INDUSTRIAL land values in Bathurst jumped 16 per cent in a year, according to new figures, amid high demand and limited supply.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Rural land values in the Bathurst Regional local government area, meanwhile, were up more than two per cent as the rural residential and hobby farm markets experienced particularly strong demand.
The figures come from the NSW Valuer General's release of land values for Bathurst and the rest of the Central Tablelands as at July 2023.
While Bathurst's overall residential land values had a steady 12 months - as opposed to the 12 months to July 2021, when COVID and working from home led to a big jump in demand - it was a different story for the city's industrial sector.
According to the NSW Valuer General, the value of land on Hampden Park Road, Kelso was up 16.4 per cent in the 12 months to July 2023 (to $384,000), land was up 14.8 per cent on Sydney Road, Kelso (to $482,000) and 15.7 per cent on Kirkcaldy Street, South Bathurst (to $228,000).
The 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, so the figures are dependent on whether places have changed hands.
"The strength in the market is primarily a result of high demand for industrial property, currently driven by the logistics and warehousing sector," the NSW Valuer General said of Bathurst industrial land.
"Purchasers are seeking modern warehousing spaces on larger sites with good transport links.
"There has been limited industrial properties available to meet the level of demand."
Rural land values in the Bathurst Regional area had a 2.4 per cent rise in the 12 months to July 2023.
"The rural residential and hobby farm markets experienced strong demand given their affordability and close proximity to regional centres," the NSW Valuer General said.
"In addition, rural farming properties experienced sustained growth given the limited supply of properties brought to market, as well as favourable seasonal conditions and good commodity prices experienced throughout the latter half of 2022.
"However, those grazing properties in the south of the district experienced a strong increase given affordability.
"Some rural residential properties surrounding Bathurst experienced a slight decrease given a market preference for those affordable rural lifestyle estates located in close proximity to Bathurst.
"Properties in the Mount Panorama locality experienced a very strong increase following a sale occurring within the thinly traded market segment.
"The sale on Conrod Straight sold at a premium for its position on the track and outlook, which identified the strength of this niche market.
"Sunny Corner village experienced a very strong increase given affordability and a limited supply of properties brought to market."
