The NSW Valuer General has finalised land values for every parcel of land across New South Wales, including residential, commercial and industrial plots.
Property sales are the most important factor valuers consider when determining land values, with residential land in Cowra rising just 0.1% over the last financial year.
Across the river at Cabonne, land values for residential areas rose by 4%, with commercial values up 5.5% across the shire, a welcome bounce back for flood affected homes and businesses.
Residential land values throughout regional NSW saw a 2.7% increase on average. Cobar (45.4%) experienced the strongest growth, driven by a strong performing economy, a thriving local minerals and critical minerals mining sector and support from the visitor economy. Gilgandra (37.6%), Balranald (35.9%) and Bogan (29.3%) also saw very strong increases. Bland Shire (-6.7%), Murray River (-3.0%) and Broken Hill (-2.4%) experienced the biggest decreases in residential land values.
“The state’s constrained housing supply and resulting population shifts continue to support increases in residential land values across western NSW as people look for more affordable and available housing,” NSW Valuer General, Sally Dale said.
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“It’ll be interesting to see if this trend continues over the longer term and whether the ‘tree change’ remains a trend in the future,” she said.
“Major government projects have also supported strong growth, as seen with the increase in residential land values for Gilgandra, with the Inland Rail construction kicking off.”
Rural land values across the state experienced a slight increase of 2.7%, with no increases for Cowra and a 1.7% increase in Cabonne. Gwydir (23.0%) recorded the highest percentage change, driven by continuing strong demand for good quality farming land in well regarded tightly held areas. Snowy Monaro Regional (19.6%) and Lachlan (19.1%) also saw strong increases.
The growth in rural values for Snowy Monaro Regional has been attributed to the increase in livestock prices and ideal seasonal conditions.
Greater Hume (-11.1%), Federation (-7.3%) and Narrandera (-6.1%) experienced the biggest decreases in rural land values, attributed to cooling market conditions caused by economic uncertainty.
“While commercial and rural markets continue to increase, overall land values growth in the sector has remained marginal for the 12 months to 1 July 2024, and this is expected to continue in the current year,” Ms Dale said.
The new land values will be used by Revenue NSW to calculate land tax for the 2025 land tax year for landowners subject to land tax. Registered land tax clients will receive their land tax assessment from Revenue NSW starting January 2025. For more information on land tax, visit revenue.nsw.gov.au.
Land values are provided to local councils at least every 3 years for calculating council rates. Landholders have 60 days from receiving their notice to object to their land valuation if they believe it is incorrect and can provide sales evidence to support their claim.
