Riverina rural prices up 11.6%: NSW Valuer-General

The total land value for the Riverina region has increased over the 12 month period to 1 July 2016 by 9.1% from $13.24 billion in 2015 to $14.44 billion in 2016, according to the latest report from the Valuer-General.

The Report on NSW Land Values at 1 July 2016 found that overall land values in the region showed a moderate increase.

Exceptions to this trend were the LGAs of Lockhart (18%), Griffith (13.1%), and Bland (18.1%) where land values increased strongly.

The former LGAs of Gundagai (1.6%) and Murrumbidgee (-1.3%) remained stable overall.

The largest increase in land values in the region was for rural properties, with an overall increase of 11.6%.

The LGAs of Bland (20%), Carrathool (19.7%) and Lockhart (19.5%) experienced the strongest increases.

There was a recent sale of the Carrathool farm, Haylock and Katika at an undisclosed price.

Residential land values showed moderate increases overall, however there were strong increases in the Griffith LGA (18.1%), while Coolamon (7.4%) and Junee (7.4%) LGAs experienced moderate increases.

Land values in Murrumbidgee (-8.5%) decreased moderately as supply over the period exceeded demand.

Land values for commercial land increased moderately overall by 5.2%.

Temora (14.6%) and Gundagai (14.4%) LGAs showed the strongest increases due to strength in the local rural and tourism industries.

Industrial land values for the region have remained steady.

Exceptions to this trend were seen in Temora (10%) and Junee (8.1%), which both experienced moderate increases resulting from demand by industries supporting the rural sector.

There were also smaller increases of around 5% in Griffith and Cootamundra.

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.