LAND values have more than doubled, shooting up by over $1 million in parts of Sydney’s southeast as cashed-up developers scramble for blocks near the light rail and other transport upgrades.
The latest data released by the NSW Valuer-General showed that commercial land on Sarah St, Mascot, hit an average value of $1.91 million in July 2017, up 112 per cent from $900,000 the year before. Residential values across some Botany streets rose more than 20 per cent. Overall the southeast increased 13.4 per cent over the year to July.
NSW Valuer-General Simon Gilkes said the land value related to the value of land if it was vacant and did not include homes or improvements.
Raine and Horne Commercial agent Conor Morgan said many developers buying land in Mascot were motivated by the WestConnex project, which would make the suburb more accessible.
The type of properties available had also changed, he said.
“There is a lot of new stock coming through at a lot higher quality with higher sales prices,” Mr Morgan said.
Mark Taylor of Taylors Property Management Specialists said the light rail network had a similar effect in Kensington and Randwick.
Land values in both suburbs have increased by more than 10 per cent. In the Bayside Council area, land value went up by 12.7 per cent, while in parts of Randwick Council area it rose 14.3 per cent.
“The benefit from the light rail coming through and areas in proximity to the hospital, university, beaches and CBD definitely increases the southeast’s land value,” Mr Taylor said.
Just off the main street in Botany, Salisbury Rd land values rose 26 per cent and are now valued at an average of $1.07 million.
Other streets where land values increased were Tenterden Rd, which recorded 24.1 per cent growth, with typical blocks now valued at $1.24 million.
Land on Fremlin St recorded an increase of 19 per cent, with blocks now worth $1.13 million.