GOOD news everyone, land values across the North Coast region have generally increased since July 2017.
Land Values for the North Coast region were published on January 8 by the acting NSW Valuer-General, Michael Parker. According to the published data, the Nambucca Shire has experienced a moderate increase in land value between 2017 and 2018.
Mr Parker said property sales are the most important factor considered by valuers when determining land value.
“It is important to note that land value is the value of the land only, and does not include the value of a home or other structures,” Mr Parker said.
In Nambucca Shire, medium level increases were consistently recorded for residential and industrial market sectors from July 2017 until July 2018, on average 9.7 per cent for residential and 6.8 per cent for industrial.
Rural land was the clear stand out though with an average of 10.1 per cent. Bringing up the rear was commercial property which was steady at 1.1 per cent.
John Powell from @realty spoke to the Guardian about his thoughts on the published results.
“We are seeing a lot of activity, there has been a notable rise in sales prices in the area over the last 18 months to two years, along with the rest of the nation,” he said.
“In my profession, I place more value in recent sales figures than data from the Valuer General’s Office though.”
The result of this notable increase in land values could potentially see a rate increase, but it may also have an added long-term bonus for the area.
One positive outcome of the property price increase is confidence in the market, to buy land with a view to build, which could, in turn, create more jobs through the need for tradesJohn Powell
The recent completion of the Pacific Highway upgrade and the easy travel between the major regional centres of Coffs Harbour and Port Macquarie is being touted as one of the primary reasons for the increase.
The significantly reduced travelling times and improved road safety are said to have contributed to a demand for residential and rural sites near the highway.
“It has indeed helped with an increase of buyers from Coffs and also buyers from all up and down the coast finding Nambucca more accessible now,” Mr Powell said.
“That said, I would certainly attribute the bulk of the increase to other market and economic factors than the highway,” he added.
The strongest average increases were recorded in the Richmond Valley (28.7%) and Tweed (26.5%) local government areas. Strong increases in land values were also recorded in the Port-Macquarie-Hastings (13.8%) and Byron (18.3%) local government areas.
Anybody interested in learning more can go to the NSW Valuer General website for trends, medians and typical land values by clicking here.
Alternatively, call Property NSW on 1800 110-038 for more information on land values and the valuation system.