Land values fell 3% in NSW region of Gundagai in three years, led by sharp decrease in rural land prices

The total land price of the 2,587 properties in Gundagai in July 2011 decreased 3% from 2008, while rural land prices dropped 12% in a year, according to NSW Valuer-General Philip Western.

Western found the total land price was $505 million, down from $515 million 2010.

Residential land values decreased slightly over the three years, although large residential lots on the western fringe of Gundagai fronting Punch Street experienced a strong increase.

From 2010 to 2011, the median residential land price increased 1% from $40,000.

Gundagai ‘s commercial strip fronting Sheridan Street had a moderate increase in value over the three years including a 4% increase from 2010 to 2011.

Broad acre farming and grazing property land prices the shire generally remained stable while forest land values and forest lease had a moderate decrease.

Western found rural residential and hobby farm land prices remained steady or had a slight increase, while the value of land in the villages of Coolac, Muttama and Nangus experienced a slight to moderate decrease due to the limited demand for these more remote villages.

From 2010 to 2011 rural land prices fell 12%.

Landowners and rate-paying-lessees received a notice of valuation this month.

The valuations are used to determine rates and land taxes on investment properties.

Typical residential land values were:

• 974 square metres at Hanley Lane, Gundagai valued at $32,800
• 2,023 square metres at Luke Street, Gundagai valued at $48,700

Typical commercial land value was:

• 1,132 square metres at Sheridan Street, Gundagai valued at $34,300

Typical rural land values were:

• 282 hectares at Bethungra Road, Nangus valued at $486,000
• 125 hectares at Bethungra Road, Nangus valued at $384,000
• 154 hectares at Tarrabandra Road, South Gundagai valued at $550,000

Typical rural residential land values were:

• 1,315 square metres at Adelong Road, Tumblong valued at $12,700
• 4.1 hectares at Burra Road, Gundagai valued at $88,400.

Typical hobby farm land value was:

• 21.7 hectares at Nangus Road, Nangus valued at $128,000

Typical village land values were:

• 4,097 square metres at Mount Street, Coolac valued at $14,400
• 5,562 square metres at Nea Street, Muttama valued at $11,200
• 2,428 square metres at Nangus Road, Nangus valued at $16,500