Lightning Ridge residential values bolt: NSW Valuer-General

The total land value for the North West region has increased moderately over the 12 month period to 1 July 2016 by 8.0% from $15.22 billion to $16.43 billion, according to the latest report from the Valuer-General.

The Report on NSW Land Values at 1 July 2016 found that rural land values showed the largest overall increase of 8.7% due to improved seasonal conditions over the period.

There were strong increases in large scale cropping and grazing properties in the LGAs of Moree Plains (12.2%) and Gwydir (14.6%).

However rural land values in the LGAs of Gunnedah (0.59%) and Liverpool Plains (1.02%) were steady.

The total residential land value across the region increased by 6.8%.

The highest increase occurred in Walgett (14.1%) following very strong increases experienced in the town of Lightning Ridge (29%).

Residential land values in Tamworth (9.6%) increased moderately due in part to ongoing demand for vacant land in the new estates at Calala and Hillview.

However, residential land values in Gunnedah, Liverpool Plains, Moree and Narrabri remained steady.

Most commercial land values across the region were steady. However, increases of 5% to 7% occurred in the Local Centre zoned areas of Tamworth and Moree.

Walgett commercial land values increased slightly (1.6%).

Industrial land values across the region showed a moderate increase of 6.6%.

Tamworth experienced the highest increase (9.7%) due to limited supply and strong demand for industrial land.

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.

A four bedroom Lightning Ridge log cabin on 3500 sq m at 1 Aerodrome Road (above) has been listed for sale for $85,000.

Its pricing highlights land values in the town which is 727 kilometres from Sydney.

Similarly a two bedroom home at 5 Lignum Avenue (below) has been listed for sale for $99,990 at Lightning Ridge.

It last traded for $17,000 in 2008, showing an annual price growth of 22.94 percent should it sell for $99,990.

A 7321 ha mixed used farm called the Glenelvyn (below) has been listed for $2,533,000.

Similarly a 7197 ha farm called the Burdekin (below) has been listed for sale for $2,935,000.

Sales are sparse, but they include a 2500 sqm land at 8 Old Angledool Road (below) over recent years.

It sold for an undisclosed price having been although it was listed for $120,000 in late 2015.

Similarly a six bedroom home at 23 Lappkalle Street (below) was sold for $300,000.

Set on 1000 sqm, the home previously sold for $20,000 in 2003.