The State’s residential property market continues to show resilience in the face of extreme economic headwinds, according to the latest valuations by the NSW Valuer General.
Minister for Property and Housing, Melinda Pavey said residential land values across the State increased four per cent overall to $1.4 trillion.
“The resilience was also seen in the regions, with rural land values increasing by 4.8 per cent off the back of strong commodity prices and sustained demand for farm lands,” Ms Pavey said.
“The Valuer General’s results also provide more evidence of the ‘tree and sea change’ trend that has been underway with residential land value increases of more than three per cent recorded in 37 local government areas in regional parts of the State showing people can live in beautiful country areas, be close to services without sacrificing a career,” she said.
NSW Valuer General, David Parker said the impacts of COVID-19 had been mainly limited to commercial land and that residential land values remained strong in many locations.
“Commercial land values decreased seven per cent overall largely due to COVID but the largest impacts were in Sydney with a more limited impact in regional locations,” Dr Parker said.
He said country city Parkes local government area led the residential land value increase with 16.82 per cent, followed by Dungog, 16.15 per cent; Lachlan, 15.94 per cent; Snowy Monaro Regional, 15.27 per cent; Murrumbidgee, 9.64 per cent; and Queanbeyan-Palerang, 9.59 per cent.
