NSW land valuations completed

New land valuations for Regional New South Wales
Land values across regional New South Wales have risen by almost $9 billion according to new analysis from the NSW Valuer General. The NSW Valuer General has finalised land values for every parcel of land across NSW. The land values reflect the value of land only, as at 1 July 2024.
Sally Dale, Valuer General of NSW said: “Regional NSW has experienced a slight increase in land values, with continued demand for property and constrained supply.”
The total land value for regional NSW experienced a combined increase of 2.7% across all property types from $329 billion to $338 billion between 1 July 2023 and 1 July 2024. Property sales are the most important factor valuers consider when determining land values. Regional industrial land values experienced the highest growth across property categories, with a 9.9% average increase.
Warrumbungle (92.4%) saw the largest increase in industrial land values, as well as Greater Hume (61%) and Tamworth Regional (41.5%).
Residential land values across regional NSW saw a 2.7% increase on average. Cobar (45.4%) experienced the strongest growth, driven by a strong performing economy, a thriving local minerals and critical minerals mining sector and support from the visitor economy. Gilgandra (37.6%), Balranald (35.9%) and Bogan (29.3%) also saw very strong increases. Bland (-6.7%), Murray River (-3.0%) and Broken Hill (-2.4%) experienced the biggest decreases in residential land values.
“The state’s constrained housing supply and resulting population shifts continue to support increases in residential land values across western NSW as people look for more affordable and available housing,” Ms Dale said. “It’ll be interesting to see if this trend continues over the longer term and whether the ‘tree change’ remains a trend in the future,” Ms Dale said.
“Major government projects have also supported strong growth, as seen with the increase in residential land values for Gilgandra, with the Inland Rail construction kicking off.”
Commercial land values across regional NSW experienced a minor increase of 2.4%. Uralla (34%) recorded the strongest increase, driven by high interest in the announced Renewable Energy Zone (REZ). Cobar (23%) and Bogan (21.5%) both saw strong increases driven by increased demand from renewed mining activity and the potential for new mines in surrounding areas. 42 of 71 LGAs experienced less than 1.0% or minor negative growth in commercial land values.
Rural land values across the region experienced a slight increase of 2.7%. Gwydir (23.0%) recorded the highest percentage change, driven by continuing strong demand for good quality farming land in well regarded tightly held areas. Snowy Monaro Regional (19.6%) and Lachlan (19.1%) also saw strong increases. The growth in rural values for Snowy Monaro Regional has been attributed to the increase in livestock prices and ideal seasonal conditions.
Overall, land values across NSW increased by 6.4%, from $2.8 trillion to $2.98 trillion. The new land values were assessed following analysis of more than 54,000 property sales.
The new land values will be used by Revenue NSW to calculate land tax for the 2025 land tax year for landowners subject to land tax. Registered land tax clients will receive their land tax assessment from Revenue NSW starting January 2025. For more information on land tax, visit revenue.nsw.gov.au.
Land values are provided to local councils at least every 3 years for calculating council rates. To learn how your council rates are calculated, visit the Office of Local Government.
Landholders have 60 days from receiving their notice to object to their land valuation if they believe it is incorrect and can provide sales evidence to support their claim.
The latest land values for all properties in NSW are available on the NSW Valuer General’s website, along with information on trends, medians, and typical land values for each local government area. For more information on land values and the NSW valuation system, visit www.nsw.gov.au/valuergeneral.