Land values on the rise

January 17, 2018

Berrigan Shire general manager Rowan Perkins.

Land values in the Berrigan Shire and Murrumbidgee Council local government areas increased across the board in the 12 months to July 1, 2017.

According to a report by the NSW Government Valuer General, Berrigan Shire land increased 5.7 per cent and Murrumbidgee Council land by 13 per cent.

The report showed Berrigan Shire residential land values increased moderately by six per cent, which it attributed to demand for land in towns along the Murray River.

Berrigan Shire’s industrial land value increased by 4.1 per cent and rural land value by 5.7 per cent.

Berrigan Shire general manager Rowan Perkins said the results were ‘‘very positive’’ for land owners.

‘‘What this shows is there is still strong demand for (Berrigan Shire) land, and in contrast to other rural areas that are seeing a decline.

‘‘We would assume with many people retiring to Tocumwal and Barooga, that would be a factor into the increase.

‘‘There has also been a lot of vacant land selling in Finley.

‘‘It’s hard to get a good guide on how residential land is going in Berrigan, simply because there isn’t enough vacant land.

‘‘The results will certainly be attractive to housing developers,’’ Mr Perkins said.

Murrumbidgee Council saw strong growth in its rural land values, which increased by 14.2 per cent.

Murrumbidgee residential land values increased by less than one per cent, while industrial land decreased by 9.6 per cent.

The total land value for the Murray region increased over the 12 month period to July 1, 2017 by 5.6 per cent from $9.8 billion to $10.4 billion.

The Murray region takes in the local government areas of Albury, Berrigan, Edward River, Greater Hume, Murray River and Federation.

While land values are used to determine rates levies by local government, NSW Valuer General Simon Gilkes has said the most recent values will not alter rates determined to start on July 1 this year.

‘‘Councils receive new land values for rating every three years, and are currently using July 1, 2016 land values for rating,’’ he said.

‘‘New land values for council rating will be made in 2019.’’

However, the new values will be used to determine land tax for the 2018 land tax year.

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