Locals suspected as much but it’s now official: there’s a property boom under way in Campbelltown.
Some of the bushland suburbs enjoyed incredible increases, such as 44 percent for residential properties at Wedderburn between 2015 and 2016, according to the NSW Valuer-General.
Not far behind was Kentlyn with 41 percent, Minto Heights 40 percent and Long Point 37 percent.
The average increase across the entire Campbelltown area was just under 26 per cent.
A report tabled at council’s meeting last night said the increases came to light in the NSW Valuer-General’s Department latest valuations for the period between July 2015 and July 2016.
The valuations were released in January this year.
According to the figures, the Campbelltown land valuation register increased from $17 billion to $21 billion in that 12 month period.
Other suburbs to experience sharp increases in their property value included Macquarie Fields with almost 33 percent, Minto just under 30 percent, Eagle Vale 27 percent and Ambarvale 29 percent.
Campbelltown itself went up by 26 percent.
The report says that during that 12 month period the value of Campbelltown residential land went up by an average of 25 per cent, farmland 34 per cent and business land 20 percent.
Business land values for commercial premises such as shops, shopping centres, taverns, hotels and any other land that could not be categorised as being used for the purposes of residential or farming increased by between 10 per cent and 60 per cent; on average these valuations changed upwards by 20 per cent.
“It should be noted that an increase in valuations across the city does not increase the yield from rate income other than the total yield increasing by 1.5 per cent as published by IPART,’’ the report said.