The NSW Valuer General has revealed significant land increases across the region and describes it as a "strong increase" over the 12 month period.

The total land value for the Central West NSW region grew by 21.8% between 1 July 2021 and 1 July 2022 from $26 billion to $31.7 billion.

Region-wide the biggest increases on average were in industrial and residential properties.

The rural sector also had a strong upsurge.

While Bourke saw a stunning rise of almost 60% in their rural land value, Cobar also saw big gains for their rural land at 44%. Lachlan Shire also reaped a 12month increase of 29.3%.

The NSW Valuer General suggested that this "confidence" was "supported by strong commodity prices and continuing favorable seasonal conditions and demand from purchasers seeking to expand rural holdings".

With the Inland Rail project gaining momentum and recent government funding announcements for supporting infrastructure, western plains towns closest to the route could be beginning to see the benefit.

While Narromine was among the postcodes with a big jump in rural land values – with 28.8% in value added; an increase of almost $400 million. Industrial land values in the Narromine shire increased by over 30%. .

Gilgandra had a particularly big increase in commercial property values, at almost double the region average, which the Valuer General attributed to "demand for goods and services, underpinned by the inland rail project and a strongly performing rural sector".

The value of residential land in Gilgandra shire also surged by a total of $10 million or 22%.

 NSW Valuer-General David Parker. Picture: NSW Government

Coonamble also had a 22% jump in residential land values and  Bogan shire had a 25% increase for the same category. 

Walgett Shire recorded perhaps the most even gains across all land types from 23.9% for residential blocks to a 32.2% rise for rural land.

While Warren also had rises in both rural and industrial land values the gains were modest and they recorded the lowest overall increase in land values at 10.1%, followed by Warrumbungle shire with 13.1%.

Residential land values remained steady in Brewarrina.

The Inland Rail project has already begun to have an impact on land values. IMAGE: Railway Gazette International

The rise in these land-only values is not all good news for the region's landowners. While the Valuer General's assessment doesn't necessarily drive market values it is directly linked to rates and taxes.

"The new land values will be used by Revenue NSW to calculate land tax for the 2023 land tax year. Registered land tax clients will receive their land tax assessment from Revenue NSW

from January 2023," the NSW Valuer General explained.

Landholders will receive a Notice of Valuation before it used by a council to adjust rate payments.

Click here for more information on the latest land valuations.