Residential land values in Orange rose throughout the last financial year, defying predictions across a 12-month period One Agency's Ash Brown labelled 'amazing'.
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The NSW Valuer General, Dr David Parker, released land values for the region on Monday and the numbers showed residential land value growth of 4.7 per cent in the 2019-20 financial year, from July 1 to July 1.
Orange recorded a moderate increase of 6.9 per cent partially as a result of increased for centrally-located properties and Mr Brown also suggested outside investment may have played a role too.
The numbers are related to the value of the land alone and doesn't include the value of the home or other structures, but property sales are the most important indicator valuers use in calculations.
"Analysts were predicting we'd see quite large declines so last year was pretty amazing," he said.
Analysts were predicting we'd see quite large declines so last year was pretty amazing.
- One Agency's Ash Brown
"Nothing changed for people in Orange in terms of needing a roof over their head, but perhaps what happened is people began wanting more from their homes or appreciating what they could be.
"As our cousins in Sydney weren't allowed to travel overseas or interstate, I think they began coming to regional areas more as well and seeing that they're quite good places to be.
"That could have led to them looking at real estate and potentially considering a move, particularly with more people able to work from home due to the (COVID-19) pandemic."
The coronavirus pandemic and the lockdowns it brought with it certainly had an impact on the commercial market, with the Valuer General's numbers showing a region-wide decrease of 5.5 per cent.
"That doesn't surprise me," Mr Brown said.
"For a period there you couldn't go out to eat or to the shops and more people were working from home, so I'd imagine that's played a role and affected businesses and in turn the commercial market."
Blayney and Cabonne's commercial land values actually increased though, recording moderate growth of 4.8 per cent and 5.4 per cent respectively.
In terms of industrial land values Blayney also experienced substantial growth of a whopping 14 per cent.
Although that market was steady, but the growth was still an exception as a slight, 0.7 per cent decline was observed across the Central Tablelands.
Blayney's commercial and industrial land value growth was largely attributed to support from support from mining developments in the region, a positive outlook for the agricultural sector played a role too.
Mr Brown suggested the mining industry had potentially bolstered Orange's residential market too though.
"I've been told Orange is one of the most sought-after mining towns because our city is close to the mine, I think that would extend to the Blayney area too," he explained.
"Being so close to the mine is a big help because it means people can also be close to great schools, great hospitals and services and that's definitely a drawcard."
Rural land values also increased across the region, with Cabonne recording a moderate increase of 8.2 per cent.
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