Land values increase across Northern Tablelands

16th Jan 2024

The total land value for the Northern Tablelands region has gone against NSW’s overall trend and increased, according to the latest land valuations from the NSW Valuer General, Sally Dale.
Published on Monday, January 8, the report details new land values for every parcel of land across NSW as at July 1, 2023.
Each year the NSW Valuer General provides independent and impartial land values for use by the state government and councils for taxing and rating.
Property sales are the most important factor valuers consider when determining land values. The new land values were assessed following analysis of over 58,000 property sales.
Overall, land values decreased across NSW by 1.6 per cent from $2.85 trillion to $ 2.80 trillion in the 12 month period (July 1, 2022 - July 1, 2023).
Despite this, the Northern Tablelands region - comprising of Armidale Regional, Glen Innes Severn, Inverell, Tenterfield, Uralla and Walcha Local Government Areas (LGAs) - increased by 5.9 per cent, from $18.5 billion to $20 billion.
Residential land values across the region remained steady at 1.4 per cent, with interest rate rises, inflation and increasing construction costs slowing the market.
Armidale (0.4 per cent), Inverell (0.6 per cent) and Uralla (0.2 per cent) all remained steady, while Tenterfield (2.4 per cent), Glen Innes (6.3 per cent) and Walcha (15.2 per cent) all saw larger increases.
The report noted the increases in Glen Innes occurred given its relative affordability.
Commercial land values across the Northern Tablelands region also remained steady at 0.2 per cent, as supply was met by demand across all districts.
Individually, each area remained steady - Armidale (0.1 per cent), Glen Innes (0.8 per cent), Uralla (0.4 per cent), Inverell (0 per cent) and Walcha (-0.9 per cent).
Industrial land values across the region experienced a slight increase of 4.1 per cent.
Armidale (-0.4 per cent), Glen Innes ( 0.6 per cent), Uralla (0.0 per cent) and Walcha (1.8) all remained steady, while Inverell (20.1 per cent) saw the strongest increase.
The report noted Inverell’s local economy continuing to strengthen, with many employers expanding operations and creating employment opportunities, as the reason for this increase.
In addition, the strength of the town’s industry has prompted increased demand from both owner occupiers and investors, with the limited supply of vacant land driving further market movement.
Rural land values across the region experienced a moderate increase of 7.2 per cent.
Glen Innes (-2.1 per cent) experienced a decrease and Armidale (1.6 per cent) remained steady, while values in Inverell (15.1 per cent), Tenterfield (3.3 per cent), Uralla (8.2 per cent) and Walcha (16.3 per cent) all increased.
The strongest increases were experienced in Walcha and Inverell with the market showing a preference for quality grazing and cultivation properties driven by stronger returns in these markets.
Overall in NSW residential land values decreased by 3.8 per cent, commercial land values increased by 6.4 per cent, industrial land values increased by 9.6 per cent and rural land values increased by 6.0 per cent.
In the ‘Other’ category - a range of land uses, generally comprising of a small numbers of properties which tend to follow the trends of other surrounding land values - were relatively stable across the state, decreasing by 0.7 per cent.
In rural regions across the state, NSW Valuer General, Sally Dale, said residential land values increased, with continued interest from purchasers seeking affordable housing options within close proximity to regional centres.
She added that commercial land values in regional NSW increased, with most areas experiencing good demand for commercial property, often underpinned by population growth, infrastructure, or other local development projects, and a continuing strong rural sector.
“Commercial land values in regional NSW increased,” she said. Most areas ... experienced good demand for commercial property, often underpinned by population growth, infrastructure, or other local development projects and a continuing strong rural sector.
“Industrial land values in regional NSW increased strongly. These increases were experienced across most areas and driven by high demand due to growing population bases, limited supply and the continued strength of the rural sector.
“Rural land values in regional NSW increased ... rural residential properties generally followed the residential market with a slight increase, whereas genuine rural properties continued to benefit from long term confidence in the rural sector, with a significant number of purchases being existing land holders looking to expand their farming operations.”
The new land values will be used by Revenue NSW to calculate land tax for the 2024 land tax year for landowners that are subject to land tax.
Land values are one of the factors used by councils to calculate rates, with councils receiving new land values for rating at least every three years.
All councils are currently using July 1, 2022 land values for rating. They will use July 1, 2025 land values for rating from July 2026.
Land values are one factor used by councils to calculate rates. When land values are used by councils to set rates, the Valuer General sends landholders a Notice of Valuation to advise the new land value to be used for rating.

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Land values increase across Northern Tablelands

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