Slow Council Land Release Doubles Industrial Estate Land Values
A RECENT NSW Valuer General report blames limited new land releases in the Byron local government area by multiple Councils over many years has driven up land values on existing properties.
NSW Valuer General Simon Gilkes says overall there was a strong increase in land values in the Byron Local Government Area between 2016 and 2017.
Demand for land in the Byron Bay Arts and Industrial Estate has been so high in the last 12 months that some property values have doubled.
The report also said the 2016/2017 season had been one of the best tourist years in recent record and commercial rents reflected this trend.
A strong increase in residential land values in the Byron local government area was driven by demand from investors and owner/occupiers in response to the limited supply of new properties entering the market.