Which Northern Rivers towns have increased in land value?

STRONG demand for hobby farms and lifestyle properties has created a spike in rural land values.

Generic image of vacant land real estate block at Blackwood Park, Craigburn Farm. Picture: Clayton Nick

THERE has been a greater demand for hobby farms and lifestyle properties in the Lismore LGA, with the value of rural land increasing by more than 8 per cent.

NSW acting deputy Valuer General, Paul Chudleigh, has published the 2019 land values for the North Coast region.

The report, which reflects the land values of the property market at July 1, 2019, was prepared by private contract valuers with expertise in their local areas.

Mr Chudleigh said property sales were the most important factor considered by valuers when determining land values.

"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," he said.

Following significant increases of up to 28 per cent in some LGAs in 2018, land values across the North Coast region have generally remained steady.

Overall residential land values across the region increased slightly by 0.6 per cent.

Most local government areas recorded slight to moderate increases, with the highest increases in the Richmond Valley (6 per cent) and Lismore (5 per cent).

Interestingly, Byron Shire residential land value saw a decrease of 2.6 per cent, except for land in central Byron Bay, which increased by 6.5 per cent.

The hinterland villages of Billinudgel, Federal and Main Arm all showed increases in residential value of 5 per cent.

Industrial land values for the region increased by 1.6 per cent, with the highest increases in Kyogle (6.2 per cent), Ballina (5.9 per cent) and Richmond Valley (4 per cent).

On the commercial side, overall land values saw an increase of 0.9 per cent, with the highest increase in Kyogle (6.8 per cent), where increases were mainly confined to the northern section of the Kyogle town centre.

Overall rural land values saw an increase of 2.5 per cent across the region, with the strongest increase in Lismore at 8.1 per cent.

Total land value for the North Coast region - which includes the local government areas of Ballina, Bellingen, Byron, Clarence Valley, Coffs Harbour, Kempsey, Kyogle, Lismore, Mid-Coast, Nambucca, Port Macquarie- Hastings, Richmond Valley and Tweed - increased by 1 per cent, from $85.8 billion to $86.7 billion.

 

Overall land values for North Coast region:

Residential: 0.6 per cent increase

Commercial: 0.9 per cent increase

Industrial: 1.6 per cent increase

Rural: 2.5 per cent increase