NSW Valuer General Philip Western has completed a valuation of 17,108 properties in the Bathurst Regional Council area, showing the total land value grew by six per cent in the four years to July 1, 2011.

The increase has been boosted by above average growth in the new residential estates and land in Wattle Flat and Rockley.

Mr Western yesterday said local landowners and rate paying lease holders would receive a Notice of Valuation of the new land values that have been issued to council to use in setting rates.

“These land values are fixed for rating until new values are issued to council,” he said.

“Landowners in Bathurst Regional LGA were last issued with a Notice of Valuation showing their property’s land value as at 1 July, 2007.

“The total land value of the Bathurst Regional LGA as at July 1, 2011 was approximately $2.657 billion. This is an overall increase from the total land value of $2.489 billion determined as at July 1, 2007.”

Property sales are the most important factor considered in determining land values.

“Real estate analysis in the Bathurst Regional LGA has been comprehensive during the course of the 2011 valuation program, with 232 residential, 26 commercial, 15 industrial and 128 rural sales analysed,” Mr Western said.

Over the four-year period to July 1, 2011, the value of residential land has generally increased slightly, with the exception of residential land in the new estates, which has shown a strong increase in value.

Commercial land values have generally shown a slight decrease over the four-year period, while the value of industrial land has generally shown a moderate decrease.

The value of rural residential land has remained steady, with some properties showing a moderate increase in value.

Village land in Wattle Flat and Rockley has shown a substantial increase in value.

Land values in the other villages showed a slight increase, while values in the more remote villages generally remained steady.

Mr Western said landowners wishing to know more about their land value or the land valuation system could call toll free on 1800 110 038 or visit the Land and Property Information website at www.lpi.nsw.gov.au/valuation.