Land values in the Illawarra Region

On 8 January, the Acting NSW Valuer General Michael Parker released land values for the Illawarra region - results from the report are outlined below:

General overview

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.

Shoalhaven local 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.

Overall, residential 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 government areas.

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 more here.