Land valuations in Queensland have surged, with Brisbane experiencing nearly a 20% increase, while some regional areas saw spikes of over 230%. These valuation hikes are expected to result in higher council rates and land tax bills for property owners across the state.
The independent valuer-general, Laura Dietrich, conducted over 790,000 valuations across 14 council areas. In Brisbane alone, the total value of properties soared to $346.2 billion, with residential land values rising by 17% to a median of $720,000.
Dietrich attributed Brisbane’s robust housing market to population growth and infrastructure projects such as the Kangaroo Point Bridge, Eagle Street Pier, Queens Wharf, and the Metro Tunnel Project. These investments have significantly influenced the city’s property values.
Notable increases were also observed in other regions like Logan, Toowoomba, Cairns, Rockhampton, and Townsville, with residential land values climbing by up to 36%. The valuations, completed before weather events last year, will factor in future weather impacts.
Local governments utilize land valuations to determine council rates, while the state government relies on them for land tax calculations. Dietrich emphasized that she plays no role in setting council rates and highlighted the importance of considering market movements in valuation decisions.
Rural areas in southwest Queensland experienced substantial valuation spikes, with councils like Paroo, Murweh, and Quilpie witnessing increases exceeding 200%. Dietrich attributed these rises to favorable seasons, low interest rates, and high commodity prices.
Despite recent changes in interest rates and commodity prices, rural land values have remained stable, driven by producers’ long-term strategic investments. The limited supply of rural properties has prevented any significant market corrections to date.
The valuations reflect market conditions before last year’s extreme weather events, including flooding and cyclones. Looking ahead, future valuations will account for these weather impacts, ensuring an accurate assessment of property values.
With land valuations playing a crucial role in determining financial obligations for property owners, the recent surge in property values underscores the dynamic nature of the real estate market in Queensland. As councils and property owners grapple with potential rate hikes, understanding the factors driving these valuation increases becomes essential for informed decision-making.
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