The NSW Valuer General’s report found land values in Collina increased by 18.97 per cent from 2014 to 2015 due to “a tightening in supply of vacant land”.

This put Collina on par with parts of Sydney like Lane Cove at 19.75 per cent, Sutherland at 18 per cent and ahead of North Sydney which increased by 14.43 per cent.

Across the state, the total value of land climbed to $1.34 trillion last year.

Business chamber president Pat Pittavino said Griffith City Council needed to embrace the momentum of the local property market and release land where people wanted to buy.

“We need more land in desirable locations like Collina,” he said.

“The figure speaks for itself, people want that and they’re willing to pay for it but there’s nothing to buy at the moment.”

Mr Pittavino said hardly any houses were built in Griffith in 2015 and it led to a decrease in business for tradesmen and retailers.

“There’s not enough work to go around for tradies,” he said.

Mr Pittavino said the sharp increase in land values indicated there was a market willing to buy in a nice area and wondered why more development wasn’t occurring at Lake Wyangan.

“Council has a bunch of land at Lake Wyangan near the school,” he said.

“It’s already zoned, they’ve spent about $4 million on water and sewerage infrastructure, it’s ready to go.

“Why not develop it straight away, allow nice houses so it’s a better-quality subdivision. That’s what people want.”

The report found residential median land values had increased 9.1 per cent in the past year, but commercial and industrial values had decreased by 6.5 per cent and 8.6 per cent respectively. Rural land increased in value by 4.17 per cent.

How we compare

Median residential prices