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New report shows improving urban and farming land values in Queensland
6 March 2017
Queensland’s Valuer-General Neil Bray said the Valuer-General’s 2017 Property Market Movement Report summarised the comprehensive analysis of all property markets within Queensland’s 2017 annual land valuation program.
“Queensland’s property market reflects improved values in a number of the major urban centres in South east Queensland and the farming areas in regional Queensland,” Mr Bray said.
“The market evidence indicating growth in the major urban areas is supported by factors that influence the property market such as strengthening tourism activity, strong housing construction and low borrowing costs for property investors.
“However land values in some regional centres have fallen as a result of the continuing decline in some sectors of the mining industry.
“The current state of the resource sector has seen moderate to significant decreases in overall land values in affected areas, notably the Surat Basin, Gladstone and some areas within Central Queensland.
“Generally, across Queensland, increased sales activity in rural markets resulted in rising land values within the grazing, horticultural, small crop and dryland farming industries.”
Mr Bray said 10 of the 28 rateable local government areas being valued this year recorded an overall increase in median residential values of between 1.8 per cent and 57.5 per cent.
“Of those 10 local government areas, eight recorded increases of more than 5 per cent,” Mr Bray said.
“These included Gympie, Brisbane and Logan which recorded increases of 7.3 per cent, 10.3 per cent and 18.9 per cent respectively.
“A further 16 local government areas recorded an overall decrease in median residential value of between 1.1 per cent and 54.6 per cent.
“These included Maranoa, Mackay and Townsville which recorded decreases of 54.6 per cent, 9.8 per cent and 2.1 per cent respectively.
“Goondiwindi and Somerset were the only local government areas that recorded no change in median residential value.
“The volume of property lodgements recorded with the Registrar of Titles increased over the first half of the 2016-17 financial year with an average of 3105 daily lodgements — up 1 per cent from the previous financial year.”
Mr Bray said the rateable local government areas being valued this year represented approximately 73 per cent of all properties in Queensland.
“The 28 local government areas are Balonne, Barcaldine, Blackall-Tambo, Brisbane, Bundaberg, Carpentaria, Cassowary Coast, Central Highlands, Croydon, Gladstone, Gold Coast, Goondiwindi, Gympie, Ipswich, Livingstone, Logan, Mackay, Maranoa, Mareeba, Moreton Bay, North Burnett, Rockhampton, Somerset, Southern Downs, Tablelands, Townsville, Western Downs and Whitsunday,” he said.
“The valuations, issued in accordance with the Land Valuation Act 2010, will take effect for local government rating, state land tax and state land rental purposes where applicable on 30 June 2017.”
The Valuer-General’s 2017 Property Market Movement Report is available online at www.qld.gov.au/landvaluation
Media contact: Brad Muir (07) 3199 8253