Land values Riverina wide have experienced significant growth in figures released by the NSW Department of Planning, Industry and Environment.
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Between July 2020 and July 2021, the Riverina Region experienced an increase of 19.5%, from $23.2 billion to $27.7 billion.
In both the Griffith and Leeton Local Government Areas, it was industrial land that grew the most by a growth of 27.7 percent in Griffith and 24.0 percent in Leeton.
According to the report, this was due to the underpinning of the strong agriculture and horticulture sectors in both towns, as well as strongly performing local industrial enterprises and general confidence in the local economy.
Elders Real Estate Principal Frank Franco said that the growth could be directly attributed to the success rate and creation of agribusinesses in Griffith.
"Agribusiness is and will most likely continue to be at the heart of this growth," Mr Franco said.
"And from this growth we see other services created both directly and indirectly from these agribusinesses as well."
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Commercial land values in Griffith also showed the highest increases in the Riverina at a growth rate of 6.9 percent.
According to Mr Franco, many existing businesses had been and will continue to look for larger industrial and commercial spaces as they expand.
"Existing businesses need larger premises as they grow which has always been the situation," Mr Franco said.
"But whilst we have previously always had a surplus of industrial spaces we now don't have enough.
"Another industrial development is required to accommodate for this growth."
NSW Valuer General, Dr David Parker said that property sales were the most important factor valuers considered when determining land values.
"Land value is the value of the land only and does not include the value of a home or other structures," Dr Parker said.
Dr Parker encouraged the public to visit https://www.valuergeneral.nsw.gov.au or call 1800 110 038 for more information on land values and the valuation system.
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