Land values in the
On 8 January, the Acting NSW Valuer General Michael Parker
released land values for the Illawarra region - results from the report are
The total land value for
the Illawarra region increased strongly over the 12-month period to 1 July 2018
by 14.6% from $91.8 billion to $105.3 billion.
government area experienced the strongest overall increase in land values
(20.1%). Demand was generated
from expanded naval operations at HMAS Albatross and improvements to the Princes Highway.
land values increased strongly by 15.1% in the Illawarra region. Residential
land value increases in local government areas varied from a moderate 8.8% in
Wollondilly to a strong 18.5% in Kiama.
Commercial land values
overall increased by a moderate 9.4% in the region. Commercial land values were
steady in Shellharbour (0.5%) and Wollondilly (1.3%) local government areas;
increased moderately in Kiama (5.3%) and Wingecarribee (7.3%) local government
areas; and strongly in Wollongong (10.4%) and Shoalhaven (16.9%) local
Industrial land values
showed a strong increase of 14.3% overall in the region. The largest increase
was a very strong increase in Wollondilly (70.6%) local government area, with
particular demand for warehousing properties offering good access to road and
rail links. Moderate industrial land value increases were experienced in
Wollongong (9.6%) and Shellharbour (9.9%) local government areas. Strong
increases occurred in industrial land values in Kiama (13.2%), Shoalhaven
(14.6%) and Wingecarribee (20.4%) local government areas.
Rural land values in the
region overall increased strongly by 16.2%. The largest increase was a very
strong increase of 30.2% in Shoalhaven local government area, with rural
lifestyle properties near the coast showing the strongest increases.
Wingecarribee (11.5%) local government area had a strong increase. Most local
government areas experienced moderate increases in rural land values including
Shellharbour (5.6%), Wollongong (8.0%), Kiama (8.3%) and Wollondilly (9.9%).
Most rural markets in the Illawarra region are predominantly rural residential
holdings with a strong correlation to surrounding residential markets. Read