Strong increase in rural land values

Land values in the Western NSW Region have jumped over the past year with rural land values showing an overall strong increase of 35.9 per cent between July 2021 and July 2022.

The increase in rural land values, along with a 22.4 per cent increase in residential land, a 23.1 per cent rise in commercial land and a 10.4 per cent growth in industrial land value, has been reported by the NSW Valuer General.

The total land value for the Western Region local government areas of Balranald, Bogan, Bourke, Brewarrina, Broken Hill, Central Darling, Cobar and Wentworth has increased by 33.1 per cent over the year from a value of $5.4 billion to $7.2 billion.

The land values reflect the value of land only, as at July 1, 2022.

It does not include the value of a home or other structure.

The strong increase in rural land value has been based on a strong demand for large rural land with farming potential as overall confidence in the rural property market remained high.

Small rural recreational holdings located near town centres also saw increased demand with more purchasers seeking lifestyle changes.

The Valuer General advises property sales are the most important factor valuers consider when determining land values.

The new land values will be used by Revenue NSW to calculate land tax for the 2023 land tax year. Registered land tax clients will receive their land tax assessment from Revenue NSW from January 2023.

Councils receive new land values for rating at least every three years. Land values are one factor used by councils to calculate rates. Councils have been issued with the July 1, 2022 land values.

Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating. Notices will be issued from January 2023. This gives landholders time to consider their land value.

The latest land values for all properties in NSW and other related information are available at the NSW Valuer General website, www.valuergeneral.nsw.gov.au.