Across regional NSW, land values have risen by almost $9 billion according to a new analysis from the NSW Valuer General Sally Dale.
Between 1 July, 2023 and 1 July, 2024 the total land value for regional NSW experienced a combined increase of 2.7 per cent across all property types from $329 billion to $338 billion.
Parkes experienced a combined total of 1.1 per cent across all property types.
"Regional NSW has experienced a slight increase in land values, with continued demand for property and constrained supply," Ms Dale said.
Residential land values saw an average of 2.7 per cent increase across regional NSW with Parkes seeing a 1.0 per cent increase.
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Cobar experienced the strongest growth with a 45.4 per cent increase and Bland saw the biggest decrease in residential land value with a decrease of -6.7 per cent.
“The state’s constrained housing supply and resulting population shifts continue to support increases in residential land values across western NSW as people look for more affordable and available housing,” Ms Dale said.
She believes it will be interesting to see if this trend continues over the longer term and whether the 'tree change' remains a trend in the future.
Rural land values also increased by 2.7 per cent across regional NSW with a 1.3 per cent increase across Parkes.
Gwydir recorded the highest rural land value percentage change at 23.0 per cent while the Greater Hume experienced the biggest decrease at -11.1 per cent.
“While commercial and rural markets continue to increase, overall land values growth in the sector has remained marginal for the 12 months to 1 July, 2024, and this is expected to continue in the current year,” Ms Dale said.
Parkes did not see a percentage change in commercial or industrial land value while regional NSW saw a minor increase in commercial land values with a 2.4 per cent increase and industrial land values experienced the highest growth across property categories with a 9.9 per cent average increase in regional NSW.
Overall, land values across all of NSW increased by 6.4 per cent, from $2.8 trillion to $2.98 trillion.
These new land values will be used by Revenue NSW to calculate land tax for the 2025 land tax year for landowners subject to land tax.
