By Sean Beavis
Franchise Principal – Aussie Newtown
While it’s no secret to us that the inner-west is the best place to live, it’s now fast becoming the city’s best performing residential property market, with land values outflanking eastern and lower northern suburbs.
According to the NSW Valuer General Phillip Western, land values in Leichhardt rose 15 per cent in 2009 compared to the previous year.
“The total land value of the LGA as at 1 July 2008 was about $10.9 billion,” Mr Western said. “Real estate sales analysis in the Leichhardt LGA has been extensive during the course of the valuation program with some 161 residential, 53 commercial and 24 industrial sales analysed.”
It’s a brilliant result given land values across the state rose only 0.18 per cent, compared with 3.3 per cent a year earlier.
And to our eastern suburbs neighbours – Woollahra, which has a median land value of $1.23 million, recorded a 5.4 per cent drop in land value during 2009. The land values in Randwick also took a dive, falling 3.6 per cent. We know why.
Mr Western said first home buyers have continued to support market activity and sale prices at the lower end of the residential property market.
Here at Aussie Newtown, our trend would definitely be “up”, and we were busy right up until Christmas, with local prices having had a push upwards during the last few months.
We also know from our relationships with local real estate agents that they are desperately short of stock, but are gearing up for a busy start to the year.