Residential and business land values have significantly decreased in the Bogan Shire making it one of eight local government areas to experience negative growth during the past year.
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Behind Cobar and Muswellbrook, the shire’s ranked third in negative growth in the annual land valuations released by the NSW government Valuer General last week.
Nyngan residential properties were calculated at -10.36 per cent and -6.54 per cent for business properties, averaging 6.4 in negative growth all up.
Cobar averaged 16.4 per cent in negative growth and Muswellbrook averaged -10.4 per cent.
There is good news for Bogan local government area (LGA) rural property holders however, with rural property value increasing 3.07 per cent on average. Industrial land remains unchanged.
These annual land valuations are for the land only and do not include the value of the home, business or other improvements.
More than 2.5 million residential, rural, business and industrial land values for properties in NSW were assessed during the past six months with land owners in 47 LGAs to receive valuation of notices stating the land value of properties based on market conditions as at July 1, 2015.
NSW Valuer General Simon Gilkes said the latest land values would help local governments determine the amount of council rates landholders should pay.
Rral property value increasing 3.07 per cent on average.
“While important, valuations are only one of the factors councils use to determine each landholder’s rating liability,” he said.
“Increases or decreases for land values do not necessarily lead to similar increases or decreases in rates.”
As a whole, NSW land values now exceed $1.34 trillion, representing a 19.6 per cent growth rate.
Blacktown council topped the state with the LGA recording a 47 per cent growth in the value of residential land. Holroyd and Paramatta followed.
