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New South Wales land values have increased by a staggering 11 per cent to $1.12 trillion, with Sydney's Mosman being overtaken as the most expensive suburb.
Woollahra topped the rankings with a median residential land value of $1.40 million as of 1 July 2014. That marked a 13.8 per cent increase on the previous year.
Mosman is now second on the list, with values climbing 6.9 per cent to $1.39 million.
Four other suburbs have joined the million-dollar club in the past financial year.
Waverley rose 13.6 per cent to $1.12 million, Hunters Hill grew 12.8 per cent to $1.09 million, Willoughby jumped 37.1 per cent to $1.08 million and Manly climbed 18.6 per cent to $1.05 million.
Residential land in Bankstown shot up 29 per cent to a median price of $519,000 and land in Hornsby, the Hills Shire and Canterbury all recorded rises of 21 per cent or more.
Many of the rises have been linked to new infrastructure projects, including the North West Rail Link which is due for completion in 2019.
There were also big rises in the value of land outside Sydney, with Newcastle up 10.4 per cent to $255,000, Wyong up 9.6 per cent to $171,000 and Shellharbour up 8.2 per cent to $197,000.
[Related: Sydney and Melbourne property prices set to fall]
