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New valuations reflect softening rural values

A summary of Queensland's property market released today, ahead of the March 12 issue of the 2014 annual statutory land valuations, reflects the softening of rural values and evidence of increasing values in some urban areas across Queensland's property market.

Queensland's Valuer-General Neil Bray said the Valuer-General's 2014 Property Market Movement Report summarised the comprehensive analysis of all property markets within Queensland's 2014 annual valuation program.

"The large number of predominantly rural local government areas valued this year has contributed to the majority of local governments showing decreases in value," he said.

"Generally, across Queensland the analysis of the limited sales activity in rural markets has resulted in a continued softening of land values within the grazing, horticultural, small crop and dry land farming industries.

"However, there is evidence of increasing values in Queensland's urban areas.

"The market evidence indicating growth in Queensland's urban areas is supported by factors that influence the property market such as increased construction and the availability finance for property investors."

Mr Bray said seven of the 41 rateable local government areas being valued this year recorded a small overall increase of between 0.2 per cent and 8.4 per cent.

"Of those seven local government areas, six recorded increases of less than five per cent," he said.

"A further 32 local government areas recorded an overall decrease in value of between 0.3 per cent and 20.2 per cent.

"Of the local government areas that decreased, 14 decreased by between zero and five precent, eight between 5.1 per cent and 10 per cent and the remaining 10 decreased by between 10.1 per cent and 20.2 per cent.

"The Scenic Rim and Weipa local government areas recorded no overall change in value.

"The volume of property lodgements recorded with the Registrar of Titles improved in 2013 with daily lodgements around 2642 – an increase of 6.7 per cent from 2012."

Mr Bray said the rateable local government areas being valued this year represent approximately 1.34 million square kilometres of land covering 77 per cent of the total area of Queensland.

"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 2014," he said.

"All local government areas were revalued in either 2012 or 2013 and new valuations will reflect any variations that have occurred since that valuation.

"The 41 local government areas are Barcaldine, Barcoo, Blackall Tambo, Boulia, Brisbane, Bulloo, Bundaberg, Burdekin, Burke, Cairns, Carpentaria, Cassowary Coast, Charters Towers, Cloncurry, Cook, Croydon, Diamantina, Douglas, Etheridge, Flinders, Gladstone, Gold Coast, Goondiwindi, Gympie, Lockyer Valley, Longreach, Mareeba, McKinlay, Moreton Bay, Mount Isa, North Burnett, Quilpie, Richmond, Scenic Rim, Somerset, Tablelands, Toowoomba, Western Downs, Whitsunday, Weipa and Winton."

Mr Bray said new technology had allowed access to more information than ever before about land valuations.

"The Land Valuations Globe through the Queensland Globe on Google Earth will be available on March 12. It will give landowners unprecedented access to information including the spatial representation of the valuation, valuation dates, the ability to search by property identification number and a real property description and all on a satellite imagery background that allows users to zoom in right down to property level," he said.

"This is a first for Queensland and landowners can take advantage by accessing Queensland Globe on the Department of Natural Resources and Mines website – http://www.dnrm.qld.gov.au/mapping-data/queensland-globe from 12 March 2014.

The Valuer-General's 2014 Property Market Movement Report is available online at http://www.dnrm.qld.gov.au/land/titles-valuations/valuations/valuer-general-market-report.

Follow Land Queensland on Facebook – facebook.com/LandQueensland and Twitter – twitter.com/LandQueensland.

ENDS

Contact: Brad Muir
Phone: 3199 8253

Last updated 2014-03-11

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Last updated: 11 March 2014


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