Published on Feb 27, 2017
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According to the NSW Valuer General there is a marked difference between land values in the Upper and Lower Hunter regions, with Cessnock LGA not only holding land values, but increasing steadily.
The NSW Valuer General reported a 9.8% increase in residential land values* in the Lower Hunter over the 12 months ending July 1st, 2016.
In our own part of the Lower Hunter, Cessnock LGA’s overall land values have increased by 2.7%.
Local residential landowners will be cheering the average residential change in land value was an increase of 3.2%.
Some of the city’s residential values have undergone a substantially larger increase in value, with properties in Bellbird and Branxton increasing by more than 10% in land value, whilst commercial land values have increased by up to 5.9% in Cessnock and 10% in Weston.
The Cessnock LGA also saw rural land remain stable in value, while industrial land values experienced a slight drop.
Our region is also recognised for its high liveability and quality of lifestyle, as part of the wine region, with the Central Coast and proximity to Newcastle.
Residential land in coastal areas such as Newcastle (13.2%), Wyong (12.7%) and Gosford (10.2%) LGAs saw strong increases. However, not all Hunter areas have benefited from an upward trend.
The downturn in mining has left a new legacy for the Upper Hunter with total land values in this region experiencing a loss. The overall land values in Upper Hunter, Singleton and Muswellbrook LGAs have all decreased by 3.1%, 2.9% and 5.3% respectively.
*Land values do not include the home or other property improvements.
The Valuer General report for Cessnock LGA 2015-2016 can be found here.
Cessnock is the place to be.
While Cessnock LGA is feeling the positive results of infrastructure improvements and greater land values, as we noted in last week’s story, Cessnock remains an affordable region for home buyers and investors.
Cessnock City Council’s Economic Development Unit Business Attraction Investment Program will deliver a range of information available to investors and new residents.
The program aims to target and attract key industries and companies that are compatible with Cessnock City’s upward trajectory, population growth and jobs needs.
For more information on the Cessnock City Business Investment Attraction program please contact Economic Development Manager, Jane Holdsworth on 4993 4257.
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