Northern Tablelands land values rise

16th Feb 2021

New figures released last week have revealed that rural land values have risen across the region.
There was an overall increase of 11.2 percent, with figures varying depending on the local government area.
While rural land values increased moderately in Glen Innes Severn (7.8percent) and Uralla (8.4percent), a strong increase in land values was experienced in Armidale Regional (10.7 percent), Inverell (12.9percent) and Walcha (20.2percent).
A spokesperson from the valuer general’s office said these increases were generally limited to better quality grazing properties with improved seasonal conditions in early 2020 and strong demand.
Tenterfield increased slightly at 2.6 percent with this area experiencing less demand in comparison to the rest of the region. The land values reflect the property market at 1 July 2020 as published by the NSW valuer general, Dr David Parker. Dr Parker said property sales are the most important factor valuers consider when determining land values.
“2020 has been a difficult year for determining land values in the aftermath of last summer’s horrific bushfires, followed by the impacts of the COVID-19 crisis,” Dr Parker said.
“My office has undertaken separate studies of the impact of both bushfires and COVID-19 on the property market. Our valuers have applied the findings of these studies to affected areas and property types where there are insufficient sales available to determine the land values.”
The total land value for the Northern Tablelands (Armidale Regional, Glen Innes Severn, Inverell, Tenterfield, Uralla and Walcha) region increased by 8.3% between 1 July 2019 and 1 July 2020 from $10.1 billion to $11 billion.
Overall, residential land values in the region remained steady. Land values increased slightly in Tenterfield by 3.3%, with steady land values recorded across the region’s other local government areas. Commercial land values in the region showed a slight decrease by 3.2% due to the impact of the COVID-19 pandemic for some property types.
The exception was land values in fringe localities of Inverell, which experienced a slight increase of 2.6% with strong demand. Industrial land values in the region remained steady.
“Land value is the value of the land only and does not include the value of a home or other structures,” Dr Parker said.

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Northern Tablelands land values rise

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