BACK in the height of the working-from-home boom during the COVID years, a typical block of land in inner-city Peel Street rose in value by more than 20 per cent in a year.
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In Ironstone Avenue, meanwhile, off Blue Ridge Drive on the city's outskirts, it was an even more hefty 23 per cent in the 12 months to July 2021.
The robust increase in land values across Bathurst, the NSW Valuer General said at the time, "reflects a strong level of demand as purchasers seek alternative lifestyles in regional areas over metropolitan living".
The latest figures from the same authority tell a much more sedate story amid rising construction costs and interest rates and a return to the office for metropolitan workers.
Bathurst Regional's overall residential land values rose 1.3 per cent in the 12 months to July 2023 (to almost $4.8 billion) and there was a similarly steady increase in commercial land in the local government area.
Peel Street, which was previously so turbocharged, rose from $284,000 to $285,000 for a typical block of land in the 12 months to July 2023 (up 0.4pc) and Ironstone Avenue was unchanged at $610,000.
Hope Street went up 2.9pc, to $360,000, and Edgell Street in West Bathurst was up 4.6pc to $230,000.
Violet Street in South Bathurst was unchanged at $190,000 and Christie Street, Raglan was up 3.7pc to $280,000.
The NSW Valuer General says land value is the value of the land only (it does not include the value of a home or other structure) and property sales are the most important factor that valuers consider.
In its notes on the residential land values in the Bathurst Regional area, the NSW Valuer General said local agents had reported "that whilst there is still a good level of interest, the number of days on market has lengthened and demand is falling in comparison to the previous 12-24 months".
That trend is occurring across much of the Central Tablelands region, according to the NSW Valuer General, amid rising construction costs and interest rates, though it said "village value levels experienced a moderate to very strong increase given affordability in comparison to regional centres and major towns".
"Stronger increases were experienced in those villages including Peel which offer strong locational attributes including a short commute to the city of Bathurst," the NSW Valuer General said.
"Larger lot residential properties in Lagoon, Trunkey Creek and Wattle Flat experienced a strong increase given affordability and a short commute to the city of Bathurst.
"The villages of Trunkey Creek and Wattle Flat are located further from Bathurst, however they remain extremely affordable, putting upward pressure on values."
A typical block of land in Beyers Avenue, Hill End was worth $150,000 in July 2023, while it was just $55,000 on Church Street, Trunkey Creek and $165,000 on Sofala Road, Wattle Flat.
The NSW Valuer General said commercial land values in the Bathurst Regional Council area were also steady in the year to July 2023.
"The commercial market segment currently has limited demand overall with low sales volumes," it said.
"Retail conditions remain relatively subdued, with limited demand from tenants and owner occupiers."
It might have been a steady period for land values in Bathurst in the 12 months to July 2023, but there was no lack of big sales last year.
The Western Advocate crunched the numbers recently and found that the top 10 residential sales of 2023 ranged from $1.2 million to a whopping $4.02 million.
Raine and Horne Bathurst director Grant Maskill-Dowton, who sold five of the properties in the top 10, said properties had been staying on the market longer and there wasn't as much competition as there was during the COVID-19 pandemic.
"Although there was a lot of doom and gloom around interest rates, I think what we saw out here was still pretty good strength in pricing," he said.
"Properties stayed on the market a bit longer than what it was during COVID ... we were probably back to our typical 60 to 90 days on the market.
"The pricing wasn't heavily affected, as you can see from some of those results. The top 10 are well and truly over $1 million, which was not normal for around here beforehand."
