The Hilltops Local Government Area (LGA) has experienced the highest increase in terms of rural land values for the Central West region, according to NSW Valuer General Dr David Parker.
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Rural land values increase by 24.4 per cent between July 1, 2020 and July 1, 2021, from $3.5 billion to $4.3 billion.
"Rural land values experienced a strong increase of 16.2 per cent including strong increases in Hilltops (24.4 per cent), Narromine (21.2 per cent) and Coonamble (19.6 per cent) which are supported by a strong confidence in the agricultural sector underpinned by high commodity prices, low interest rates, and favourable seasonal conditions," Dr Parker said.
"In addition, strong demand from purchasers seeking to expand rural holdings, a general limited supply of rural properties brought to market and a renewed interest in lifestyle properties has led to further increases.
"The rural market in Hilltops experienced a strong increase in land values attributable to strong commodity prices, continued good seasonal conditions, low Australian dollar and low interest rates.
"However, mixed farming in Galong and Wallendbeen remained steady as available stock was met with current demand.
"Mixed farming between Bribbaree and Thuddungara localities experienced a very strong increase given a market preference for prime land suitable for cropping."
Industrial land values also increased significantly, from $23.6 million in July 2020 to $27.5 million in July 2021, or 16.3 per cent.
"The industrial market experienced a strong increase between 2020 and 2021 largely attributable to a very strong increase in the Boorowa industrial market and strong increases in the Young industrial market on the back of servicing a strong rural economy based on agriculture," Dr Parker said.
"The industrial market in Harden remained steady with the light industrial market experiencing a slight increase given competition with other industrial markets in close proximity."
There was a 10.2 per cent increase on residential land values, from $532,337,603 to $586,386,603 in the 12 month period, while commercial land values remained steady.
"The residential market within the Hilltops local government area experienced a strong increase in land values between 2020 and 2021 largely attributable a strong increase to residential properties in Young as purchasers seeking alternative and affordable lifestyle options in regional areas over metropolitan living," Dr Parker said.
"Young is considered an affordable alternative to the larger centres of Canberra and Wagga Wagga.
"However, many residential and village areas around Young, Boorowa, Harden, Murrumburrah, Kingvale, Wombat, Rugby, Frogmore, Galong, Reids Flat and Bribbbaree remained steady as available stock was met with current demand."
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Kelsey Sutor
I've had a love of writing from a young age and, combined with my interest in current events, journalism seemed like a natural fit for me. I like to write a little bit about everything but my true passion lies in finding those untold stories from everyday people. Got an idea? Let me know - kelsey.sutor@austcommunitymedia.com.au
I've had a love of writing from a young age and, combined with my interest in current events, journalism seemed like a natural fit for me. I like to write a little bit about everything but my true passion lies in finding those untold stories from everyday people. Got an idea? Let me know - kelsey.sutor@austcommunitymedia.com.au
