Real estate sales across New South Wales have declined since late 2008. The largest movements in residential value have occurred in Luxury properties which have recorded significant falls – reductions have also been recorded in both commercial and industrial markets throughout all of New South Wales.
The best performing areas of the State have been the coastal areas which have remained steady in the lower to middle sectors of the residential market. Luxury homes along the coast have recorded declines, with the vast majority of premium homes in New South Wales being located in harbour or beachfront locations.
The Sydney Metropolitan area has recorded the largest price falls in the Eastern Suburbs and on the Lower North Shore which is comprised of a large proportion of Luxury homes. Both Newcastle and Wollongong have recorded price falls, with moderate price gains in the lower sector supported by the first home owners grant.
Throughout Western NSW property prices in residential, commercial and industrial areas have recorded price falls and rural sales have been relatively stable although the drought is putting downward pressure on prices.
You may well be receiving a land valuation notice from your local council right now. If you are not happy with your land value notice you have 60 days to lodge an objection and have the value reviewed. The Valuer-General may accept objections past this time period if you have valid reasons for the delay. For further information don’t hesitate to contact me.