Property boom pushes NSW land values to record $1 trillion Tim Vincent who moved to Auburn 11 years ago, says he wouldn't live anywhere else Source: News Limited SOARING demand for properties in Sydney's outer-ring suburbs helped push the value of land in NSW to over a record $1 trillion. An Office of the NSW Val-uer-General report to be released today shows land value in the state rose 2.56 per cent last year, with most increases confined to Sydney's inner suburbs. Auburn had the biggest ­increase, with median land values soaring by over 16.1 per cent, followed by Ryde (9.6 per cent), Marrickville (9.5 per cent), Ashfield (9.2 per cent) and Parramatta (8.8 per cent). The land valuations will be used by the NSW Office of Revenue to calculate the amount of land tax property owners will pay this year. Despite the spike, NSW Valuer-General Philip Western said increases in land tax bills are expected to be modest, with the valuations of the previous relatively flat two years being taken into account. Mr Western said the increase was a sign of the market recovering, particularly in the inner suburbs where the market had gone "gangbusters." However, owners of coastal weekenders bracing for a big tax bill could breathe a sigh of relief, with land values showing limited or no growth. Mr Western said he expected the market to settle towards the middle of this year. He said it was the first time the total value of land in the state had exceeded $1 trillion. "There's been a movement away from the coast and I think that has had a lot to do with the discretionary dollar," Mr Western said. Areas like Auburn, Marrickville and Ashfield have shown the greatest improvements, with the competition for real estate resulting in the inner-city apartment market taking off. In my view, it's because people who want to live close to the city but who are struggling with the rising prices are looking further out - to places like Auburn, Marrickville and those areas. The land valuations, which exclude the home, are used by the state's councils to calculate the next round of rate rises. The Mosman local government area had the highest ­median residential land value at $1.3 million with the Central Darling the lowest at $1200. The biggest increase in value occurred in Brewarrina, where land values rose 100 per cent to $6500, while Great Lakes local government area experienced the greatest drop, with land values decreasing 8.6 per cent to $148,000. The biggest increases in coastal land value were in Kiama (5.2 per cent), Yass Valley (5.1 per cent), Newcastle (2.7 per cent) and Wyong (2.6 per cent). Tim Vincent, who moved to Auburn 11 years ago, wouldn't live anywhere else. There's good transport to the city and lots of parks for my daughter.