House rules - land value surge fans hopes of real estate revival 

TAMWORTH’S resurgent real estate market has been given a further boost by the release of official land valuation figures showing marked increases in a swag of local suburbs.

NSW valuer-general Philip Western yesterday revealed the total land value for the Tamworth local government area had hit $4.14 billion as of July 2013 – up $113 million on 2010 figures.

It comes as local real estate agents predict the Tamworth market is on the cusp of a growth spurt following a moderate few years of growth.

Notices of valuation, one of the main factors councils use to determine rates, have been sent out to 26,273 households in the district.

Local valuer James Carmody from MVS National said the valuations reflected what he had seen on the ground over the past 12 months.

“All residential land in Tamworth has shown growth, typically around the 10 per cent mark,” Mr Carmody said.

“Demand for land in the new subdivisions at Calala, Windmill Hill, Westdale and Northern Hills is strong.

“In other areas, like East Tamworth, there’s just no vacant land available.”

He said confidence was slowly returning to the rural market, with an irrigation property at Attunga recently selling for $5 million.

Meanwhile, demand for commercial and industrial land remained stable. Mr Western said the valuer-general’s department took a number of factors into consideration when determining land values.

“Property sales are the most important factor considered,” he said.

“In the three-year period since landholders in Tamworth were issued with notices of valuation, the value of residential land had mostly shown a slight to moderate increase.

“The value of rural and business-zoned land has generally remained steady, as has the value of industrial land at Taminda, Gunnedah Rd, Bridge St and Nemingha. Land values in the industrial area at Westdale, however, have shown a slight increase while industrial land at Manilla showed a strong increase.

“Rural land values have shown a slight decrease, while rural residential and hobby farm values have mostly remained steady.”

He said land in the village of Bendemeer had shown strong growth, while village land value generally had shown a slight to moderate increase.

A snapshot of residential land values released by the department included: a typical 720sqm block in Peak Drive, Hillvue valued at $180,000; a typical 689sqm block at Churchill St South Tamworth valued at $81,000; a 751sqm block in Windhover Cres, Calala valued at $95,000 and a 683sqm block at Marnola Cres, East Tamworth valued at $130,000.

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