Rural land values increase by 18.7 per cent

26th Jan 2022

The NSW Valuer General, Dr David Parker, has published land values for the Northern Tablelands region, and rural property in the Armidale Region (which includes Guyra) has increased by 18.7 per cent.
The recovery in the local economy following a prolonged period of drought contributed to these increases together with strengthening demand in the surrounding residential and rural sectors.
Overall, residential land values in the region increased moderately at 8 per cent.
There were strong increases experienced in Glen Innes Severn (13.9 per cent) and Tenterfield (17.5 per cent), with a slight increase experienced in Uralla (4.6 per cent).
These increases were attributed to strengthening demand, particularly from first home buyers and city-based purchasers seeking to relocate to regional areas.
Commercial land values in the region increased slightly at 2 per cent, which was consistent across the region’s local government areas, with the exception of Walcha (11.1 per cent) which experienced strong increases attributed to the strengthening demand in the surrounding residential and rural sectors upon which the commercial market relies.
Industrial land values in the region increased moderately overall at 6.4 per cent. Glen Innes Severn saw a slight increase of 2.2 per cent. In contrast, Armidale Regional and Uralla (0.3 per cent) remained steady.
Rural land values in the region recorded an overall increase of 16.3 per cent. Strong increases were experienced in Armidale Regional, Glen Innes Severn (23.4 per cent), Inverell (10.4 per cent), Tenterfield (22.9 per cent) and Walcha (12.5 per cent), while moderate increases were experienced in Uralla (9.8 per cent).
These increases are attributed to continued favourable seasonal conditions, historically low interest rates, good commodity prices and strong demand.
Dr Parker said property sales are the most important factor valuers consider when determining land values.
The land values reflect the value of land only, as at July 1, 2021 and across the Northern Tablelands region, there has been a substantial increase since 2020.
The total land value for the Northern Tablelands region increased by 14.2 per cent between 1 July 2020 and 1 July 2021 from $11 billion to $12.5 billion.

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Rural land values increase by 18.7 per cent

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