The Mid-Western Region’s total land value has increased $130 million in the space of two years according to the Office of the NSW Valuer General.
On January 30, 2014, NSW Valuer General Philip Western issued more than 13,000 Notices of Valuation across the Mid-Western Region. The region’s total land value now stands at $2.2 billion.
Mr Western said a number of factors were taken into consideration when determining land values.
“Property sales are the most important factor considered when determining land values.
“Real estate analysis in the Mid-Western Regional LGA has been comprehensive during the course of the 2013 valuation program with 464 residential, six commercial, nine industrial, and 184 rural sales analysed,” Mr Western said.
The current Notices of Valuation show the land value of a property based on property market conditions as at July 1, 2013. They show the value of the land only and do not include the value of homes or other improvements on the land.
“In the two years period since landholders in Mid-Western LGA were issued with Notices of Valuation the value of residential land has generally shown a moderate increase,” Mr Western said.
“Commercial, industrial, rural and village land values have generally remained steady, with some industrial properties in Wilkins Crescent and Burrundulla Road showing a moderate increase in value.
“Rural residential and hobby farm land values generally remained steady, with the exception of 10 to 20 hectare hobby farm properties in Cooks Gap, St Fillans, Yarrawonga, Frog Rock, Kains Flat, and Wollar, which showed a strong increase in value.”
On January 30, Mr Western also released trial “enhanced rural sales reports for properties over 100 hectares” for both the Mid-Western and Walcha Local Government Areas.
Landholders wanting to know more about their land value can call 1800 110 038.
Typical residential land values:
- 1144 square metres at Short Street, Mudgee – $213,000
- 870 square metres at Medley Street, Gulgong – $80,000
- 639 square metres at Headley Place, Mudgee – $77,000
Typical commercial land values:
- 2973 square metres at Oporto Road, Mudgee – $382,000
- 569 square metres at Mayne Street, Gulgong – $57,600
- 316 square metres at Church Street, Mudgee – $220,000
Typical industrial land values:
- 1.6 hectares at Sydney Road, Mudgee – $1,290,000
- 4465 square metres at Industrial Avenue, Gulgong – $134,000
- 1521 square metres at Bylong Valley Way, Rylstone – $17,300
Typical rural land values:
- 910 hectares at Bylong Valley Way, Bylong – $1,410,000
- 518 hectares at Gundowda Road, Hargraves – $414,000
- 513 hectares at Henry Lawson Drive, St Fillans – $755,000
Typical rural residential land values:
- 15 hectares at Castlereagh Highway, Ilford – $89,600
- Four hectares at Flirtation Hill Lane, Gulgong – $207,000
- 1.1 hectares at McLachlan Street, Rylstone – $79,500
Typical hobby farm land values:
- 66 hectares at Goolma Road, Goolma – $153,000
- 49 hectares at Glenrock Lane, Kains Flat – $117,000
- 39 hectares at Ilford-Sofala Road, Sofala – $123,000
Typical village land values:
- 5564 square metres at Lindsay Street, Hargraves – $7,490
- 2024 square metres at Dowling Street, Lue – $38,000
- 797 square metres at Noyes Street, Kandos – $26,700
The original article can be found at the following link: https://www.mudgeeguardian.com.au/story/2071702/regional-land-value-up-130-million-in-latest-valuation/