A TYPICAL block of land in Peel Street in inner Bathurst rose in value by more than 20 per cent in the 12 months to July 1, 2021, according to the NSW Valuer General.
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A typical block of land in Lambert Street increased in value by just under 19 per cent and a block in Ironstone Avenue, off Blue Ridge Drive on the city's outskirts, was up by 23 per cent.
The figures have been provided as the NSW Valuer General releases its land values for the Central Tablelands as at July 1, 2021.
Valuer General Dr David Parker said property sales were the most important factor that valuers considered.
"Land value is the value of the land only and does not include the value of a home or other structures," he said.
"Private contract valuers with expertise in their local areas have prepared the July 1, 2021 land values on behalf of the Valuer General, to determine new land values across the region.
"The valuers consider a range of factors in determining land value, including the features of the land and its legally permitted use. Valuer General NSW has quality assured the land values for fairness and consistency."
Land values were up across the board for the Bathurst Regional local government area in the 12-month period, ranging from a 5.8 per cent rise for commercial land to a 15.1 per cent rise for industrial land.
Residential land rose 13.7 per cent, from a total value of $2.49 billion to $2.83 billion.
That increase was small change, though, compared with the difference in 12 months at Orange.
There, the residential land value rose just under 40 per cent to $4.30 billion.
Oberon's residential land values were up just over 18 per cent, Mid-Western's (which includes Mudgee) rose 22.7 per cent and Dubbo Regional's (which includes Wellington) rose 10 per cent.
"The overall strong increase [across Bathurst Regional land categories] reflects a strong level of demand as purchasers seek alternative lifestyles in regional areas over metropolitan living," the NSW Valuer General said.
"The supply of available properties has not been sufficient to meet this increased demand and as such values experienced a strong increase overall."
The Valuer General said rural residential properties in the Lagoon, Trunkey Creek and Wattle Flat localities "remained steady as available stock met current demand", but the Trunkey Creek village "experienced a very strong increase given demand for affordable and alternative living in comparison to limited demand during previous years".
A typical block in Church Street, Trunkey Creek rose in value by 60 per cent, but off a low base of $12,500.
In terms of commercial properties, the Valuer General said larger development sites in the Kelso bulky good locality remained steady "due to the higher risks involved in the development of larger commercial sites".
Dr Parker said the residential market across the state had "experienced a continuing trend of buyers focusing on regional areas in search of greater affordability and preferred lifestyle options".
"This green change, tree change, sea change and ski change has been exacerbated by greater employer flexibility in work locations as a result of home working during COVID," he said.
