Investors could be faced with higher tax bills on the horizon, as land values rise across the country.
The Australian Financial Review reports that new figures from the NSW Valuer General, not yet released, will show that top-end values in the housing market are experiencing a surge.
NSW Valuer General Philip Western told the AFR that “the top end is starting to recover”.
“During the global financial crisis we saw properties being unloaded due to financial stress. That has eased off and there is some life coming back into the market. We expect that to continue.”
Across the Sydney area, Western said lower-to-medium residential priced dwellings had also shown positive growth. However, Western said the Victorian market was less volatile than others.
Sydney suburbs such as Woollahra managed a 3% increase in median residential values in the year to July, while Mount Druitt in Sydney’s west experienced a 7% spike.
(By: BN , 24 Aug 2010)
