly (28.4%), Wingecarribee (30.2%) and Kiama (47.9%).
Strong increases were also seen in Shellharbour (13.6%), and Wollongong (20.3%).
Commercial land value increases across the South Coast
Commercial land values on the South Coast increased by 22%, however the Bega Valley remained relatively steady.
There were very strong increases in Kiama (29.8%), Shellharbour (38.4%) and Eurobodalla (39.7%).
Strong to moderate increases were seen in Shoalhaven (22.5%), Wollongong (24.6%), Wingecarribee (6.2%) and Wollondilly.
Industrial land value increases across the South Coast
Industrial land values in the region increased strongly by 15.8% overall, whereas the Bega Valley only saw a moderate increase of 5.6%.
There have been relatively inconsistent patterns of value movement throughout the various industrial areas across the South Coast region.
Eurobodalla and Wingecarribee had very strong increases of 42.9% and 30.2% respectively.
Strong increases were seen in Shoalhaven (22.1%), Wollondilly (11.6%) and Wollongong (12.6%), and Shellharbour (6.9%).
While Kiama experienced a slight increase of 2.3%.
To view the report visit the Valuer-General NSW website or call 1800 110 038 for more information.