SOUTHERN Riverina land values gained 3.4 per cent in the year to July 2020 despite the summer bushfire crisis and the global pandemic.
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Total land values throughout the Murray region - which includes the local government areas of Albury, Berrigan, Edward River, Federation, Greater Hume and Murray River - rose from $13.1 billion to $13.5 billion.
Residential land values remained steady at 1.3 per cent with Walla and Woomargama well up as buyers looked to affordable towns within commuting distance of Albury-Wodonga.
The NSW Valuer General, Dr David Parker, said property sales were the most important factor valuers considered when determining land values.
"2020 has been a difficult year for determining land values in the aftermath of last summer's horrific bushfires, followed by the impacts of the COVID-19 crisis," he said.
"My office has undertaken separate studies of the impact of both bushfires and COVID-19 on the property market.
"Our valuers have applied the findings of these studies to affected areas and property types where there are insufficient sales available to determine the land values."
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Berrigan Shire Council local government area was down 4.1 per cent, partially due to an increase in the supply of vacant land at Berrigan and Finley amid the NSW government's Loose-fill Asbestos Insulation Voluntary Purchase and Demolition Program.
Commercial land values throughout the Murray region fell 8.2 per cent, mostly due to the impact of the COVID-19 pandemic on commercial use properties.
Business Park zoned land showed a slight increase in value due to the mostly industrial use and properties zoned Enterprise Corridor have remained stable with a mixture of residential, industrial and business uses typical of main road locations.
Albury-Wodonga's growing economy generated a moderate increase in industrial land values in Albury of 7.8 per cent compared with Murray's overall value of 5.5 per cent.
Berrigan gained 9.3 per cent, driven by demand for industrial properties at Tocumwal, while Federation Council fell 2 per cent.
Rural land values rose 5.8 per cent overall, due to the confidence in the agricultural sector, seasonal conditions and commodity prices.
It was buoyed by a rise of 9.6 per cent in Greater Hume and 7.7 per cent in Federation.
Valuer General NSW has set up a help line for landholders impacted by the 2019-20 bushfires or who believe their land value was impacted by COVID-19.
Affected landholders can phone 1800 458 884.
