Real estate market on the up

Cowra real estate has performed strongly in a number of sectors according to a recently released report from the NSW Valuer General. Cowra's residential, commercial and industrial land all performed well in comparison to other centres across the Central Tablelands region, where total land values have experienced a moderate increase of 6.4% between July 1, 2022 and July 1, 2023, from $39.5 billion to $42 billion. The Central Tablelands region takes in Bathurst Regional, Blayney, Cabonne, Cowra, Lithgow, Mid-Western Regional, Oberon and Orange local government areas. According to the report, Cowra experienced the strongest increase in residential land values of 23.3 % and stood out in the region which overall only experienced a moderate increase of 5.2%. The next strongest result was for Cabonne with a 20.2% increase. The report attributed the strong results in Cowra and Cabonne to, "a high level of interest from purchasers seeking affordable housing options within major regional centres and alternative housing options near major regional centres. "Commercial land values across the region remained steady at 1.1%. Blayney (21.4%) and Cowra (8.1%) experienced the strongest increases. "Blayney benefited from approval of a local gold mine and strong demand for affordable commercial properties. Cowra benefited from expanding agricultural and manufacturing service sectors, as well as increased investment in the aviation sector. "Industrial land values across the region experienced a strong increase of 20.9%. Orange (29.1%) and Cowra (23.9%) experienced the strongest increases with strong demand from investors and owner occupiers seeking modern warehouses on larger sites with good transport links. "Rural land values across the region experienced a moderate increase of 7.7%. Cabonne (15.8%) and Lithgow (9.2%) experienced the strongest increases with purchasers seeking affordable rural lifestyle properties close to major regional centres and Sydney. Drier conditions and a more subdued outlook (in the latter part of 2023) for commodity prices contributed to less demand for genuine rural farming properties." Local real estate agent, Justin Fleming, of Fleming Property Services said the report was generally reflective of what he has seen in the market. He said in the autumn and winter period of 2023 he had seen a slow down in property movement with more properties than usual coming on the market in spring and early summer. "I still have confidence in the market and in my view the market is just adapting to a new normal post-Covid." He said. "There is still strong demand for vacant residential land as evidenced in Boorowa where we sold 18 blocks in Donohue's Estate over a five month period from July 2023 to Christmas," he said. Across in the neighbouring Hilltops taking in Young, Boorowa and Harden Murrumburrah, real estate has recorded strong growth in residential, commercial, industrial and rural land for the 12 months ending on July 1, 2023. Hilltops was one of the best performing in the Valuer General's report for the Central Tablelands region, which also takes in the local government areas of Coonamble, Dubbo Regional, Forbes, Gilgandra, Lachlan, Narromine, Parkes, Warren, Warrumbungle and Weddin. The report stated; "The total land value for the Central West NSW region experienced a strong increase of 14.9% between July 1, 2022 and July 1, 2023 from $32 billion to $36.5 billion. "Residential land values experienced a strong increase of 12.5% overall. The strongest increases were experienced in Weddin (30%) and Hilltops (22.5 %) with continued interest in regional areas, relative affordability and an increase in infrastructure projects. These locations offer lifestyle properties to the Canberra and Sydney markets. "Commercial land values experienced a moderate increase of 8.2% overall. "Industrial land values experienced a very strong increase of 21.3% overall. "Rural land values experienced a strong increase of 15.7% overall," the report stated.