The total land value for the Mid-Western Regional local government area - excluding the value of land used for coal mines - increased by 18.8 per cent in the two years since values were last issued for rating, in the latest figures released by the NSW Valuer General.
Increased demand and limited supply, saw residential land values jump by 11.6 per cent. Commercial values increased by 28.4 per cent due to robust demand from owner occupiers and investors, while industrial values showed a a more moderate increase of eight per cent.
Despite the backdrop of drier than normal seasonal conditions, rural land values increased 27.5 per cent.
The value of land classified as 'other', which is mostly land used for coal mining, increased by 652.7 per cent, however this is due to a change in the way land values are determined for coal mines. The change was the result of a court decision about how mines should be valued.
The land values reflect the property market at July 1, 2018, and were prepared by a private contract valuer with expertise in the local area.
Acting NSW Valuer General, Michael Parker, said, "it is important to note that land value is the value of the land only, and does not include the value of a home or other structures".
Mid-Western Regional Council will use the land values for rating from July 1 this year, with landholders to receive a Notice of Valuation showing their land value before it is used by council for rating.
Councils have flexibility in how they use land values to distribute rates across the local government area.
Land values are generally issued for rating every three years.
However, new land values have been issued earlier in the Mid-Western Regional LGA to provide stability and equity for all landholders following a change in the valuation methodology for mines.
Total land value for Mid-Western Regional local government area
- Residential (9,440 properties), $1,228,924,640 - July 2016, $1,371,504,230 - July 2018, 11.6 per cent change;
- Commercial (360 properties), $103,439,110 - July 2016, $132,840,720 - July 2018, 28.4 per cent change;
- Industrial (159 properties), $33,608,260 - July 2016, $36,307,860 - July 2018, eight per cent change;
- Rural (3,541 properties), $940,609,290 - July 2016, $1,199,527,300 - July 2018, 27.5 per cent change;
- Other* (579 properties), $95,004,100 - July 2016, $715,101,610 - July 2018, 652.7 per cent change.
- TOTAL (14,079 properties), $2,401,585,400 - July 2016, $3,455,281,720 - July 2018, 43.9 per cent change.
[*Determining the value of land classified as 'Other' has changed due to a court decision about how mines should be valued].
Property NSW manages the operation of the valuation system on behalf of the Valuer General and has quality assured the land values for accuracy and consistency.
Visit www.valuergeneral.nsw.gov.au or call Property NSW on 1800 110 038 for more information on land values and the valuation system.
The latest land values for all properties in NSW are also available on the website along with information on trends, medians and typical land values for each local government area.