Apart from rising home values in Australia, land prices have also seen with notable increases this past year across New South Wales, the latest NSW Valuer General data shows.
The report said there has been a 13.12% jump in land values during the 12 months to 1 July 2014.
Waverley, Hunters Hill, Willoughby and Manly have all exceeded the median residential land values and posted $1m, making it more difficult for investors with mortgage-backed securities to enter.
Data shows Willoughby experienced the highest rise at 37%, while Bankstown is at 29.4%.
Despite this price hike, NSW Valuer-General Simon Gilkes suggested the rate increases in these four Sydney local government areas may not be as severe.
"While important, valuations are only one of the factors councils use to determine each landholder's rating liability," said Gilkes.
"Increases or decreases in land values do not necessarily lead to similar increases or decreases in rates."