This week brought great news for property owners when the NSW Valuer General announced Riverina land values had risen by an impressive 16.6 per cent.
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Junee saw a total land value increase of 21.8 per cent in the 12 months leading up to July 1, with residential property prices alone rising by almost nine per cent.
Jason Barrett of PRDnationwide said the rise in value was evidence of how well priced Junee land was to begin with.
“The secret's out on how good property is in this area – we've certainly seen a large number of sales for land and good inquiry for land in general,” Mr Barrett said.
“There's very little left, so I can't see the growth slowing down – it may not continue at the same pace, but there will continue to be growth because we're experiencing a shortage at the moment.”
The real winners were rural property owners, with Junee’s rural land values rising by 24.4 per cent.
Tim Corcoran of Delta Livestock & Property said the increase in prices had come down to strong returns on commodities over the last few years.
“This is happening because of the strong commodities market – take the wool market at the moment, there's just huge confidence in that,” Mr Corcoran said.
“Supply and demand has been another factor – the lack of properties hitting the market is motivating people to get in so they don't miss out.”
“I think prices will stay strong and there's probably more of this to come, as long as wool, sheep, and cattle remain pretty firm – I can't see land values going backwards, and I suppose they could even get stronger.”
The Riverina’s biggest price increases happened in Hay, where rural land values rose by 48.7 per cent.