THE median residential land value in Albury fell by 1.19per cent this past year, from $101,000 to $99,800.
The figures from the NSW Valuer-General’s office were announced yesterday and next week the city’s landowners will receive notification of the values, which will be referred to by Albury Council as it prepares its 2015-16 budget.
The council has moved to promote the value decline ahead of the inevitable question from ratepayers — will my rates fall?
The answer, it seems, is no, with council general manager Frank Zaknich dispelling what he described as a common misconception regarding a correlation between a fall in land values and lower rates.
He says Albury may have seen residential values decline slightly this year, but there had been an overall 2.34per cent increase over the past three years.
Real estate agents appear confident the declining land values will not see house prices fall.
Ray White agent James Brown says the local market remains attractive with existing interest rates and the release of the values may drive further activity.
The rise in commercial land values is seen as a sign of the city’s progress.
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