Land values in the Riverina region
Comprising of Bland, Carrathool, Coolamon, Cootamundra-Gundagai Regional, Griffith, Hay, Junee, Leeton, Lockhart, Murrumbidgee, Narrandera, Temora and Wagga Wagga local government areas.
General overview
The total land value for the Riverina region increased strongly over the 12 month period to 1 July 2017 by 16.6% from $14.6 billion to $17.0 billion. This increase was mainly driven by a strong rural sector, with good weather and strong commodity prices for livestock and crops leading to high demand for land from farmers looking to expand, and leading to very strong increases in overall land values in the Hay (41.8%), Carrathool (37.4%) and Bland (28.5%) local government areas.
Rural land values in the Riverina region increased strongly in most local government areas, and overall by 25.0%. There were very strong increases in the Hay (48.7%), Carrathool (38.4%), Bland (30.1%), Griffith (29.8%), Temora (28.8%) and Cootamundra-Gundagai Regional (25.6%) local government areas.
The region saw a moderate increase in residential land values of 6.7%. The largest increase was in the Bland local government area which experienced a strong increase of 23.2%, due to the strong rural sector and expansion of the Lake Cowal gold mine having a flow-on effect to the residential market. In the Hay (0.7%), Murrumbidgee (0.7%), Coolamon (0.6%) and Narrandera (0.3%) local government areas, residential land values remained steady.
Commercial land values in the region increased moderately by 5.7%, with the strongest increase in the Leeton local government area (15.0%) due to demand for land for service provision to the agricultural sector.
Industrial land values remained steady at 1.3%.
Land value trends
| Property zone | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Residential | $5,219,581,358 | $5,567,950,490 | 6.7% |
| Commercial | $694,414,898 | $734,327,610 | 5.7% |
| Industrial | $325,935,150 | $330,177,020 | 1.3% |
| Rural | $8,035,591,870 | $10,043,116,139 | 25.0% |
| Other | $304,503,544 | $324,579,843 | 6.6% |
| Total | $14,580,026,820 | $17,000,151,102 | 16.6% |
Number of properties by zone
Total number of properties: 76,799
Residential land values
Residential overview
Residential land values in the Riverina region showed a moderate increase of 6.7%. Land values increased strongly in the Bland local government area (23.2%) due to the strong rural sector and expansion of the Lake Cowal gold mine having a flow-on effect to the residential market, and in the Leeton local government area (13.2%) due to demand for residential land from agricultural workers. Conversely, land values remained steady in the Hay (0.7%), Murrumbidgee (0.7%), Coolamon (0.6%) and Narrandera (0.3%) local government areas.
Local fluctuations in residential land values included a very strong increase in the village of Carrathool (82.8%) in the Carrathool local government area due to high demand from workers at the cotton ginning plant. There were also very strong increases in Ariah Park (52.1%) and Springdale (51.2%) in the Temora local government area due to higher demand than supply; Barmedman (50.0%) in the Bland local government area due to demand from speculative purchasers; and The Rock (30.7%) in the Lockhart local government area due to extension of the reticulated sewerage system.
Conversely, areas of the Wagga Wagga local government area had strong decreases in residential land values of between -12.3% and -20.0% due to rent reduction while villages in the Coolamon local government area had strong decreases of between -10.4% and -19.4% due to demand shifting to larger towns with more services.
Median residential land values and sale prices
The above chart shows movement in the property market and land values over a five year period. In areas where there are a low number of sales, median sale prices may not accurately reflect the property market. Land values may not always move directly in line with sale prices due to the influence of other factors, such as building costs.
Local government area land values
| LGA | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Bland | $69,122,030 | $85,137,070 | 23.2% |
| Carrathool | $17,153,690 | $17,669,150 | 3.0% |
| Coolamon | $71,084,330 | $71,529,060 | 0.6% |
| Cootamundra-Gundagai Regional | $216,869,795 | $236,188,380 | 8.9% |
| Griffith | $880,051,700 | $956,077,650 | 8.6% |
| Hay | $30,056,450 | $30,262,950 | 0.7% |
| Junee | $120,863,050 | $131,419,770 | 8.7% |
| Leeton | $228,606,100 | $258,815,260 | 13.2% |
| Lockhart | $47,910,241 | $50,487,350 | 5.4% |
| Murrumbidgee | $35,073,630 | $35,314,100 | 0.7% |
| Narrandera | $113,248,542 | $113,531,670 | 0.3% |
| Temora | $142,141,920 | $147,514,710 | 3.8% |
| Wagga Wagga | $3,247,399,880 | $3,434,003,370 | 5.8% |
Commercial land values
Commercial overview
Business land values across the Riverina region increased moderately by 5.7%. There were strong increases in commercial land values in the local government areas of Leeton (15.0%) and Bland (11.9%) due to high demand for land for providing services to the strong rural sector. Commercial land values in Temora (1.0%) remained steady, underpinned by consistent supply and demand.
Local government area land values
| LGA | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Bland | $17,687,010 | $19,794,870 | 11.9% |
| Cootamundra-Gundagai Regional | $26,800,268 | $27,528,820 | 2.7% |
| Griffith | $166,781,470 | $182,564,670 | 9.5% |
| Leeton | $32,856,070 | $37,773,310 | 15.0% |
| Temora | $17,584,900 | $17,767,500 | 1.0% |
| Wagga Wagga | $432,705,180 | $448,898,440 | 3.7% |
Industrial land values
Industrial overview
Industrial land values remained steady across the Riverina region with an overall increase of 1.3%. The exceptions to this trend included the local government areas of Temora (20.7%), Bland (19.0%) and Junee (13.6%), with strong increases in land values due to demand for land for grain-related industries and other businesses to serve the strong rural sector. Conversely, industrial land values decreased strongly in the Narrandera local government area (-15.8%), and decreased moderately in the Murrumbidgee local government area (-9.6%), due to industries relocating to the larger centres of Wagga Wagga, Leeton and Griffith.
Local government area land values
| LGA | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Bland | $3,900,400 | $4,642,260 | 19.0% |
| Carrathool | $1,805,400 | $1,805,400 | 0.0% |
| Cootamundra-Gundagai Regional | $12,307,510 | $12,729,580 | 3.4% |
| Griffith | $64,211,500 | $64,807,100 | 0.9% |
| Hay | $1,395,900 | $1,326,800 | -5.0% |
| Junee | $1,276,100 | $1,449,500 | 13.6% |
| Leeton | $20,019,840 | $20,030,940 | 0.1% |
| Lockhart | $1,249,520 | $1,277,900 | 2.3% |
| Murrumbidgee | $5,690,450 | $5,146,260 | -9.6% |
| Narrandera | $3,652,900 | $3,074,920 | -15.8% |
| Temora | $4,129,470 | $4,985,500 | 20.7% |
| Wagga Wagga | $206,296,160 | $208,900,860 | 1.3% |
Rural land values
Rural overview
Rural land values increased strongly across the Riverina region with increases overall of 25.0%. Higher rainfall contributed to greater productivity, further buoyed by sustained high stock and commodity prices. These factors led to high demand for dryland farming areas and increased investment from overseas agricultural investment corporations.
Hay (48.7%) experienced the strongest increase in rural land values followed by the Carrathool (38.4%), Bland (30.1%), Griffith (29.8%), Temora (28.8%) and Cootamundra–Gundagai Regional (25.6%) local government areas, which all experienced very strong land value increases.
Local government area land values
| LGA | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Bland | $879,905,964 | $1,144,908,994 | 30.1% |
| Carrathool | $658,214,402 | $910,811,965 | 38.4% |
| Coolamon | $502,376,760 | $613,589,550 | 22.1% |
| Cootamundra-Gundagai Regional | $990,898,839 | $1,244,652,230 | 25.6% |
| Griffith | $455,696,620 | $591,563,550 | 29.8% |
| Hay | $190,546,750 | $283,269,880 | 48.7% |
| Junee | $601,190,610 | $748,128,490 | 24.4% |
| Leeton | $236,365,460 | $267,338,540 | 13.1% |
| Lockhart | $702,562,024 | $808,890,250 | 15.1% |
| Murrumbidgee | $338,447,111 | $386,515,300 | 14.2% |
| Narrandera | $532,370,680 | $664,854,470 | 24.9% |
| Temora | $493,856,350 | $636,180,950 | 28.8% |
| Wagga Wagga | $1,453,160,300 | $1,742,411,970 | 19.9% |