Beef and lamb prices nourishing Northern Tablelands rural prices: NSW Valuer-General
The total land value for the Northern Tablelands region has increased over the 12 month period to 1 July 2016 by 9.5 percent from $7.42 billion to $8.13 billion, according to the latest report from the Valuer-General.
The Report on NSW Land Values at 1 July 2016 found that rural properties showed the highest overall increase of approximately 11.4 percent. Good seasonal conditions together with strong commodity prices for beef and lamb have been the main drivers for strong increases in rural land values in the region. Inverell LGA showed the strongest increase (20.3 percent), while the lowest growth was experienced in the Walcha LGA (7.9 percent).
An Inverell farm currently for sale is Seven Oaks (above), 280 acres along the banks of the gushing Frazers Creek, at $599,000 through Ruralco.
Residential land values increased by 6.2% overall. The highest increases were in the LGAs of Uralla (12.1 percent), Inverell (7.7 percent) and Armidale (7.2 percent), whilst Walcha (-4.9 percent) and Glen Innes (-2.1 percent) showed a decrease in value.
Commercial land values across the region generally remained steady. The strongest increase occurred in the LGA of Uralla (16.8%). However, commercial land values decreased in the LGAs of Walcha (-5.3) and Glen Innes (-2.4%) reflecting lower demand for commercial property in these areas.
Industrial land values for the region have generally remained steady. The strongest increase was experienced in Uralla (9 percent), with the largest decrease in Walcha (-5 percent).
For more information including interactive online land value summaries for all LGAs and 14 regions covering the state go to www.valuergeneral.nsw.gov.au.
