Land values drop 4% in NSW region of Hay in three years: Valuer-General
The 2,031 properties in the NSW region of Hay had a total land value of $151 million in July 2011, according to NSW Valuer-General Philip Western.
The figure was down 4% from $157 million in 2008.
Residential land values experienced a slight decrease over the three years.
Rural land values also experienced a slight decrease over the three years while year-on-year median prices decreased 3.5% from a median of $64,200 in 2010.
Western found rural residential land in the Hay Irrigation Area and village land in Maude and Booligal had a generally strong decrease in price.
Commercial land also experienced a slight decrease over the three years.
Industrial land values increased slightly from 2008 levels.
Hay landowners and rate-paying lessees received a notice of valuation this month.
The valuations are used by councils to determine rates and taxes for investment property purchases.
Typical residential land values were:
- 2,023 square metres at Lang Street, Hay valued at $29,800
- 928 square metres at Meakes Street, Hay valued at $20,600
Typical commercial land value was:
- 799 square metres at Lachlan Street, Hay valued at $36,400
Typical industrial land value was:
- 1,447 square metres at Murray Street, Hay valued at $30,000
Typical rural land values were:
- 237 hectares at Murrumbidgee River Road, Hay valued at $88,200
- 4,079 hectares at Alma Road, Booligal valued at $264,000
- 1,621 hectares at Toopuntul Road, Maude valued at $119,000
Typical hobby farm land value was:
- 12.8 hectares at University Road, Hay South valued at $68,400
Typical village land values were:
- 1,518 square metres at Hay Street, Booligal valued at $2,470
- 2,023 square metres at Waratah Street, Maude valued at $3,980