The Valuer General is responsible for providing independent and impartial land values each year as at 1 July for use by Revenue NSW and councils for taxing and rating.
Following severe weather and flooding across NSW in February and March 2022, the NSW Government declared a natural disaster with more than 50 Local Government Areas (LGA) affected. Severe storms and heavy rainfall have caused extensive flooding to communities, particularly in the Northern parts of NSW, and a significant number of properties have been impacted.
Key areas identified as being significantly impacted by floods are the North Coast, including Lismore, Richmond Valley, Ballina, Kyogle, Byron, Clarence Valley, Tweed and Port Macquarie LGAs, and Sydney North West, particularly Hawkesbury LGA.
As at 24 March 2022, it was estimated that more than 4,000 buildings were deemed uninhabitable across NSW.
In response, the Valuer General is proactively monitoring the impact of significant flood and storm damage on land values in NSW. Advice received from local agents and valuers indicates that it is too early to determine the effect of the flooding on land values at this stage due to limited listings, but flood status has been a key purchaser inquiry.
The Valuer General will continue to monitor market activity in flood affected areas, including mortgage lending and flood insurance trends as additional indicators.