Land values across regional New South Wales have risen by almost $9 billion with huge jumps in value recorded in areas of the Western Plains.

The NSW Valuer General recently completed assessing land values for every parcel of land across NSW.

The land values reflect the value of land only, as of July 1, 2024.

Regional industrial land values experienced the highest growth across property categories (including residential, rural, industrial and commerical), with a 9.9 per cent average increase.

Overall, land values across NSW increased from an eye watering $2.8 trillion to $2.98 trillion.

The new land values were assessed following analysis of more than 54,000 property sales. 

“While continued strong demand for property and constrained supply, it’s no surprise that land values across NSW have increased by an average of 6.4 per cent across varying property types,” Sally Dale, Valuer General of NSW said.

Residential land values across regional NSW saw a 2.7 per cent increase on average, with some standout increases recorded in the Western Plains.

Cobar (45.4 per cent) experienced the strongest growth, driven by a strong performing economy, a thriving local mining sector and support from the visitor economy.

Gilgandra (37.6 per cent) and Bogan (29.3 per cent) also saw very strong increases.

Bland (-6.7 per cent), Murray River (-3.0 per cent) and Broken Hill (-2.4 per cent) experienced the biggest decreases in residential land values.

“We’re seeing really strong increases in western residential markets such as Cobar, Gilgandra and Bogan - with a likely cause trend of people moving west continuing,” Ms Dale said. 

Deputy Mayor of Cobar Shire, Michael Prince, told Western Plains App that he was aware of the land value increase and said the rise was due mainly to the shortage of available accommodation for miners.

The mining industry is driving an increase in Cobar's land values, according to Deputy Mayor, Michael Prince.

“Like anything, it's about supply and demand.

"It’s certainly pretty hard to get places here.

"As soon as a house comes up for sale, it’s pretty much sold straight away," he said.

Cr Prince said that two motels have just been bought in town which will be partially used for the mine workers' accommodation.

“The miners are a fly in, fly out type of community and obviously need somewhere to stay,” he said.

“The Endeavor Mine is starting up again after five years or six years, and they're going to need 150 people by March, and they will all need that temporary type of accommodation.”

It’s a problem that hasn’t escaped Cobar Shire Council.

“We were recently discussing what can be done about housing in the area,” Cr Prince said.

“Ideally, we need to find somebody who wants to develop something.

"It’s great our land prices are going up, but I guess it depends on what side of the fence you sit on.”

Commercial and rural land values have seen smaller increases at 3.9 per cent and 1.6 per cent respectively statewide.

Again, Cobar has affected these figures with isolated significant sales being experienced in an area where the commercial sector is underpinned by two industries, being mining and agriculture.

Other Western Plains shires have seen the following increase in residential land value: Bogan (29.3 per cent), Bourke (10.2 per cent), Brewarrina (4.9 per cent), Coonamble (0.5 per cent), Lachlan (7.9 per cent), Narromine (3.4 per cent), Walgett (21.5 per

cent), Warren (3.6 per cent) and Warrumbungle (3.7 per cent).

Land values are provided to local councils at least every three years for calculating council rates.

Landholders have 60 days from receiving their notice to object to their land valuation if they believe it is incorrect and can provide sales evidence to support their claim. 

To learn how your council rates are calculated, visit the Office of Local Government. 

The latest land values for all properties in NSW are available on the NSW Valuer General’s website, along with information on trends, medians, and typical land values for each local government area. 

For more information on land values and the NSW valuation system, visit www.nsw.gov.au/valuergeneral.