Preliminary analysis indicates New South Wales land values are tipped to reach $3 trillion for the first time ever with the strongest growth in the past year recorded in Cobar, Gilgandra and Bogan shires.
The NSW Valuer General is currently in the process of finalising land values and released some preliminary figures last week.
Residential land values across the state are leading the growth in value, experiencing an almost eight per cent average increase across NSW compared to the 12 months to July 2023.
Property sales are the most important factor valuers consider when determining land values.
Land values reflect the value of land only, and are measured as at July 1, 2024.
The new land values were assessed following analysis of almost 50,000 property sales.
Overall, land values have increased over the 12-month period from July 2023 to July 2024.
Sally Dale, Valuer General of NSW said with continued strong demand for property and constrained supply, it’s no surprise preliminary indications across NSW have land values on average increasing by 6.5 per cent across the varying property types.
“2024 could see NSW’s combined land value break through $3 trillion in value backed by continued demand, underpinned by increased property sale prices and driven mostly by the state’s residential markets – a testament to the resilience of the property sector in NSW despite difficult financial lending markets,” Ms Dale said…see this weeks edition for the rest of this article.
