Land values in the Bombala district have not increased in the past 12 months, according to the latest report from the NSW Valuer General.
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Figures released late last week show an average zero per cent change for the 12 months to July 1, 2016, with the total value of land across the former Bombala shire recorded as $291million.
Commercial land was the only category to record a marginal increase of 0.3 per cent, bringing its total value to $5.8m. Rural land – the biggest category – remained steady at $245.2m. Residential land, which also failed to show any growth during the financial year was worth $33.5m, while industrial land also had zero growth for a total value of $600,000.
The zero per cent growth fell well short of overall land values in the South East region – of which the former Bombala shire is a part – which recorded 2.6 per cent growth across the residential, commercial, industrial and rural categories.
But Valuer General Simon Gilkes appeared more upbeat in his assessment of the Bombala property market than the zero per cent growth figures indicated.
“The market overall has been steady with firm demand for rural grazing and lifestyle and rural retreat properties,” Mr Gilkes said.
“Low interest rates and higher stock prices together with good seasonal growing conditions for farmers have resulted in steady demand for rural land, particularly better arable grazing,” he said.
The residential sector had been marked by a steady volume of sales over the last 12 months.
“The market is predominantly locally based with little outside investor demand,” he said. “Supply and demand are generally in balance.”
On the commercial front, the town centre comprised mostly owner-occupied with stable rents and little investor activity.
“Businesses service the township of Bombala and the surrounding local area with some passing trade on the Monaro Hwy,” he said. “There appears to be little change in tenancies however a new licensed supermarket is proposed.”
The valuations were based on 1985 properties in Bombala, Ando, Bibbenluke, Bungarby, Cathcart, Craigie and Delegate.
Mr Gilkes said land values were just one factor used by councils to calculate rates.
From July 1, land values will also be a factor used to calculate the emergency services property levy, which will help fund fire and emergency services across NSW.
