As
of 28 January 2020 the climate change-induced 2019-20 bushfires in
New South Wales had burnt 5.3 million hectares (6.7% of the State), including over 52 per cent of the land area in the Clarence Valley
and close to 49% of the land area in the Richmond Valley.
Now we find out how this affected land values in those two local government areas.
Decreases
were evident in some areas impacted by bushfire events, with
the largest land value decreases in Rappville and Whiporie in
Richmond Valley (-21%) and unspecified moderate to strong decreases
in localities south of Grafton, Coutts Crossing and the Clarence
River.
Daily
Telegraph,
10 February 2021:
THE
2019 bushfires have had a lasting impact on the Clarence Valley, with
the NSW Valuer General revealing areas hit hard by the disaster have
seen a decrease in land values.
The
total land value for the North Coast NSW region increased by 2.5 per
cent between July 1, 2019 and July 1, 2020 from $87.1 billion to
$89.3 billion.
“However,
moderate to strong decreases in rural land values occurred in other
localities including south of Grafton, Coutts Crossing and the
Clarence River because of the 2019 bushfires,” NSW Valuer General
Dr David Parker said.
“Decreases
in land value were evident in some areas impacted by the 2019
bushfires such as Rappville and Whiporie.” According to the NSW
Valuer General’s report, rural land values in the region remained
steady at 1.5 per cent and Kempsey (6 per cent) experienced moderate
increases due to continuing demand for good-quality agricultural land
with reliable water combined with strong commodity and stock prices.
Dr
Parker said property sales were the most important factor valuers
considered when determining land values.
“Last
year was a difficult year for determining land values in the
aftermath of last summer’s horrific bushfires, followed by the
impacts of the COVID-19 crisis,” he said.
“My
office has undertaken separate studies of the impact of both
bushfires and COVID-19 on the property market. Our valuers have
applied the findings of these studies to affected areas and property
types where there are insufficient sales available to determine the
land values.” Valuer General NSW has established a dedicated
assistance line for landholders impacted by the 2019-20 bushfires, or
who believe their land value has been impacted by COVID-19. Affected
landholders are encouraged to call 1800 458 884….