Moree Plains land values increase despite statewide decrease overall

Published on Monday, January 8, the report details new land values for every parcel of land across NSW as at July 1, 2023.

Each year the NSW Valuer General provides independent and impartial land values for use by the state government and councils for taxing and rating.

Property sales are the most important factor valuers consider when determining land values. The new land values were assessed following analysis of over 58,000 property sales.

Overall, land values decreased across NSW by 1.6 per cent from $2.85 trillion to $ 2.80 trillion in the 12 month period (July 1, 2022 - July 1, 2023).

Despite this, the North West NSW region - comprising of Moree Plains, Gunnedah, Gwydir, Liverpool Plains, Narrabri, Tamworth Regional and Walgett Local Government Areas (LGAs) - increased by 19.7 per cent, from $36 billion to $43 billion.

Residential land values across the region experienced a moderate increase of 5.4 per cent, with Moree Plains having an increase of 11.8 per cent.

Commercial land values experienced a strong increase of 10.1 per cent, with Moree Plains being one of the strongest, at 11.1 per cent.

Industrial land values across the region experienced a strong increase of 20.8 per cent, though Moree only experienced a slight increase of 6.1 per cent.

The report noted the construction of the Inland Rail Project and commencement of projects following of from the Special Activation Precinct State Government funding as reasons for the increases in the Moree Plains Residential, Commercial and Industrial land values.

Rural land values across the North West NSW region experienced a strong increase of 23.8 per cent.

The strongest increases in Walgett (61 per cent) and Moree Plains (44.2 per cent) were attributable to stronger demand for cultivation country given the stronger returns for cropping.

In addition, a very wet season in late 2022 added to the appeal and presentation of properties in the more marginal rainfall areas across the region.

Overall in NSW residential land values decreased by 3.8 per cent, commercial land values increased by 6.4 per cent, industrial land values increased by 9.6 per cent and rural land values increased by 6.0 per cent.

In the 'Other' category - a range of land uses, generally comprising of a small numbers of properties which tend to follow the trends of other surrounding land values - were relatively stable across the state, decreasing by 0.7 per cent.

In rural regions across the state, NSW Valuer General, Sally Dale, said residential land values increased, with continued interest from purchasers seeking affordable housing options within close proximity to regional centres.

She added that commercial land values in regional NSW increased, with most areas experiencing good demand for commercial property, often underpinned by population growth, infrastructure, or other local development projects, and a continuing strong rural sector.

"Commercial land values in regional NSW increased," she said. Most areas ... experienced good demand for commercial property, often underpinned by population growth, infrastructure, or other local development projects and a continuing strong rural sector.

"Industrial land values in regional NSW increased strongly. These increases were experienced across most areas and driven by high demand due to growing population bases, limited supply and the continued strength of the rural sector.

"Rural land values in regional NSW increased ... rural residential properties generally followed the residential market with a slight increase, whereas genuine rural properties continued to benefit from long term confidence in the rural sector, with a significant number of purchases being existing land holders looking to expand their farming operations."

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.

Land values are one of the factors used by councils to calculate rates, with councils receiving new land values for rating at least every three years.

All councils are currently using July 1, 2022 land values for rating. They will use July 1, 2025 land values for rating from July 2026.

Land values are one factor used by councils to calculate rates. When land values are used by councils to set rates, the Valuer General sends landholders a Notice of Valuation to advise the new land value to be used for rating.

Visit valuergeneral.nsw.gov.au for more information on land values and the NSW valuation system.