Land values on the way up

Land value in the Holroyd local government area has increased by more than $1 billion during the past three years, the state's valuer general has found.

Residential land and commercial land value has shown an overall increase in the area while the land value of industrial properties has dropped slightly.

Valuer General Philip Western said the major factor contributing to the overall increase in values was the demand for development sites following zoning changes in Holroyd Council's Local Environment Plan.

Industrial properties dropped in value due to increased competition from industrial land releases in surrounding local government areas, he said.

More than 27,000 valuation notices have been issued to land owners revealing the land value of their property based on market conditions as at July 1, 2013.

Mr Western said property sales are the most important factor considered when determining land values and real estate sales in the area had been closely analysed.

The notices give the value of the land only and the figure does not include the price of the home or other improvements on the property.

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