Total land value for the Northern Tablelands region has increased by 10.3 per cent between July 1, 2017 and July 1, 2018 from $8.7 billion to $9.6 billion according to figures publish by the Acting NSW Valuer General, Michael Parker.
Mr Parker said property sales were the most important factor considered by valuers when determining land values.
“It is important to note that land value is the value of the land only, and does not include the value of a home or other structures,” Mr Parker said.
The July 1, 2018 land values have been prepared by private contract valuers with expertise in their local areas, and have found the following...
Residential land values in the region overall were steady (1.2 per cent).
There were slight increases in the Uralla (2.2 per cent) and Inverell (3.5 per cent) local government areas and moderate increases in the Tenterfield (7.8 per cent) local government area.
In Inverell the increase was driven by continued demand related to wind farm projects under construction.
While, Uralla's slight increase was due to continuing demand for properties within close proximity to Armidale.
In Tenterfield the increase was due to increased demand and premiums for larger residential blocks in the town of Tenterfield and strong increases in Urbenville village.
Overall, commercial land values in the region were steady (0.1 per cent).
The Uralla local government area experienced a slight increase of 2.7 per cent due to good demand and low vacancies.
Industrial land values within the region were steady overall (-0.2 per cent) with well-balanced supply and demand in most local government areas.
Rural land values overall increased strongly (14.2 per cent) despite the backdrop of drier than normal seasonal conditions.
The increases in rural land values were strongest in the Glen Innes Severn local government area (20.7 per cent).