Land values in the Central West have bucked the overall statewide decline of 5.3 per cent by rising 14.9 per cent in the year to June 2023. The Central West region in this context covers the LGAs of Coonamble, Dubbo Regional, Forbes, Gilgandra, Hilltops, Lachlan, Narromine, Parkes, Warren, Warrumbungle and Weddin.

This increase is second only to the North West region, which recorded a 19.7 per cent rise in overall value.  

Industrial and rural values rose the most in the Central West (21.3 and 15.7 per cent respectively), with residential land following with a 12.5 per cent increase. Commercial land increased 8.2 per cent. 

The strongest industrial land value increases were experienced in Forbes (34.8 per cent) and Hilltops (27.7 per cent), with the Valuer General attributing the increase to "the strong rural sector which supports the industrial sector. The Forbes increase can also be attributed to the flow on effect of the Parkes Special Activation Precinct." 

The highest increases in rural land values were experienced in Hilltops (26.1 per cent) and Weddin (19.6 per cent). As the Valuer General put it, "Drivers of these markets are the continuing confidence in the rural sector, supported by demand from purchasers expanding their holdings for succession purposes or increasing their economies of scale. Proximity to the Canberra and south coast areas also support the growth in this market." 

Weddin (30 per cent) and Hilltops (22.5 per cent) also experienced the highest residential land value increases in the region, due to "continued interest in regional areas, relative affordability and an increase in infrastructure projects. These locations offer lifestyle properties to the Canberra and Sydney markets."

 The new land values will be used by Revenue NSW to calculate land tax for the 2024 land tax year for landowners that are subject to land tax. Those registered for land tax will receive their land tax assessment from Revenue NSW from January 2024. 

The new values for unimproved land will not be used to calculate council rates, as all councils are currently using 1 July 2022 land values for that purpose. Councils will use 1 July 2025 land values for rating from July 2026. 

Look up the new value of your property here or read the full report of the NSW Valuer General.