GROWTH in Tamworth’s residential land value is among the highest in our region, according to the latest findings by NSW’s Valuer General.
In 12 months to July 2016, Tamworth’s value increased moderately (9.6%) due in part to ongoing demand for vacant land in new estates at Calala and Hillview.
Residential land values in Gunnedah, Liverpool Plains, Moree and Narrabri remained steady for an overall moderate (8%) increase in total NSW North West land value, from $15.22 billion to $16.43 billion.
Gunnedah First National real estate agent Mike Brady said the region’s positive upward trend is good news for potential new residents in the North West.
“It’s exciting for people to commit and buy here at affordable rates with some assurance the value will increase,” Mr Brady said.
The biggest spike was in the Walgett shire, after a 29% increase in residential land value at the opal mining town of Lightening Ridge.
A different type of mining industry was also driving demand in Gunnedah, which had seen good growth in the second half of 2016.
“Gunnedah is attracting interest because of the mining sector,” Mr Brady said.
“We’re experiencing an improved level of land sales.
“A lot of people want properties within 20 minutes of town. The further out they are, the more they need to be independently viable, such as for a lifestyle property.”
Overall rural land values in the North West increased 8.7% due to improved seasonal conditions, but Gunnedah (0.59%) and Liverpool Plains (1.02%) were steady. Strong increases were experienced in large scale cropping and grazing properties in the LGAs of Moree Plains (12.2%) and Gwydir (14.6%).
Limited supply and strong demand for industrial land helped boost value in Tamworth (9.7%), while most commercial land values across the region were steady.
NSW Valuer General Simon Gilkes said land values do not include the value of the home, or improvements to the land.
He said property sales were the most important factor when considering land value, which also influenced council rates. But changes in land value does not always mean a change in rates.
“Each council develops a revenue policy, which is used to determine rates charged to fund community services,” Mr Gilkes said.
“Councils make their draft revenue policy available for public comment.”