By Melissa Blewitt

Overall, there was a strong increase in land values in the Lachlan Local Government Area (LGA) between July 2023 to July 2024.
This trend was consistent in the rural market delivering a strong increase land values and residential market seeing a moderate increase in values.
The Lachlan LGA includes Condobolin, Lake Cargelligo, Tottenham, Tullibigeal, Fifield, Albert, Derriwong and Bobadah.
There was a 7.9 per cent per cent increase in residential land value from 1 July 2023 to 1 July 2024. The total residential land value for the Lachlan LGA was $102,257,460 in the year to 1 July 2024 (2,701 properties analysed). Rural land value also recorded a strong upward trend. A total of $3,445,597,020 on 1,761 property sales were analysed, which saw a 19.1 per cent increase for the 12-month period.
“Residential land values within the Lachlan local government area experienced a strong increase in land values from July 2023 to July 2024,” 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, putting upward pressure on the housing market.
“Residential allotments in the village of Fifield had a very strong increase as mine operations in the area appear likely to proceed, buyers have been making speculative purchases in anticipation of the mine in operation, resulting in the increase in land values.
“The very strong increase to the commercial and industrial areas within Condobolin were due to good sales activity within the town to support the value movements.
“Large lot residential properties surrounding Tottenham and Condobolin remained steady, with demand meeting supply.
“Lake Cargelligo residential to the south east, commercial, industrial, along McInnes Road all remained steady with supply meeting demand.”
For example (according to the interactive land value summary on www.valuergeneral.nsw.gov.au) land in Officers Parade Street, Condobolin (zoned RU5) and of a 1,456 metre squared size, was worth $53,900 in 2023, but was valued at $59,200 in 2024. This is a 9.8 per cent increase. A block in Willis Lane, Condobolin (17.07 hectares) and zoned RU5, was valued at $97,500 on 1 July 2023, but 12 months later is now valued at $107,000 – a 9.7 per cent increase. A 4,174 metre squared sized block (zoned RU5) in Wiradjuri Way, Condobolin was valued at $59,000 in July 2023, but went up by 30 per cent in 2024, to $76,700. In Bathurst Street, Condobolin (201.8 metre squared) and zoned RU5, was valued at $12,600 on 1 July 2023, but one year later it is now valued at $18,900.
The interactive land value summary on www.valuergeneral.nsw.gov.au went on to say, land values in Canada Street (1,012 metres squared – $30,900), Foster Street (1,012 metres squared – $23,900), Grace Street (2,023 metre squared – $40,500), and McInnes Street (4,139 metre squared – $93,400) in Lake Cargelligo (all zoned RU5), remained steady over the 12 month period. Land at Umang Street in Tottenham (1,012 metres squared – $7,300) and Wooyeo Street, Tullibigeal (2,024 metres squared – $6,450), both zoned RU5, also remained steady.
Rural land values within the Lachlan local government area experienced a strong increase between July 2023 and July 2024.
“The rural areas of Keiran, Walkers Hill, Euabalong and Melrose at Condobolin all saw a slight increase in values with these markets competing with the more marginal and affordable farming areas,” the NSW Valuer General’s website said. “Purchasers have been mainly locals looking to expand on existing holdings. We saw a slight decrease in timbered grazing country throughout the Field and Condobolin areas, with less demand for lower yielding grazing country.”
On the interactive land value summary on www.valuergeneral.nsw.gov.au, a property on Henry Parkes Way, Condobolin, which was 1,236 hectares in size and zoned RU1, was valued at $1,830,000 as of July 2023. It is now valued at $1,920,000 as of 1 July 2024 – a 4.9 per cent increase. A 265 hectare property in Waitohi Lane Condobolin (zoned RU1) was valued at $1,030,000 in 2023. The value of this property has increased by 9.7 per cent to $1,130,000 over 12 months, to 1 July 2024. A property on Willow Bend Road, Condobolin, which was 22.2 hectares in size and zone RU5, was valued at $173,000 as of 1 July 2023. It is now valued at $193,000 as of 1 July 2024 – a 11.6 per cent increase.
The interactive land value summary on www.valuergeneral.nsw.gov.au said land on the Stuart Drive at Curlew Waters (1.421 hectares) and zoned RU1, was valued at $23,000 in 2023. The value of this land has increased by 4.8 per cent to be valued at $24,100 in 2024. A parcel of land on Tullibigeal Road, Tullibigeal (865.188 hectares and zoned RU1) was valued at $2,160,000 in 2023, As of 1 July 2024, the land was valued at $2,800,000 – an increase of 29.6 per cent. A 2,452 hectare piece of land on Bobadah Road, Bobadah (zoned RU 5) was valued at $2,290,000 in 2023. In 2024, it has been valued at $2,400,000 – an increase of 4.8 per cent. A property at Billandry Road, Tottenham (777 hectares and zoned RU5) was valued at $1,000,000 as of 1 July 2023. It’s value has increased by 25 per cent to $1,250,000 as of 1 July 2024.
In the Central West (which includes the Lachlan Local Government Area), the total land value experienced a moderate increase of 5.1 per cent between 1 July 2023 and 1 July 2024 from $36.6 billion to $38.5 billion.
“Residential land values experienced a slight increase of 3.9 per cent overall. The strongest increases were experienced in Weddin (10.8%) and Gilgandra (37.6%) with continued interest in regional areas and relative affordability. These locations offer lifestyle properties in close proximity to larger regional centres and cities,” www.valuergeneral.nsw.gov.au said. “Rural land values experienced a moderate increase of 5.4 per cent overall. The strongest increases were experienced in Lachlan (19.1 per cent) and Warrumbungles (12.6 per cent). Drivers of these markets are due to strong confidence in the rural sector, supported by demand from purchasers expanding their holdings for succession purposes or increasing their economies of scale.”
The total land value for regional NSW experienced a combined increase of 2.7 per cent across all property types from $329 billion to $338 billion between 1 July 2023 and 1 July 2024.
Property sales are the most important factor valuers consider when determining land values.
Regional industrial land values experienced the highest growth across property categories, with a 9.9 per cent average increase.
Warrumbungle (92.4 per cent) saw the largest increase in industrial land values, as well as Greater Hume (61 per cent) and Tamworth Regional (41.5 per cent). The Narrabri (-20.8 per cent) local government area saw the biggest decrease in industrial land values, and a slight decrease was observed in Singleton (-4.5 per cent).
Residential land values across regional NSW saw a 2.7 per cent increase on average. Cobar (45.4 per cent) experienced the strongest growth, driven by a strong performing economy, a thriving local minerals and critical minerals mining sector and support from the visitor economy. Gilgandra (37.6 per cent), Balranald (35.9 per cent) and Bogan (29.3 per cent) also saw very strong increases. Bland (-6.7 per cent), Murray River (-3.0 per cent) and Broken Hill (-2.4 per cent) experienced the biggest decreases in residential land values.
Commercial land values across regional NSW experienced a minor increase of 2.4 per cent. Uralla (34 per cent) recorded the strongest increase, driven by high interest in the announced Renewable Energy Zone (REZ). Cobar (23 per cent) and Bogan (21.5 per cent) both saw strong increases driven by increased demand from renewed mining activity and the potential for new mines in surrounding areas.
Forty-two of 71 LGAs experienced less than 1.0 per cent or minor negative growth in commercial land values.
Rural land values across the region experienced a slight increase of 2.7 per cent. Gwydir (23.0 per cent) recorded the highest percentage change, driven by continuing strong demand for good quality farming land in well regarded tightly held areas. Snowy Monaro Regional (19.6 per cent) and Lachlan (19.1 per cent) also saw strong increases.
The growth in rural values for Snowy Monaro Regional has been attributed to the increase in livestock prices and ideal seasonal conditions.
Greater Hume (-11.1 per cent), Federation (-7.3 per cent) and Narrandera (-6.1 per cent) experienced the biggest decreases in rural land values, attributed to cooling market conditions caused by economic uncertainty.
The 2024 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 2024 and were based on the analysis of 54,911 property sales, according to the Report on NSW land values at 1 July 2024, which was released recently.
Overall, land values increased across NSW by 6.4 per cent from $2.80 trillion to $ 2.98 trillion in the 12 months to 1 July 2024.
Residential land values across the state increased by 7.4% overall from $2.11 trillion to $2.27 trillion. The land values were based on the analysis of 46,797 residential property sales across NSW.
Sydney Metro, Sydney City, Coastal NSW and Regional NSW regions experienced increases between 1.6% and 9.4% in residential land values. These increases were primarily driven by limited supply in some markets, population growth and stability in interest rates. The areas of Regional NSW and Coastal NSW had lower rates of growth when compared with City of Sydney and Greater Sydney regions.
Rural land values increased across NSW over the 12 months to 1 July 2024, with the total land value of all rural land by 1.6% to $309 billion. The land values were based on the analysis of 4,884 rural property sales across NSW.
The largest increase was in Regional NSW (2.7%) where rural lifestyle properties continue to be in demand particularly for those in near proximity to towns and services. Some reductions in land values for Greater Sydney were experienced (-1.5%) to 1 July 2024. This was in part caused by changes to future re-zoning potential, reduced demand from speculative purchasers and impacts from flooding events.
The NSW Valuer General is responsible for providing independent and impartial land values for use by the NSW Government and councils for rating and taxing purposes, in line with the Valuation of Land Act 1916.
This report provides an overview of the 1 July 2024 land values across NSW and how they were calculated.
Valuers have determined the 1 July 2024 land values for over 2.7 million properties across NSW.
The land values reflect the property market at 1 July 2024. Land values do not include the value of a home or other structures.
The new land values will also be used by Revenue NSW to calculate land tax for the 2025 land tax year. Registered land tax clients will receive their land tax assessment from Revenue NSW from January 2025. More information on land tax can be found at revenue.nsw.gov.au
Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating. Notices will be issued from January 2025. 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 2024.
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.