RESIDENTIAL land values in Thurgoona increased by up to 16 per cent in the last financial year, according to data released by NSW Valuer General Simon Gilkes.
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This result contributed to a rise of 6.1 per cent overall for Albury, the highest recorded in the Murray region.
Albury also had the largest increase in commercial land values, 11.9 per cent, while its rural lot value rose by nearly 14 per cent.
Good seasonal conditions and continuing strong commodity prices helped the former council areas of Corowa and Urana achieve rural land values of 22.2 per cent and 15.6 per cent more respectively. Those two districts also saw significant rises in overall land values of 10.6 per cent for Corowa and 14.9 per cent for Urana.
The Murray region includes the local government areas of Albury, Berrigan, Edward River, Federation, Greater Hume and Murray River.
In the 12 months to July 1, 2016, the total land value for the Murray region increased by 6.6 per cent, from $9.13 billion to $9.73 billion.
Mr Gilkes said property sales were the most important factor considered when determining land values,
“Land values do not include the value of the home or improvements to the land,” he said.
“Land values are one factor used by councils to calculate rates.
“Changes in land value don’t always mean a change in council rates.”
From July 1, land values will also be used to help calculate the emergency services property levy, which will replace the present levy on property insurance.
The levy will help fund fire and emergency services across NSW.
Landholders can find more information about their notice of valuation at valuergeneral.nsw.gov.au or by calling 1800 110 038.
