February 11, 2016

By Sarah Falson

Land prices in Pitt Town, Oakville and Agnes Banks rose considerably during the 2015 financial year, according to a report from the Valuer General stating typical land values for a selection of Hawkesbury suburbs.

The analysis, prepared by the Valuer General’s office for the Gazette, shows typical land values rose across most Hawkesbury locations during the 12 months to 30 June 2015, with only a few exceptions.

“A typical land value is the value of a block of land which would be considered typical in size and characteristics to that most commonly found in that location,” the NSW Valuer General Simon Gilkes told the Gazette.

According to the report, the typical value of a piece of large lot residential land measuring 2.1 hectares on Wells Street in Pitt Town rose the most, growing 68% from $697,000 in 2014 to $2.18 million in 2015.

The typical value of a piece of rural residential land measuring 7.3 hectares on Speets Road in Oakville rose 60%, from $1.01 million in 2014 to $2.5 million in 2015.

Also in Oakville, typical valued land on Midson Road rose 56%, and land on Old Pitt Town and Wolseley Roads rose 33%.

Agnes Banks also fared well with rural residential land on Crowleys and Price Streets each rising approximately 15%.

Valued land in Freemans Reach, Kurrajong Heights, Lower Portland, Mountain Lagoon, South Windsor, Wilberforce and Mulgrave grew moderately in comparison, with values in some areas stagnating year-to-year.

Typical land valued in Bilpin, Cattai, Central Macdonald, Clarendon, Colo, Yarramundi, St Albans, Upper Colo and Webbs Creek saw no change during the year.

The only value which dropped during the year, according to the report, was the typical value of a 161.5-hectare piece of rural residential land on Putty Road in Colo Heights, which fell 9% from $997,000 in 2014 to $907,000 in 2015.

The properties selected were used as benchmarks for the valuation process.


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