Cairns sees increases in land values
Landowners across Cairns have today awoken to new land valuation 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 Cairns Regional Council area had increased by as much as 7.3 per cent overall since the last valuation in 2016.
“Residential values have risen in inner city areas like Cairns City, Cairns North, Parramatta Park, Edge Hill and Whitfield, while commercial and industrial areas have generally increased in value,” Mr Bray said.
“The rural residential and rural markets have generally increased, and some areas like Kanimbla reflected moderate increases in median values due to demand for well-located residential land within the city; the median value of residential land in Kanimbla increased from $210,000 to $237,500.”
Mr Bray said land valuations are used by councils to determine what to charge in rates, state land tax and state land rentals for leasehold land 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 Cairns Regional Council valuations follow the link below. Hard copies of the valuation list for the Cairns Regional Council can also be viewed at the the Department of Natural Resources, Mines and Energy, 4th Floor, William McCormack Place II, 5b Sheridan Street, Cairns during normal business hours until close of business on 4 June 2019.
- Cairns is the tourism hub of North Queensland. In the three years since the last annual valuation was issued, Cairns has experienced a steady increase in international and domestic visitation which has resulted in higher hotel occupancies and improving hotel yields. Infrastructure projects including the completed Cairns Aquarium and the Cairns Performing Arts Centre have contributed to an uplift within the construction industry in the city. Flow on effects have included greater employment opportunities and demand for residential lands.
- Moderate increases in value have been experienced throughout the CBD, with slight increases for commercial lands being experienced in the fringe and strip arterials of Sheridan Street and Mulgrave Road.
- Demand for industrial land has been slow with the exception of well-located properties. Land values have generally remained stable with some slight increases.
- Primary production lands generally extend from the Barron River delta to the north and south to Eubenangee Swamp. Sugar cane is the predominate industry centred on the Mulgrave Mill in Gordonvale. Industry rationalisation and increasing economies of scale have continued to be drivers within the market. Significant increases in value have been experienced in the Gordonvale and Aloomba localities, with moderate increases occurring to the southern part of the region.
Valuations were last issued in the Cairns Regional Council local government area in 2016.
Table 1 below provides information on median values for residential land within the Cairns Regional 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 ($)||Change in median value (%)||Number of properties|
|All residential localities||177,500||190,000||7.0||45,664|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Cairns Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2015 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Cairns Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2015 ($)||New total land value as at 1/10/2018 ($)||Change in total land value (%)||Number of properties|
For further information contact Department of Natural Resources, Mines and Energy Media Services email@example.com
Last updated 6 March 2019