Following on from the Valuer General’s Review of the impact of COVID-19 on the NSW property market in 2020, the Valuer General has undertaken further analysis of state-wide sales data, to determine the availability of sufficient property sale transactions to support the 1 July 2022 valuations for rating and taxing purposes.
In summary, the analysis found that there has been an increase in sales activity across all market sectors (residential, commercial, industrial and rural) in the years after the COVID-19 initial outbreak in early 2020, compared to prior years.
It is concluded that the property market, across all sectors, has remained sufficiently active for the 2022 valuation to be undertaken.
For all property sectors, valuations for the purposes of rating and taxing at 1 July 2022 will be determined by principal reference to comparable sales evidence.
