Gympie sees increases in land values
Landowners across Gympie 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 Gympie Regional Council area had increased by as much as 9.9 per cent overall since the last valuation in 2017.
“Residential values have generally increased in most urban centres while commercial and industrial areas remained generally static,” Mr Bray said.
“The rural residential and farming markets increased with the median residential land value showing a minor increase to $94,000 reflecting the rising land values in centres such as Gympie, Tin Can Bay and Cooloola Cove.
“Areas like Gympie and Southside saw minor increases in values with the median value in Gympie increasing $6,000 from $81,000 to $87,000.
“Median values in the coastal centres have all increased with Rainbow Beach rising slightly to $225,000, and Tin Can Bay rising to $123,000.
“The small villages of Amamoor, Dagun and Kandanga within the Mary Valley have seen significant increases which reflect the local sales evidence and the low existing value base. The median value in Amamoor has increased from $44,000 to $75,000.”
Mr Bray said land valuations are used to by councils as a guide to determine what to charge in rates, and for 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 Gympie Regional Council valuations follow the link below. Hard copies of the valuation list for the Gympie Regional Council can also be viewed at the the Gympie Regional Council Office, 242 Mary Street, Gympie during normal business hours until close of business on 4 June 2019.
- Rural residential lands experienced varied changes across the region with values rising around Gympie and in the Mary Valley while values in the western areas were generally static. The improving market has resulted in a minor increase to the overall median value of $139,000 since the previous valuation in 2017.
- Industrial, retail and other commercial sales activity has been subdued across the region with most values remaining unchanged. As a result, the overall value of both commercial and industrial lands have increased slightly across the region.
- Multi-unit land values generally mirrored the changes to residential lands with the overall land value showing a minor increase.
- The overall rural land value has increased moderately since the last valuation due to strong demand for both small and larger size properties.
Valuations were last issued in the Gympie Regional Council local government area in 2017.
Table 1 below provides information on median values for residential land within the Gympie Regional Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|Tin Can Bay||117,000||123,000||5.1||1164|
|All residential localities||88,000||94,000||6.8||12,284|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Gympie Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Gympie Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2016 ($)||New total land value as at 1/10/2018 ($)||Change in total land value (%)||Number of properties|
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Last updated 6 March 2019