Overall, there was a very strong increase in land values in the Lachlan Local Government Area (LGA) between July 2021 to July 2022.
The Lachlan LGA includes Condobolin, Lake Cargelligo, Tottenham, Tullibigeal, Fifield, Albert and Bobadah.
The increase in land values was consistent across all residential and rural market segments.
There was a 26.1 per cent increase in residential land value from 1 July 2021 to 1 July 2022. The total residential land value for the Lachlan LGA was $88,172,160 in the year to 1 July 2022. Rural land value also recorded an upward trend. A total of $2,661,569,130 on 4,462 property sales were analysed, which saw a 29.3 per cent increase for the 12-month period.
“Residential land values within the Lachlan local government area experienced a very strong increase from July 2021 to July 2022,” www.valuergeneral.nsw.gov.au said.
“This upward trend was due to continued improved market confidence on the back of a strong agricultural sector and renewed interest in regional towns.
“However, small portions around Condobolin experienced a slight increase. Tottenham small portions and residential values experienced a very strong increase as did residential areas south-east of Lake Cargelligo.
“Village values of Fifield and Derriwong remained steady with limited purchasers seeking to relocate.
“Large Cargelligo commercial and industrial use properties experienced a very strong increase.
“These industries are supported by the rural economy which remains strong following good seasonal conditions, high commodity prices and demand from owners looking to increase the size of their holdings whilst seeking economies of scale.
“Lake Cargelligo industrial use property values remained steady with buyer preference shown for the larger industrial use allotments.”
For example (according to the interactive land value summary on www.valuergeneral.nsw.gov.au) land in Goobang Street Condobolin (zoned RU5) and of a 4,047 metre squared size, was worth $14,000 in 2021, but was valued at $16,800 in 2022, This is a 20 per cent increase. A block in Officers Parade, Condobolin (1,456 metres squared) and zoned RU5, was valued at $44,700 on 1 July 2021, but 12 months later is now valued at 46,900 – a 4.9 per cent increase.
The interactive land value summary on www.valuergeneral.nsw.gov.au went on to say, land in Canada Street, Lake Cargelligo (1,012 metres squared) and zoned RU5, was valued at $21,700 in 2021. In 2022, that had increased to $30,900 – an increase of 42.4 per cent. Land at Hutchinson Lane in Tottenham (6.475 hectares) and zoned R5 was valued at $11,500 in 2021. As of 1 July 2022, it was valued at $16,600 – an increase of 44.4 per cent. A block (973.7 metres squared) and zoned RU5 in Federation Street, Albert was valued at $1,100 in 2021. This land has now increased by 20 per cent to $1,320 as of 1 July 2022.
Rural land values within the Lachlan local government area also experienced a very strong increase between July 2021 and July 2022.
“This is a trend which followed the end of the three-year drought up to the end of 2019,” the website said.
“This trend extended across broadacre cropping lands, irrigated properties along the Lachlan River and the lifestyle properties around town.
“Strong interest from corporates and owner operators in commercial agriculture led to strong demand. A notable trend included many local purchasers from the district and those from southern NSW.
“Low interest rates, high export commodity prices, high domestic meat and stock prices as well as good yields have encouraged strong interest in rural land and given support to cashflow budgets, allowing for increased lending to rural property buyers.”
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 as RU1, was valued at $1,444,000 as at 1 July 2021. It is now valued at $1,830,000 as of 1 July 2022 – a 27.1 per cent increase. A 265 hectare property in Waitohi Lane, Condobolin (zoned RU1) was valued at $831,000 in 2021. The value of this property has increased by 24 per cent to $1,030,000 over 12 months, to 1 July 2022.
The interactive land value summary on www.valuergeneral.nsw.gov.au said in Tullibigeal, a land on Tullibigeal Road (865.188 hectares) was valued at $1,570,000 in 2021, but has increased by 19.9 per cent to $1,880,000 in 2022. Land on the Lachlan Valley Way at Lake Cargelligo (49.37 hectares) and zoned RU1, was valued at $58,300 in 2021. The value of this land has increased by 14.9 per cent to be valued at $67,000 in 2022. A 777 hectare piece of land on Billandry Road, Tottenham was valued at $745,000 in 2021. In 2022, it has been valued at $912,000 – an increase of 22.4 per cent. A 518 hectare parcel of land on the Carlisle-Trundle Road at Fifield was valued at $780,000 in 2021. As of 1 July 2022, the land was valued at $1,070,000 – an increase of 37.2 per cent.
The 2022 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 at 1 July 2022 and were based on the analysis of over 61,000 property sales, according to the Report on NSW land values at 1 July 2022, which was released recently.
Overall, land values increased across NSW by 26.3 per cent from $2.25 trillion to $ 2.84 trillion in the 12 months to 1 July 2022.
In Central West NSW (which includes the Lachlan Local Government Area), the total land value as at 1 July was $31,681,480,816, (based on analysis of 74,311 property sales), which is a 21 per cent increase from 1 July 2021 land values.
In Western NSW, the total land value as at 1 July 2022 was $7,196,956,165, an increase of 33.10 per cent from the previous year. A total of 26,972 property sales were assessed. In the Riverina, there was a 45.70 per cent increase in land value, with a total of 79,484 property sales analysed. The total land value for the Riverina as at 1 July 2022 was $40,631,450,520.
Residential land values across the state increased by 23.8 per cent overall from $1.76 trillion to $2.18 trillion. The land values were based on the analysis of 49,086 residential property sales across NSW.
“All regions across NSW experienced increases in residential land values primarily driven by continued preferences for flexible working arrangements allowing purchasers to seek alternate and affordable lifestyle options,” the report said.
“Regional and coastal markets with accessibility to regional and metropolitan centres were particularly sought after. The largest increases in residential values occurred in the Hunter Region where overall values increased by 57.6 per cent, followed by the Murray region at 50 per cent.”
Rural land values increased across NSW over the 12 months to 1 July 2022, with the total land value of all rural land growing very strongly by 41.7 per cent to $287.9 billion. The land values were based on the analysis of 7,293 rural property sales across NSW.
“Rural land values were primarily driven by continued strong commodity prices, favourable seasonal conditions and sustained demand for quality farming lands,” the report said.
“The largest increases were in the Hunter region where values increased by 72.2 per cent followed by the Murray region at 56 per cent. Rural lifestyle properties experienced strong growth following continued flexible work practices especially in areas with relative affordability and proximity to regional and city centres.”
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.
This report provides an overview of the 1 July 2022 land values across NSW and how they were made.
Valuers have determined the 1 July 2022 land values for over 2.6 million properties across NSW. The land values reflect the property market at 1 July 2022. 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 will be issued from January 2023. Councils receive new land values for rating at least every three years. Land values are one factor used by councils to calculate rates.
The new land values will also be used by Revenue NSW to calculate land tax for the 2023 land tax year. Registered land tax clients will receive their land tax assessment from Revenue NSW from January 2023.
The NSW Valuer General has now published land values for NSW. The land values reflect the value of land in NSW, as at 1 July 2022.
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.