The overall land values in Goulburn Mulwaree LGA have experienced a slight increase in 2019-20 while the residential and commercial properties have remained steady.
The latest valuations conducted by the NSW Valuer General has revealed that despite the impact felt by the economy due to the pandemic, the residential market has shown resilience with a 1.4 per cent change from $2,142,934,770 as on July 1, 2019 to $2,173,260,540 on July 1, 2020.
Overall, land values increased by 2.2 per cent in the LGA from $4,517,494,161 as on July 1, 2019 as compared to $4,616,322,261 on July 1, 2020.
Local valuer Douglas Walker feels that the biggest increase in land values has been for rural residential properties in Goulburn Mulwaree LGA. "There are people looking for a bit of fresh air and an alternative lifestyle in these parts of the region," he said.
"I think the market rise in Southern Highlands would have been more rapid given the close proximity of the area to Sydney."
Meanwhile, NSW Valuer General Dr David Parker said the impacts of COVID had been mainly limited to commercial land with residential land values remaining strong in many locations.
"Commercial land values decreased 7 per cent overall largely due to COVID but the largest impacts were in Sydney with a more limited impact in regional locations," Dr Parker said.
"Leading the residential land value increases was Parkes local government area (16.82 per cent) followed by Dungog (16.15 per cent), Lachlan (15.94 per cent), Snowy Monaro Regional (15.27 per cent), Murrumbidgee (9.64 per cent) and Queanbeyan-Palerang (9.59 per cent).
"Rural land values across the state also increased overall by 4.8 per cent supported by strong commodity prices and demand for good quality farm and grazing lands."
Meanwhile, Minister for Water, Property and Housing Melinda Pavey has welcomed the latest valuations by the NSW Valuer General which showed the state's residential property market continued to show remarkable resilience in the face of extreme economic headwinds.
"Regardless of the doomsayers, property remains one of the most resilient asset classes. Despite the bushfires and the COVID 19 pandemic, residential land values across the state increased 4 per cent overall to $1.4 trillion," Mrs Pavey said.
"The resilience was also seen in the regions, with rural land values increasing by 4.8 per cent off the back of strong commodity prices and sustained demand for farm lands."
In Upper Lachlan and Yass Valley LGAs, residential land values experienced a slight increase and the overall values have remained steady between 2019 and 2020.
In Upper Lachlan LGA, here was an increase by 4.5 per cent in residential properties from $289,358,120 as on July 1, 2019 to $302,438,330 on July 1, 2020. Similarly, in Yass Valley LGA, residential properties saw a 2.7 per cent increase from $1,493,946,010 to $1,534,362,020 in the same period.
"Residential land values saw a slight increase. Upper Lachlan's close proximity to Sydney and Canberra along with affordability have been key factors that support growth in the shire," the report states.
Meanwhile, in the Wingecarribee Shire, residential land values have remained steady from 2019 to 2020, the latest valuations findings by the NSW Valuer General reveals.
"Overall land values in the Wingecaribee local government area remained steady, with the exception of commercial land which saw a slight decrease. The Valuer General's Bushfire report was used to assist in the valuation process where there were insufficient sales in bushfire affected areas," the report states.
Minister Pavey said the results underpin recent reports of a rebounding housing market which demonstrate the strength and resilience of the NSW economy.
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