Land values in Gunnedah Shire have increased more than 76% over the past three years, according to valuations recently released by the NSW Valuer-General.
Gunnedah Shire General Manager Eric Groth said the Valuer-General’s office had informed Gunnedah Shire Council the total land value for properties across the Shire was more than $3.5 billion at November 2022.
“That is an increase of 76.7% compared to the current total land value of $2.02 billion base that was set by the Valuer-General in July 2019,” Mr Groth said.
“The NSW Valuer-General is responsible for providing independent and impartial land values for use by the State Government and local government for taxes and rates. Those values don’t include the value of a home or other structures on the land.
“Landholders will receive a Notice of Valuation showing their land value before it is used by Council for rating. The new valuations will apply to rates that are levied over the next three financial years, commencing in the 2023/24 financial year.
“While this will impact on rates, the total amount of rates collected by Council is subject to the Independent Pricing and Regulatory Tribunal (IPART) rate peg limit, which is set for 3.8% for Gunnedah Shire in the 2023-24 year.
“The impact on individual rate assessments will depend on the change in land value relative to the change in land value of all other assessments in the same rates category or sub-category.”
Mr Groth said the increase in land valuations was good news for Gunnedah Shire, showing the region was not only holding its own, but had shown its growing appeal.
The NSW Valuer-General’s office has released a statement that says residential land values had increased by 33.7% across the North-West region, with the strongest residential value increases in Liverpool Plains (69.9%) and Tamworth Regional (37.5%). The statement said the increases had been largely driven by the demand from metropolitan and coastal buyers.
Gunnedah Shire had among the highest increases in the North West Region in commercial land values at 19.9%. Rural values increased 32.5%.
In Gunnedah Shire, land value trends for each category between July 1, 2021 and July 1, 2022 were:
- Residential 12% increase
- Commercial 19.9% increase
- Industrial 8.3% increase
- Rural 32.5% increase
- Other 86.4% increase
- Overall increase in the 2021-2022 financial year – 30.1%.
The latest land values for all properties in New South Wales are available on the Valuer-General NSW website (www.valuergeneral.nsw.gov.au), along with information on trends, medians and typical land values for each local government area.
