Land values across the North Coast region have generally increased since July 1 2017 with residential land values in Kempsey raising eight per cent in the last financial year.
Land values for the North Coast region have been released by the Acting NSW Valuer General, Michael Parker, with the land values reflecting the property market on 1 July 2018.
Mr Parker said property sales are the most important factor considered by valuers when determining land values.
“It is important to note that land value is the value of the land only, and does not include the value of a home or other structures,” Mr Parker said.
There was a moderate increase in land values across the Kempsey region and this was consistent across residential, commercial and rural markets while industrial land values have remained steady.
Carlos Peters from LJ Hooker Kempsey spoke to the Argus about the recent land value numbers released.
“Over the past three years we have seen around a 30 per cent increase in property sold, it’s a good thing for the area and has contributed to growth,” he said.
The valuation numbers suggest residential property in Kempsey and surrounding areas has benefited from the opening of the upgraded Pacific Highway between Kempsey and Port Macquarie.
“The highway has benefited the property market and sales, we’ve seen more people living in Kempsey who work in Port Macquarie because it’s cheaper here,” Mr Peters said.
“Our rentals are also staying strong, allowing people to purchase and invest in property.
“There are still really good opportunities out there for people wanting to purchase or sell land. We’re sitting good here because we’re a lot cheaper than other areas.”
Land values for rural-residential holdings centered around the coastal towns of South West Rocks, Arakoon and Crescent Head have shown a slight decrease as the supply of property entering the market begins to exceed current levels of demand.
To read more about the recent land values in the Kempsey area, visit the NSW valuer general website.
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