Burdekin sees decreases in land values
Landowners across the Burdekin have today awoken to new land valuations after extensive land sales and economic analysis undertaken by the state’s valuation service.
Queensland’s Valuer-General Neil Bray said the valuations reflected up to date and current land values and showed values in the Burdekin Shire Council had decreased by as much as 2.9 per cent overall since the last valuation in 2016.
“Residential land values have fallen in Ayr and Home Hill, while commercial and industrial areas decreased, and the rural residential market also had a minor decrease in value,” Mr Bray said.
“Rural markets have had minor increases in value, and some areas like Ayr reflected minor decreases in median values due to a lack of demand with the median value of residential land in Ayr decreasing from $95,000 to $88,000.”
Mr Bray said land valuations are used by councils as a guide to determine what to charge in rates, state land tax and state land rental amounts.
“These valuations will become effective 30 June, however I encourage landowners who believe they have additional or new evidence which may alter their new valuation to provide this information through the online objections process via www.qld.gov.au/landvaluation or at the address shown at the top of their valuation notice by 7 May 2019,” Mr Bray said.
For a more detailed breakdown of the Burdekin Shire Council valuations follow the link below. Hard copies of the valuation list for the Burdekin Shire Council can also be viewed at the the Burdekin Shire Council Office, 145 Young Street, Ayr during normal business hours until close of business on 4 June 2019.
- Increased vacancies within the commercial sector have resulted in a slight reduction in the values of lands within the Queen Street precinct of Ayr and adjacent commercial lands.
- Values for land within the Ayr Industrial Estate have increased slightly.
- With a lack of demand, vendors have had to meet the market in Home Hill resulting in moderate reductions in value across all sectors.
- The demand for rural residential lands has also had a minor decrease with the exception of those lands that are within commuting distance to Townsville, where the levels of value have held.
- The Burdekin agriculture market is dominated by grazing and sugar cane production. Strong beef commodity prices have driven demand for well located, productive beef cattle land. Pastoral lands towards the Leichhardt Range have experienced minor increases in value, while coastal grazing lands have experienced more moderate increases.
- The volume of sugar cane farm transactions is consistent with historical trends despite the outlook for commodity prices and the uncertainty created by the Sugar Industry Code of Conduct. Over thirty sales transacted in 2016 and 2018, with a spike in excess of fifty sales occurring in 2017. The sales demonstrated a minor uplift in values across the board.
Valuations were last issued in the Burdekin Shire Council local government area in 2016.
Table 1 below provides information on median values for residential land within the Burdekin Shire Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2015 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|All residential localities||82,000||75,000||-8.5||5491|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Burdekin Shire Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2015 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|Rural Residential||115,000||105,000||- 8.7||1170|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Burdekin Shire Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2015 ($)||New total land value as at 1/10/2018 ($)||Change in total land value (%)||Number of properties|
|Multi-unit Residential||16,539,000||15,169,500||- 8.3||135|
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Last updated 6 March 2019