Land values in the Cabonne local government area (LGA) have experienced a strong increase in the last 12 months, according to NSW Valuer General, Dr David Parker.
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Total land value rose from $2.7 billion to $3.3 billion between July 1, 2020 and July 1, 2021, a 23.5 per cent increase.
The biggest change was seen in residential land value, which increased 29.4 per cent in the time period, from $336,539,760 in July 2020 to $435,340,720 in July 2021.
Commercial land value only experienced a moderate increase of 3 per cent.
Industrial land values rose from $5.9 mil to $6.6 mill, a 10.7 per cent increase.
Rural land values also enjoyed a strong increase of $2.3 bil to $2.8 bil, or 23.2 per cent.
"This strong increase was consistent across industrial and rural zoned properties, with the commercial sector experiencing only a slight increase and residential properties experiencing a very strong increase," Dr Parker said.
"The supply of available properties has not been sufficient to meet demand resulting in a strong increase overall."
The total land value for the Central Tablelands region experienced a strong increase of 21.8 per cent between July 1, 2020 and July 1, 2021, from $21.9 billion to $26.7 billion.
The Cowra LGA experienced one of the strongest increases for residential (38.7 per cent) and industrial land values (21.8 per cent).
"The strongest increases were experienced in Orange (39.7 per cent) and Cowra (38.7 per cent) given the high level of interest from purchasers seeking alternative lifestyle options in regional areas over metropolitan living," Dr Parker said.
"This movement combined with record low mortgage rates, improving economic conditions and low listing numbers has led to a strong increase in residential land values across the Central Tablelands.
"Cowra (21.8 per cent) and Orange (18.6 per cent) experienced strong increases attributable to a limited supply of industrial land and strong demand from local businesses underpinned by confidence in these highly diversified local economies."
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Kelsey Sutor
I've had a love of writing from a young age and, combined with my interest in current events, journalism seemed like a natural fit for me. I like to write a little bit about everything but my true passion lies in finding those untold stories from everyday people. Got an idea? Let me know - kelsey.sutor@austcommunitymedia.com.au
I've had a love of writing from a young age and, combined with my interest in current events, journalism seemed like a natural fit for me. I like to write a little bit about everything but my true passion lies in finding those untold stories from everyday people. Got an idea? Let me know - kelsey.sutor@austcommunitymedia.com.au
