RESIDENTIAL and rural land values in the Dubbo Local Government Area have increased from July 2019 to July 2020, according to new figures.
NSW Valuer General Dr David Parker has published the land values for the Central West NSW region local government areas, of which Dubbo is part of.
The values show residential land increased by 4.9 per cent, with rural increasing by 7.8 per cent over the July 2019 to July 2020 time period.
The total land value for the LGAs increased by 7 per cent, from $21.1 billion to $22.6 billion.
Dr Parker said property sales are the most important factor valuers consider when determining land values.
He said it had been "a difficult year for determining land values in the aftermath of last summer's horrific bushfires, followed by the impacts of the COVID-19 crisis".
"My office has undertaken separate studies of the impact of both bushfires and COVID-19 on the property market," he said.
"Our valuers have applied the findings of these studies to affected areas and property types where there are insufficient sales available to determine the land values."
Land value is the value of the land only and does not include the value of a home or other structures.
Land values are one of the factors used to determine the price of rates in the separate local government areas.
The Valuer General findings showed increases in residential land varied across the region's local government areas, with a 15.7 percent increase in Lachlan, with demand for properties with Lake views and a 16.8 per cent increase in Parkes where there has been demand for centrally located properties and those close to mining developments.
Commercial land values remained steady at 0.8 per cent, with the exception of Parkes which increased by 8.4 per cent as a result of several large ongoing projects including the North Parkes copper and gold mine and the Inland Railway developments.
Strong increases in rural land was recorded in Forbes (27.9 per cent) Parkes (19.5 per cent) and Wedding (23.5 per cent), with an overall increase of 7.8 per cent across the region.
The Valuer General NSW has established a dedicated assistance line for landholders affected by the 2019-20 bushfires, or who believe their land value has been affected by COVID-19.
Affected landholders can call 1800 458 884.
Dr Parker said those looking for more information on land values and the valuation system can visit www.valuergeneral.nsw.gov.au or call 1800 110 038.
"The latest land values for all properties in NSW are available on our website along with information on trends, medians and typical land values for each local government area," he said.
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