'Since the pandemic began more and more people are opting for a change of address.' 9News
Land values increased overall by 24 per cent from $1.8 trillion to $2.2 trillion in the 12 months to July 1 last year."This year's increases are astonishing. We were expecting residential values to go up because of low interest rates but we didn't expect them to go up quite so strongly during COVID," NSW Valuer General Dr David Parker said.
"The big winners are lifestyle areas - since the pandemic began more and more people are opting for a change of address."What we are seeing is people buying properties, buying land in regional areas to either move to a more rural, green lifestyle."While property owners will benefit from soaring land values, it will also mean your next land tax bill is likely to go up.
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