NSW land valuations to proceed on 1 July

The Office of the NSW Valuer General will proceed with annual land valuations across the State on 1 July, 2021.

An analysis of the impact of COVID-19 on the property market showed there was enough sales evidence to support 2021 valuations in most property sectors.

Despite the pandemic, property sales and purchases have remained active in many areas.

Last year, the Valuer General released a report, Review of the impact of COVID-19 on the NSW property market following extensive research and consultation with property owners and representative bodies.

The review found, while all property sectors experienced lower levels of sales, the residential property sector remained the most resilient and active.

Last year’s land valuations proceeded on 1 July 2020 despite COVID, with non-residential land values reduced by up to 25 per cent, in the absence of sufficient sales data, for a range of sub-sectors of the property market.

Further analysis of state-wide property sales found a significant increase in sales between 2019 and 2020 across rural and residential markets, and a slight decrease across business and industrial sectors. Overall, there was a rise in sales transactions from 2019 to 2020.

Residential property valuations for 2021 will be determined by comparing sales evidence and changes in market prices. For other property sectors, valuations will be determined based on sales where sufficient evidence is available.

Where there is insufficient sales evidence to update valuations, then the 2020 land valuations will be maintained.