Minister for Water, Property and Housing Melinda Pavey has welcomed the latest valuations by the NSW Valuer General showing the State's residential property market continues to show remarkable resilience in the face of extreme economic headwinds.
"Regardless of the doomsayers, property remains one of the most resilient asset classes. Despite the bushfires and the COVID 19 pandemic, residential land values across the State increased 4 per cent overall to $1.4 trillion." Mrs Pavey said.
"The resilience was also seen in the regions, with rural land values increasing by 4.8 per cent off the back of strong commodity prices and sustained demand for farm lands."
Minister Pavey said the results underpin recent reports of a rebounding housing market which demonstrate the strength and resilience of the NSW economy.
"The balanced approach to managing COVID has kept people safe while keeping the economy moving.," Mrs Pavey said.
"The Valuer General's results also provide more evidence of the 'tree and sea change' trend that has been underway with residential land value increases of more than 3 per cent recorded in 37 local government areas in regional parts of the State showing people can live in beautiful country areas, be close to services without sacrificing a career."
NSW Valuer General Dr David Parker said the impacts of COVID had been mainly limited to commercial land with residential land values remaining strong in many locations.
"Commercial land values decreased 7% overall largely due to COVID but the largest impacts were in Sydney with a more limited impact in regional locations," Dr Parker said.
"Leading the residential land value increases was Parkes local government area (16.82%) followed by Dungog (16.15%), Lachlan (15.94%), Snowy Monaro Regional (15.27%), Murrumbidgee (9.64%) and Queanbeyan-Palerang (9.59%).
"Rural land values across the state also increased overall by 4.8% supported by strong commodity prices and demand for good quality farm and grazing lands."
View NSW land valuations.
