Land values around Sydney’s new airport soared dramatically even before the land was rezoned, with some properties increasing by almost 250 per cent ahead of planning overhauls.
The first study of its kind by the state’s valuer general found that property values rose years ahead of rezonings, in an analysis released ahead of a NSW parliamentary inquiry sparked by widespread upset over land acquisitions for the major infrastructure project.
Valuer General David Parker said the review of the precincts announced as part of the planned Western Sydney Aerotropolis was designed to aid future negotiations over fair value, including for landowners whose properties are being acquired by government agencies.
For more information please visit https://www.smh.com.au/national/land-values-around-sydney-s-new-airport-soared-dramatically-ahead-of-rezonings-20210406-p57gy7.html
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