The NSW Valuer General has published land values for the Central West region. The land values reflect the value of land in NSW, as at July 1, 2022.
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The Weddin and Hilltops local government areas were the highest performers overall but Parkes did make it on the list under the industrial land value increases.
The total land value for the Central West NSW region experienced a strong increase of 21.8 per cent between July 1, 2021 and July 1, 2022 from $26 billion to $31.7 billion.
Residential land values experienced a strong increase of 22.6 per cent overall. The largest increases were experienced in Weddin (49.7 per cent) and Hilltops (43.2 per cent) attributed to continued interest in regional areas, relative affordability and an increase in both private and public infrastructure projects such as the Inland Rail Project.
Commercial land values experienced a strong increase of 14.1 per cent overall. The largest increases were experienced in Hilltops (34.7 per cent) and Gilgandra (31.3 per cent) attributed to demand for local goods and services underpinned by the Inland Railway project and a strong rural sector.
Industrial land values experienced a very strong increase of 26.8 per cent overall. The largest increases were experienced in Weddin (73.1 per cent) and Parkes (53.7 per cent) driven by the rural sector which the industrial land supports.
Rural land values experienced a strong increase of 21.8 per cent overall. The largest increases were experienced in Hilltops (31.8 per cent) and Lachlan (29.3 per cent). Solid confidence in the rural sector is supported by strong commodity prices and continuing favourable seasonal conditions and demand from purchasers seeking to expand rural holdings.
Land value is the value of the land only. It does not include the value of a home or other structure. Property sales are the most important factor valuers consider when determining land values.
Councils receive new land values for rating at least every three years. Land values are one factor used by councils to calculate rates. All 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 are available on the Valuer General's website, along with information on trends, medians and typical land values for each local government area.
Coonamble, Dubbo Regional, Forbes, Gilgandra, Hilltops, Lachlan, Narromine, Parkes, Warren, Warrumbungle and Weddin fall under the Central West region local government areas.
Please visit www.valuergeneral.nsw.gov.au for more information on land values and the NSW valuation system
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