The land values reflect the value of land only, as at 1 July 2024.

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In Port Stephens residential land rose 1.0 percent between 1 July 2034 and 1 July 202, while rural land value grew by 3.4 percent.

Commercial land increased by 0.8 percent, while industrial land rose by 4.8 percent.

Land characterised as “other” grew in value by 3.1 percent, for a total of 1.5 percent change across all land types.

In the MidCoast, residential land rose by 0.3 percent, commercial land by 1.8 percent, industrial by 6.2 percent, and rural by 2.8 percent.

“Other” land decreased by 0.2 percent, for a total change of 1.1 percent across all land types.

Sally Dale, Valuer General of NSW, said the market has slowed due to reduced demand, interest rate rises and inflation.

“This trend was generally consistent across all coastal regions,” she said.

The total land value for “Coastal NSW” experienced a combined increase of 1.6 percent across all property types from $559.8 billion to $568.9 billion.

Property sales are the most important factor valuers consider when determining land values.

Industrial land values in the coastal areas of NSW grew by 4.7 percent on average.

Coastal areas of NSW experienced an overall increase of 1.6 percent in residential land values.

Central Coast (4.3 percent), Lake Macquarie (4.1 percent) and Newcastle (3.9 percent) saw the biggest increases.

Wingecarribee (-4.9 percent), Kiama (-4.1 percent) and Shoalhaven (-3.0 percent) experienced the biggest decreases in residential land values.

“We’re seeing a cooling down of the coastal region residential market due mainly to interest rate rises, higher inflation and increased construction costs.”

Commercial land values increased slightly by less than one percent.

Wollondilly (8.1 percent), Port Macquarie-Hastings (4.4 percent), Tweed (4.0 percent) and Kyogle (4.0 percent) were the areas that saw the biggest increases in commercial land values.

Coffs Harbour (-4.1 percent), Lake Macquarie (-2.3 percent) and Newcastle (-1.5 percent) all experienced negative growth to commercial land values.

“Limited supply and the tightly held nature of commercial property have been key drivers of commercial land values across the region,” Ms Dale said.

“This has been especially evident in areas like Wollondilly and Port Macquarie-Hastings, where strong demand has resulted in growth that outpaces the regional average.”

Rural land values in the coastal regions of NSW increased slightly by one percent overall. |

Shellharbour (20.5 percent) saw the biggest increase in percentage change to rural land values, attributed to constrained supply of rural homesite blocks in the region.

Eurobodalla (11.7 percent) and Lake Macquarie (8.3 percent) also experienced strong growth. Shoalhaven (-6.3 percent), Ballina (-1.9 percent) and Bellingen (-1.8 percent) experienced the biggest decreases in rural land values.

Overall, land values across NSW increased by 6.4 percent, from $2.8 trillion to $2.98 trillion.