Overall, there was a moderate increase in land values in the Lachlan Local Government Area (LGA) between July 2022 to July 2023.
The increase in land values was consistent across all residential and rural market segments.
The Lachlan LGA includes Condobolin, Lake Cargelligo, Tottenham, Tullibigeal, Fifield, Albert, and Bobadah.
There was a 6.9 per cent per cent increase in residential land value from 1 July 2022 to 1 July 2023. The total residential land value for the Lachlan LGA was $94,485,210 in the year to 1 July 2022. Rural land value also recorded an upward trend. A total of $2,890,440,760 on 1,751 property sales were analysed, which saw a 8.7 per cent increase for the 12-month period.
Residential land values within the Lachlan local government area experienced a moderate increase from July 2022 to July 2023,” www.valuergeneral.nsw.gov.au said.
“This continuing upward trend was due to market confidence on the back of surrounding rural sector and renewed interest in regional towns. Additionally, public, and private infrastructure projects are attracting contractors and employees to the area which is putting upward pressure on the housing market.
“The villages of Albert and Burcher remained steady as did Tottenham small portions, Condobolin small portions surrounding the town, large lot residential and Murrin Bridge. These areas are either more remote and compete with larger towns offering a larger range of goods and services or compete with blocks located closer to the town centres.
“Lake Cargelligo around Mcinnes Road and southeast residential around Lake, Wobyn and Johns Street also remained steady. These parcels are at higher end of the market with purchasers looking for more affordable options in Lake Cargelligo.
“Values of commercial and industrial use properties in both Condobolin and Lake Cargelligo remained steady. There had been some sales activity in these areas however available stock did not allow for value increases and current value levels were supported.
“Special use properties in Condobolin had a slight decrease in value this being mainly due to their overall limited development appeal.”
For example (according to the interactive land value summary on www.valuergeneral.nsw.gov.au) land in Galari Circuit, Condobolin (zoned RU5) and of a 3,955 metre squared size, was worth $53,200 in 2022, but was valued at $55,800 in 2023, This is a 4.9 per cent increase. A block in Hughes Street, Condobolin (1,018 metres squared) and zoned RU5, was valued at $3,370 on 1 July 2022, but 12 months later is now valued at $4,210 – a 24.9 per cent increase. A 678 metre squared sized block (zoned RU5) in Mahonga Street, Condobolin was value at $19,800 in July 2022, but went up by 19.7 per cent in 2023, to $23,700. In Officers Parade, Condobolin (1,456 metre squared) and zoned RU5, was valued at $46,900 on 1 July 2022, but one year later it is now valued at $53,900.
The interactive land value summary on www.valuergeneral.nsw.gov.au went on to say, land in Townsend Street, Lake Cargelligo (4,139 metres squared) and zoned RU5, was valued at $93,400 in 2022. In 2023, that value remained the same. However, a 51.487 hectare block (zoned R5) in Nilssons Lane (Lake Cargelligo) saw a 9. 4 per cent increase over 12 months. In 2022 it was valued at $149,000; and in 2023 it was valued at $163,000. Land at Umang Street in Tottenham (1,012 metres squared) and zoned RU5 was valued at $6,990 in 2022. As of 1 July 2023, it was valued at $7,330 – an increase of 4.9 per cent. A block (2.024 metres squared) and zoned RU5 in Wooyeo Street, Tullibigeal was valued at $6,000 in 2022. This land has now increased by 7.5 per cent to $6,450 as of 1 July 2023.
Rural land values within the Lachlan local government area also experienced a moderate increase between July 2022 and July 2023.
“This increase is mainly attributable to mixed farming in the south-eastern areas which have attracted purchasers due to their overall affordability,” the NSW Valuer General’s website said.
“The rural areas of Keiran and Walkers Hill, Lachlan River irrigation and Euabalong and Melrose at Condobolin all remained steady with these markets competing with the more marginal and affordable farming areas. Purchasers have been mainly locals looking to expand on existing holdings.
“Small portion areas around Tottenham and Condobolin also remained steady as did special use rural properties. These parcels have limited appeal in the agricultural sector.
“Lake Cargelligo small portions surrounding the town had a very strong increase in value. These blocks are predominantly residential and are sought after as they either have frontage to the lake or views over the lake.”
On the interactive land value summary on www.valuergeneral.nsw.gov.au, a property on Springvale Road, Condobolin, which was 722.904 hectares in size and zoned as RU1, was valued at $1,020,000 as of 1 July 2022. It is now valued at $1, 120,000 as of 1 July 2023 – a 9.8 per cent increase. A 4.074 hectare property in Palesthan Road, Condobolin (zoned RU1) was valued at $6,990 in 2022. The value of this property has increased by 4.9 per cent to $7,330 over 12 months, to 1 July 2023.
The interactive land value summary on www.valuergeneral.nsw.gov.au said land on the Lachlan Valley Way at Lake Cargelligo (36.441 hectares) and zoned RU1, was valued at $68,500 in 2022. The value of this land has increased by five per cent to be valued at $71,900 in 2023. A 1.421 hectare property on Stuart Drive, Curlew Waters (zoned RU1) was valued at $23,000 in 2023 – a 29.9 per cent increase on 2022 ($17,700). A 777 hectare piece of land on Billandry Road, Tottenham was valued at $912,000 in 2022. In 2023, it has been valued at $1,000,000 – an increase of 9.7 per cent. An 865.188 hectare parcel of land on Tullibigeal Road, Tullibigeal was valued at $1,880,000 in 2022. As of 1 July 2022, the land was valued at $2,160,000 – an increase of 14.9 per cent.
In the Central West (which includes the Lachlan Local Government Area), residential land values experienced a strong increase of 14.9 per cent overall. The total land value went from $32 billion (1 July 2022) to $36.5 billion (1 July 2023).
“The strongest increases were experienced in Weddin (30 per cent) and Hilltops (22.5 per cent) 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,” a statement from the NSW Valuer General on 9 January 2024 said.
“Commercial land values experienced a moderate increase of 8.2 per cent overall. The strongest increases were experienced in Hilltops (24.8 per cent) and Dubbo Regional (9.7 per cent) with strong demand for local goods and services underpinned by infrastructure projects and a continuing strong rural sector.
“Industrial land values experienced a very strong increase of 21.3 per cent overall. The strongest increases were experienced in Forbes (34.8 per cent) and Hilltops (27.7 per cent) driven by the strong rural sector which supports the industrial sector. The Forbes increase can also be attributed to the flow on effect of the Parkes Special Activation Precinct.
“Rural land values experienced a strong increase of 15.7 per cent overall. The strongest increases were experienced in Hilltops (26.1 per cent) and Weddin (19.6 per cent). Drivers of these markets are the continuing confidence in the rural sector, supported by demand from purchasers expanding their holdings for succession purposes or increasing their economies of scale. Proximity to the Canberra and south coast areas also support the growth in this market.”
In Western NSW, the total land value as at 1 July 2023 was $7,598,405,434 an increase of 5.2 per cent from the previous year. A total of 27,192 property sales were assessed. The Western NSW Region Local Government Areas include Balranald, Bogan, Bourke, Brewarrina, Broken Hill, Central Darling, Cobar and Wentworth. In the Riverina, there was a 8.7 per cent increase in land value, with a total of 79,951 property sales analysed. The total land value for the Riverina as at 1 July 2023 was $44,251,302,091. The Riverina Local Government Areas include Bland, Carrathool, Coolamon, Cootamundra-Gundagai Regional, Griffith, Hay, Junee, Leeton, Lockhart, Murrumbidgee, Narrandera, Temora and Wagga Wagga.
The 2023 land values in the Lachlan LGA were prepared by Opteon Property Group Pty Ltd. All information published on the interactive land value summary on www.valuergeneral.nsw.gov.au was prepared by the Valuer General NSW.
Statewide, new land values reflect the real estate market on 1 July 2022 and were based on the analysis of over 58,000 property sales, according to the Report on NSW land values at 1 July 2023, which was released recently.
Overall, land values decreased across NSW by 1.6 per cent from $2.85 trillion to $ 2.80 trillion in the 12 months to 1 July 2023.
Residential land values across the state decreased by 3.8% overall from $2.2 trillion to $2.1 trillion. The land values were based on the analysis of 48,001 residential property sales across NSW.
Rural land values increased across NSW over the 12 months to 1 July 2023, with the total land value of all rural land by six per cent to $305 billion. The land values were based on the analysis of 6,501 rural property sales across NSW. “Affordable rural lifestyle properties in proximity to regional and metro centres continued to increase in value. Drier conditions and a more subdued outlook for commodity prices contributed to less demand for farming land,” the report said.
The NSW Valuer General is responsible for providing independent and impartial land values for use by the State Government and councils for taxing and rating.
The report provides an overview of the 1 July 2023 land values across NSW and how they were made.
Valuers have determined the 1 July 2023 land values for over 2.6 million properties across NSW. The land values reflect the property market on 1 July 2023. Land values do not include the value of a home or other structures.
Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating. Notices have been issued from January 2024. Councils receive new land values for rating at least every three years. Land values are one factor used by councils to calculate rates.
The NSW Valuer General has now published land values for NSW. The land values reflect the value of land in NSW, as of 1 July 2023.
For further information please visit https://www.valuergeneral.nsw.gov.au/ where you will find interactive land value summaries for residential, commercial, industrial and rural properties in all local government areas and different regions across NSW. These pages include information on land value trends, median land values and sale price charts and typical land values for all council areas.