Corowa rural land values up 22%: NSW Valuer-General

The total land value for the Murray region has increased over the 12 month period to 1 July 2016 by 6.6% from $9.13 billion to $9.73 billion, according to the latest report from the Valuer-General.

The Report on NSW Land Values at 1 July 2016 found that overall land values in the Murray region showed slight to moderate increases.

Exceptions to this trend were the former LGAs of Corowa (10.6%) and Urana (14.9%) where land values experienced strong increases.

The largest increases overall were for properties zoned commercial (9.3%) and rural (8.3%).

The strongest increases in commercial land values occurred in Albury (11.9%) and Murray (5.1%) while Corowa and Wakool remained steady.

The strongest increases in rural land values occurred in Albury (13.9%), Corowa (22.2%), and Urana (15.6%).

These increases follow good seasonal conditions and continuing strong commodity prices.

There was an overall increase of 5.2% for residential land values across the region.

There is a small farm with big neo-Federation homestead currently for sale at $690,000.

Burnewang Homestead, which was built in 1991 by Brentnall Homes, sits on 21 hectares with 12 cows/calves currently being carried.

Albury (6.1%) showed the largest increase, influenced in part by increases of up to 16% in the urban growth corridor of Thurgoona.

Industrial land values across the Murray region showed an overall slight increase of 3.9%.

The Albury LGA (4.7%) and former Deniliquin LGA (3.0%) increased slightly, while industrial land values in Berrigan and the Murray River LGAs remained steady.

For more information including interactive online land value summaries for all LGAs and 14 regions covering the state go to www.valuergeneral.nsw.gov.au.