Cowra's residential land value on the rise
Cowra's residential land values have experienced an increase of 7.9 per cent between July 2019 and July 2020, according to the latest NSW Valuer General report.
The total land value for the Central Tablelands region increased by 4.1 per cent between July 1, 2019 and July 1, 2020 from $21.0 billion to $21.9 billion.
Residential land values across the region increased slightly by 4.7%, with the moderate increase in Cowra and Orange (6.9 per cent) a result of increased demand for centrally located properties.
Land values in Oberon decreased moderately by 5.4 per cent, driven by reduced demand from the impact of a slowed tourism market.
The commercial land values varied across the region with an overall moderate decrease of 5.5 per cent.
Mid-Western Regional saw a moderate decrease of 9.9 per cent, followed by decreases in Oberon (9.7 per cent) and Orange (7.1 per cent) which were due to the impact of the COVID-19 pandemic.
Cowra and Lithgow remained steady, while Cabonne and Blayney recorded a slight to moderate increase of 4.8 per cent and 5.4 per cent respectively.
The increases were attributed to support from mining developments in the region and a positive outlook for the agricultural sector.
Industrial land values remained steady across the region at 0.7 per cent.
The exception to this trend was a strong increase in land values in Blayney (14.7 per cent), primarily attributed to support from mining developments in the region.
Moderate increases were also recorded in Cowra (9.4 per cent) and Oberon (7.9 per cent) driven by increasing demand from agricultural services and manufacturing sectors.
Rural land values in the region increased slightly by 4.9 per cent overall.
Moderate increases were recorded in Bathurst Regional (6.6 per cent), Cabonne (8.2 per cent) and Cowra (8.5 per cent) as a result of good demand for properties within close proximity to regional service centres, improved seasonal conditions combined with strong commodity and livestock prices.
An exception to this overall trend was recorded in Oberon with a moderate decrease of 5.1 per cent given reduced demand for hobby farms.
NSW Valuer General, Dr David 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. These studies can be found at https://www.valuergeneral.nsw.gov.au/publications/reports."
Valuer General NSW has established a dedicated assistance line for landholders impacted by the 2019-20 bushfires, or who believe their land value has been impacted by COVID-19.
Affected landholders are encouraged to call 1800 458 884.
"Land value is the value of the land only and does not include the value of a home or other structures," Dr Parker said.
"Private contract valuers with expertise in their local areas have prepared the 1 July 2020 land values on behalf of the Valuer General, to determine new land values across the region. The valuers consider a range of factors in determining land value including the features of the land and its legally permitted use.
"Valuer General NSW has quality assured the land values for fairness and consistency."
Revenue NSW will use the July 1 2020 land values to calculate land tax for the 2021 land tax year.
Registered land tax clients will receive a land tax assessment from Revenue NSW from late January 2021.
The public can find more information on land tax at https://www.revenue.nsw.gov.au/
Dr Parker encouraged the public to visit https://www.valuergeneral.nsw.gov.au or call 1800 110 038 for more information on land values and the valuation system.
"The latest land values for all properties in NSW are available on our website along with information on trends, medians and typical land values for each local government area," Dr Parker said.