Land values on the rise for this Shire
THERE has been a moderate increase in land values in the Tenterfield Local Government Area, it has been revealed.
Information provided by Valuation Services on behalf of the NSW Valuer General showed the increase between July 1 2015 and July 1 2016.
The trend has been largely driven by improved seasonal conditions and commodity prices in the rural sector, a spokesperson from Tenterfield Shire Council said.
The spokesperson said council was provided with revaluation of land within the Shire every three years with the previous revaluation taking place in 2013.
Land value trends for the 2015/2016 period indicate that residential land had remained relatively stable with an increase of 0.1%.
Rural land had risen by 10.2% while land classed as "other" had decreased by 8.4%.
The overall increase for the Shire was 8.7%.
Residential and village land values had generally remained steady due to well balanced supply and demand while rural land values across the LGA generally showed strong increases.
Good seasonal conditions and strong cattle prices supported general demand for these rural properties, the spokesperson said.
"The Tenterfield Shire area has experienced a great season and high cattle prices which is reflected in the rural land values," mayor Peter Petty said.
"It is a good thing that there is an overall increase of land values of 8.7%.
"This indicates there is a good market which will continue to bring people to our Shire and sustain the current growth rate."