Kyogle region worth $1.25 billion

Extensive real estate analysis has revealed the total land value in the Kyogle region is $1.25 billion.
Extensive real estate analysis has revealed the total land value in the Kyogle region is $1.25 billion.

TOTAL land value in the Kyogle region has been put at $1.25 billion, NSW Valuer General Phillip Western announced yesterday.

He said land valuation notices were being issued for 5100 properties in the Kyogle Local Government Area, following extensive real estate analysis.

Forty-eight residential sales and 58 rural sales were analysed.

Mr Western said the 2009 land values would be one of the factors used by Kyogle council to determine rates.

“The value of rural land and village land within the Kyogle LGA firmed on demand over the previous year, while land values within Kyogle township remained steady,” he said.

And that’s good news, according to local real estate agents.

Kyogle Real Estate rural sales consultant, Fergus Nicholson, said the global financial crisis could have had a more significant impact on the industry.

“Land values haven’t gone back at all, which is pleasing given the year we’ve had,” he said.

JM Realty Kyogle licensee, Anthony McMahon, said they were still getting plenty of ‘genuine inquiries’.

“In a nutshell there is still some buyer caution out there,” he said.

“But there will always be market. What we have to do is find the right property for the right person. I hope it picks up a bit more this year.”

So far it was going well in the rural sector, Mr Nicholson said.

“The year has started well. If it continues like this, 2010 will be a year of growth,” he said.

“The last month of last year and this month have been really good because there has been an increase in people looking and wanting to purchase. Over the past couple of months we’ve sold 161-hectare properties right down to eight hectares.”

Typical land values in the region included:

Residential: 1200sqm at Highfield Road, Kyogle, valued at $88,500; 606sqm at Colin Street, Kyogle, valued at $80,000;

Commercial: 189sqm at Summerland Way, Kyogle, valued at $67,500;

Rural: 40 hectares at Tallowood Road, Lillian Rock, valued at $376,000.

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