RESIDENTIAL land values in the Bathurst Regional Council area increased by three per cent from July 2019 to July 2020 and rural land values went up by 6.6 per cent, according to new figures.
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Commercial land values in the council area, however, dropped by 4.6 per cent over the year.
NSW Valuer General Dr David Parker has published land values for the Central Tablelands region reflecting the property market at July 1, 2020.
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."
The Valuer General findings show Bathurst Regional's three per cent growth in residential land value in the year to July 1, 2020 was less than Orange's 6.9 per cent growth.
Commercial land values were down in Bathurst, Mid-Western, Oberon and Orange, which was attributed to the impact of COVID-19.
Blayney's increase of 5.4 per cent was partly attributed to mining developments in the region.
Bathurst Regional's industrial land values decreased slightly, by 1.3 per cent, while the strong growth in rural land values, of 6.6 per cent, was higher than Orange's four per cent growth, but less than Cabonne and Cowra's 8.2 and 8.5 per cent growth respectively.
The growth in Bathurst Regional, Cabonne and Cowra rural land values was attributed by the Valuer General to "good demand for properties within close proximity to regional service centres, improved seasonal conditions combined with strong commodity and livestock prices".
An exception to the trend was Oberon's decrease of 5.1 per cent, which was attributed to reduced demand for hobby farms.
Dr Parker said the land value is the value of the land only and does not include the value of a home or other structures.
He said 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.
