North Burnett sees increases in land values
Landowners across the North Burnett 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 North Burnett Regional Council area had increased by as much as 10.7 per cent overall since its last valuation in 2017.
“Land values in the majority of the larger urban centres have generally not changed since the last valuation, with the exception of Monto and Mount Perry, while there have been some notable increases in the rural sector,” Mr Bray said.
“Residential values have remained static in Mundubbera and Biggenden, while values in Monto and Mount Perry have fallen reflecting local market conditions.
“Some areas like Monto reflected significant decreases in median values as a result of declining market activity, with the median value of residential land falling from $41,500 to $25,000.
“Values in the largest centre of Gayndah remain unchanged with the median value at $41,500.
“As a result of declines in Monto and Mount Perry, the median residential land value in North Burnett has seen a moderate decrease to $29,000.”
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 North Burnett Regional Council valuations follow the link below. Hard copies of the valuation list for the North Burnett Regional Council can also be viewed at the the North Burnett Regional Council Office, 34-36 Capper Street, Gayndah during normal business hours until close of business on 4 June 2019.
- Rural residential value impacts generally mirror the changes in the urban areas with land values falling around Monto and Mount Perry while other values are generally static. The static to falling market has resulted in a slight decrease in the overall median value to $56,000 since the previous valuation in 2017.
- Industrial and commercial sales activity has been subdued across the region with most values remaining unchanged or falling in line with residential values. As a result, the overall value of both commercial and industrial lands have had a minor reduction across the region.
- Cattle grazing is the most significant farming enterprise in the North Burnett and demand for suitable land remains strong. As a result the overall rural land value has increased moderately since the last valuation.
Valuations were last issued in the North Burnett Regional Council local government area in 2017.
Table 1 below provides information on median values for residential land within the North Burnett Regional Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|All residential localities||38,500||29,000||-24.7||2897|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the North Burnett Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|Rural Residential||57,000||56,000||- 1.8||998|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the North Burnett Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2016 ($)||New total land value as at 1/10/2018 ($)||Change in total land value (%)||Number of properties|
|Multi-unit Residential||746,000||710,500||- 4.8||12|
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Last updated 6 March 2019