LATEST NSW land valuations show that property markets are stabilising, however Broken Hill is experiencing a 2.4 per cent decrease due to a limited supply of land.
The NSW Valuer General has finalised land values for every parcel of land across the state, reflecting the value of land only as of July 1, 2024.
Residential land values are driving the growth in value, with an average increase of almost 8 per cent compared to the 12 months to July 1, 2023.
Property sales are the most important factor valuers consider when determining land values. The new land values were assessed based on an analysis of almost 54,000 property sales.
“While continued strong demand for property and constrained supply, it’s no surprise that land values across NSW have increased by an average of 6.4 per cent across varying property types,” Sally Dale, Valuer General of NSW, said.
“We’re seeing really strong increases in western residential markets such as Cobar, Gilgandra and Bogan – with a likely cause trend of people moving west continuing.”
According to the Valuer General’s website, residential land values in Broken Hill experienced a slight decrease between July 2023 and July 2024.
“This can be attributed to a slight to moderate decrease in values for parcels at Alma, located south of the line of lode in Broken Hill and a slight increase in values at Railway Town to the west, with some areas of Broken Hill in greater demand than others,” it was reported.
“Generally, the town is stabilising after a period of strong growth but is still impacted by a limited supply of vacant land.”
Beryl Street, Bonanza Junction Corner and Patton Street experienced decreases in land value where Gaffney Street saw an increase.
Bismuth Street, Brown Street, Hill Street, Oxide and Radium Streets all remained steady with no increase or decrease.
“Commercial land values in Broken Hill remained steady between July 2023 and July 2024 as supply was met with demand.
“There was however a strong decrease in commercial land values located south of the line of load in Alma.”
Industrial land values in Broken Hill experienced a strong increase between July 2023 and July 2024 mostly attributable to derived demand from a strong mining sector.
Rural land values in Broken Hill remained steady between July 2023 and July 2024.
The rural land around the edge of Broken Hill which is generally comprised of smaller non-viable rural holdings is generally thinly traded with demand met by supply.
