ACCORDING to new data released by the state government, Lithgow’s average property value has stayed the same over the course of the past two years.
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The information is contained in the latest report from the Valuer General’s Department detailing the UCV (unimproved capital value) for local government areas across NSW.
There have been some significant percentage increases, some various reductions and, as in Lithgow’s case, little or no change.
Council rates are based on the UCV of individual properties.
Detailing the analysis of property values from June 2013 to June of last year, the NSW Government has found Lithgow average land value has stayed at $78,800, a median value after assessing residential, business and other property sales.
The same cannot be said for Lithgow’s neighbours though, with places like Oberon experiencing a 20 per cent increase in average land values.
But it was Gilgandra that was the biggest riser for the state’s inland regional areas, experiencing a 30 per cent increase, from a median $15,000 to $19,500.
Though there were some big movers in the region, Blue Mountains also maintained an even course, recording an already high median value of $220,000 for both years.
Bathurst (new median $126,000) recorded the fifth biggest inland percentage increase of 9.57 per cent behind Gilgandra, Coonamble, Oberon and Dubbo.
According to the data, the value of land across the entire state has increased by more than 11 per cent, passing $1.12 trillion in total.
NSW’s total rural land value now stands at $99.9 billion.
Valuers analysed over 43,000 property sales over the course of the study.
NSW Valuer General Simon Gilkes said this data is extremely vital for all levels of government.
“Property sales are the most important factor considered when determining land values,” he said.
The largest decrease was seen in Cobar, with property value dropping by 10 per cent.
Other regional centres where valuations dropped included Wagga Wagga, Parkes, Albury, Broken Hill, Griffith and Upper Hunter.
The biggest metropolitan increases were in Willoughby 37 per cent, Bankstown, Hornsby, Hills Shire and Canterbury.