Longreach sees decreases in land values
Landowners across Longreach 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 Longreach Regional Council area had decreased by as much as 14.8 per cent overall since the last valuation in 2014.
“Land values have generally decreased since the last valuation, however there has been a slight increase in the rural sector,” Mr Bray said.
“Residential values have fallen in Longreach and Ilfracombe, while the smaller town of Isisford has generally remained static.
“Commercial and industrial lands also experienced significant reductions, as has the rural residential market.
“The rural market has had a slight overall increase since the previous valuation in 2014, however a significant market based review of rural property values in the region has been undertaken, and this has resulted in varied value changes with properties experiencing moderate increases and decreases from the previous values.
“The town of Longreach reflected significant reductions in median values due to the ongoing impacts of the prolonged drought, with the median value of residential land in Longreach decreasing from $70,000 to $38,500.”
Mr Bray said land valuations are used by councils as a guide to determine what to charge in rates, and for state land tax and state land rental amounts.
“These valuations will become effective 30 June, however I encourage landowners who believe they have additional or new evidence which may alter their new valuation to provide this information through the online objections process via www.qld.gov.au/landvaluation or at the address shown at the top of their valuation notice by 7 May 2019,” Mr Bray said.
For a more detailed breakdown of the Longreach Regional Council valuations follow the link below. Hard copies of the valuation list for the Longreach Regional Council can also be viewed at the the Department of Natural Resources, Mines and Energy, Landsborough Highway, Longreach during normal business hours until close of business on 4 June 2019.
- The Longreach Regional Council area has been particularly hard hit by the extended drought conditions experienced across Western Queensland. This has had significant negative impact on all urban values in the towns of Longreach and Ilfracombe.
- The rural lands have seen an overall increase, despite the dry conditions. Strong wool and cattle prices are believed to be the drivers. The Longreach area has now received some patchy light rain which may lessen the impact of the drought in the immediate to short term.
- A market based review of rural land valuations has been undertaken as part of this annual valuation program. This has resulted in varied value changes with properties both increasing and decreasing from the previous values.
Valuations were last issued in the Longreach Regional Council local government area in 2014.
Table 1 below provides information on median values for residential land within the Longreach Regional Council area.
Table 1 – Median value of residential land*Number of properties
|Residential localities||Previous median value as at 1/10/2013 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|All residential localities||70,000||38,500||-45.0||1448|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Longreach Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2013 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Longreach Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2013 ($)||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