BY CONNOR MARSELOS
In times where great infrastructural work is undertaken and first-home buyers attempt to enter the housing market, a common denominator presents itself in both of these scenarios: land.
Regardless of what the land will be utilized for, there is still a price to pay for it, whether it is a first-time home owner or new infrastructure projects, like the Singleton bypass.
To help calculate residents council rates and the new land tax reform, the government have published updated land values, correct as of July 1st, 2022.
The figures focus on the value of the land only, meaning anything built on it, including residential and commercial buildings, do not factor into the value.
At present, the total value of residential land across the Hunter, now stands at $29.6 billion dollars, up from $18.8 billion in the 2021/22 financial year.
One factor behind the rise in total land value, is the increase of property sales across the area, with more than 61,000 properties sold.
One factor being attributed to this is home-buyers moving from metropolitan areas to the regions, in search of alternative lifestyle options.
The values update also enables the government to calculate the land tax and council to determine how rates are calculated.
