ADVERTISEMENT

Broken Hill rural land values up almost 30%

Broken Hill rural land values have risen 29.8% – the biggest increase in the sector across Western NSW – according to the latest figures from the NSW Valuer General.

The numbers reflect the value of land only – not the value of any properties built on the land – as at July 1, 2023.

The new land values will be used by Revenue NSW to calculate land tax for the 2024 land tax year.

The Western NSW Region covers the local government areas of Broken Hill, Central Darling, Balranald, Bogan, Bourke, Brewarrina, Cobar and Wentworth and the total land value for the region experienced a moderate increase of 5.2% between 1 July 2022 and 1 July 2023 from $7 billion to $7.5 billion.

Overall, residential land values across the region experienced a moderate increase of 7.7%. The strongest increases were in Bogan (22.8%) following speculative purchasers on the back of new mining ventures around Nyngan, and Broken Hill (17.6%) due to a strong local economy based on mining and tourism, says the Land Valuer.

Commercial land values across the region experienced a moderate increase of 5.7%.

Wentworth (20%) recorded the strongest increase due to relative affordability and a strong local economy based on horticulture around Buronga.

Cobar (14.8%) experienced a strong increase given relatively strong investment across the region.

Industrial land values across the region experienced a very strong increase of 38.2%. Wentworth (79.3%) experienced the largest increase given a strong local economy due to relative affordability and a lack of industrial parcels brought to market in the nearby city of Mildura.

Rural land values across the region experienced a slight increase of 4.3%. Broken Hill (29.8%) experienced the strongest increase due to strong demand for rural residential property given sustained interest in the residential market.

The latest land values for all properties in NSW are available on the Valuer General NSW website, along with information on trends, medians and typical land values for each local government area.

Please visit www.valuergeneral.nsw.gov.au for more information on land values and the NSW valuation system.

Registered land tax clients will receive their land tax assessment from Revenue NSW from this month.

Support the Barrier Truth!

We are a small, independently owned newspaper. If you got something from this article, giving something back helps us to continue publishing the truth from the Broken Hill region. Every little bit counts.

More Articles

ADVERTISEMENT
ADVERTISEMENT