Rural price gains in the most populous state surpassed increases in the residential and industrial land sectors last year, new official figures show.
Strong demand for quality farmland, hobby farms and lifestyle estates sent rural land values soaring 26 per cent during the height of pandemic, the latest annual report from the NSW Valuer General shows.
In percentage terms, these gains surpassed a 25 per cent rise recorded in the $1.8 trillion residential sector, and another booming real estate sector, industrial, which gained 23 per cent over the same period.“[Rural land values increases were driven by] strong commodity prices, limited supply and sustained demand for good quality farming, mixed cultivation and grazing lands,” said NSW Valuer General David Parker.
significant number of purchasers being existing landholders looking to expand their farming operationsIn many rural regions, increase in value was driven by a combination of demand for farmland for grazing or cultivation, and city folk buying hobby farms or lifestyle estates. Dr Parker said a 25 per cent rise in Orange was “underpinned by growth in regional residential markets and a continued trend of metropolitan purchasers seeking affordable lifestyle options in regional areas”.
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