The areas of Orange where land is worth the most amount of money have been revealed.
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The NSW Valuer General published its annual land values for the state up to July 1, 2023. In it revealed the Central West saw the second biggest spike (up 14.0 per cent) across all of NSW.
Those figures also showed there had been a huge rise in the value of industrial land in Orange, up 29.1 per cent from the previous year. There was also a rise in residential land value, albeit a more modest 3.5 per cent rise.
So what has sparked this spike?
Well, a statement from the NSW Valuer General pointed to "continued high demand from purchasers and a significantly reduced supply in the market."
"The Orange region is a desired locality due to its highly regarded food and wine culture coupled with strong employment opportunities," the statement read in regard to residential land.
"However, the area north of Prince Street and the south of Orange experienced a strong increase given close proximity to the Orange CBD whilst still considered affordable in comparison to the more centrally located and highly regarded localities."
Clinton Street, which is classed as 'general residential' saw the value of land rise from $495,000 to $540,000 (9.1 per cent). This wasn't the biggest spike though.
Alan Ridley Place ($280,000 to $310,000), Boronia Crescent ($240,00 to $265,000) and Lucknow's Chapel Hill Lane ($204,000 to $225,000) all cracked the ten per cent increase mark.
"The village of Lucknow experienced a strong increase, which is heavily influenced by the residential market in the city of Orange," the report read.
"Lucknow's location along the Mitchell Highway has allowed for greater commercial development when compared with other similar villages. In addition, purchasers noted that Lucknow offers good access to the nearby cities of Orange and Bathurst."
Cecil Road ($1.22 million to $1.34 million), Clinton Street ($495,000 to $540,000 and Emily Place ($210,000 to $230,000) also saw big increases.
However, not everywhere in Orange saw a rise.
"The residential areas of Shiralee and West Orange experienced a moderate decrease following a strong period of growth over the previous 24 months," the Valuer General statement read.
"Purchasers noted the increased risk associated with the rising cost of construction and the difficulty in engaging a readily available builder. In addition, an excess supply of land brought to market compounded the decrease."
The most notable decreases were in Balmoral Drive ($430,000 to $390,000) and Cooinda Avenue ($435,000 to $395,000).
Land value is the value of the land only and does not include the value of a home or other structure.
The new land values will be used by Revenue NSW to calculate land tax for the 2024 land tax year for landowners that are subject to land tax.
The reason for the rise in industrial land value was put down to the economy being "heavily influenced by the health, tourism, manufacturing and mining sectors."
"The trend noted an increased in demand from investors and owner occupiers seeking modern warehousing spaces on larger sites with good transport links."
In Orange, there are a little more than 19,000 properties, with 16,880 of them being residential, 466 being industrial and 546 commercial. The rest were classified as 'other'.
You can access the full report here.