The NSW Valuer General has published land values for the Murray Region. The land values reflect the value of land only, as at July 1, 2023.
Land value is the value of the land only. It does not include the value of a home or other structure. Property sales are the most important factor valuers consider when determining land values.
The new land values will be used by Revenue NSW to calculate land tax for the 2024 land tax year for landowners that are subject to land tax.
Registered land tax clients will receive their land tax assessment from Revenue NSW from January 2024. More information on land tax can be found at revenue.nsw.gov.au.
The latest land values for all properties in NSW are available on the Valuer General NSW website, along with information on trends, medians and typical land values for each local government area.
Please visit www.valuergeneral.nsw.gov.au for more information on land values and the NSW valuation system.
Total land values for the Murray region
Murray region Local Government Areas: Albury, Berrigan, Edward River, Federation, Greater Hume And Murray River.
General overview
The total land value for the Murray region increased strongly by 11.9 per cent between July 1, 2022 and July 1, 2023 from $27 billion to $30.5 billion.
Residential land values overall increased moderately by 6.6 per cent. The strong increases were in Berrigan (22.6 per cent), Greater Hume (23.1 per cent) and Murray River (12.3 per cent). These were driven by regional appeal and relative affordability.
Commercial land values overall showed a slight increase of 5 per cent led by Albury (7.7 per cent) with strong demand as the region’s commercial centre. However, smaller markets of Federation and Murray River showed slight decreases.
Industrial land values overall increased strongly by 18.5 per cent. This was driven by Albury (23.7 per cent), with very strong increases also in Berrigan (43.1 per cent) and moderate increases in Federation (5.4 per cent) and Murray River (5.1 per cent). The strong increase in Albury is driven by demand for industrial properties as the Albury Wodonga economy continues to expand.
Rural land values overall showed a strong increase of 15.5 per cent. Greater Hume (24.5 per cent), Federation (17.9 per cent) and Edward River (12.8 per cent) all showed strong increases with Albury and Berrigan showing slight increases and the rural land values in Murray River remaining stable. The area has benefited from long-term confidence in the rural sector, with a significant number of purchasers being existing land holders looking to expand their farming operations.
For more information, visit: www.valuergeneral.nsw.gov.au.
This article appeared in The Koondrook and Barham Bridge Newspaper, 11 January 2024.
