LAND VALUES: How much is your property worth?
There have been some “very strong” increases in land values on the North Coast, according to the NSW Valuer-General’s newest report.
Across the whole region, there has been a 2.5 per cent increase in land values between July 1, 2019 and July 1, 2020.
But some areas have fared much better than others.
NSW Valuer-General, Dr David Parker, said active tree change and sea change lifestyle buyers saw very strong increases in residential values in Byron Bay and some villages on the Northern Rivers.
“Decreases were evident in some areas impacted by the 2019 bushfire event, with the largest decreases in Rappville and Whiporie in Richmond Valley (-21 per cent),” he said.
“Overall, commercial land values in the region experienced a moderate decrease of 8.1 per cent with commercial sites impacted by COVID-19 restrictions.
“Industrial land remained steady in most local government areas with a few exceptions.
“Kyogle (23.8 per cent) and Byron (34.4 per cent) saw very strong increases in industrial land values driven by a limited supply of thinly traded industrial land.
Dr Parker said property sales were the most important factor valuers consider when determining land values.
He said land value was the value of the land only and did not include the value of a home or other structures.
Residential land values by LGA
Lismore: up 1.6 per cent: The villages of Nimbin and The Channon showed a moderate decrease with more subdued demand, while density sites in Central Lismore showed a strong decrease. Goonellabah experienced varied moderate to strong increases. Moderate increases were evident in the villages of Dunoon, Clunes, Bexhill and Caniaba. A strong increase was evident for North Woodburn.
Ballina, up 2.9 per cent: A strong increase was evident for medium density properties in the newer areas including Cumbalum and areas of Lennox Head, driven by strong demand for these properties.
Byron, up 4.8 per cent: A strong increase occurred for some areas of Suffolk Park, Ocean Shores, Golden Beach and Bangalow. Medium density land in Byron Bay experienced a moderate decrease. Lifestyle changers, predominantly from Sydney and Melbourne, have driven increased demand in the Byron Shire residential market.
Richmond Valley, up 7.9 per cent: Overall moderate increase due to the appeal of its regional location. Exceptions where land values held steady were Coraki village, areas south of the river and without views in Evans Head and lifestyle properties at Broadwater. A very strong increase in land values was experienced in select areas in the north of Evans Head. Strong decreases in land values were evident in villages of Rappville and Whiporie due to the significant bushfire event during late 2019.
Kyogle, up 4.3 per cent: Medium density residential land in Kyogle township showed a strong increase due to limited supply and increased demand. Bonalbo and Cawongla also experienced strong land value increases with Tabulam and Woodenbong seeing moderate increases. This is largely due to increased demand for lifestyle properties within commuting distance to Lismore and Casino.
Tweed, up 3.8 per cent: Strong increases in land values at Pottsville, Hastings Point, Bogangar, Casuarina and Kingscliff, which can be attributed to proximity to the coast and continued demand for properties in beachside locations.