Somerset sees increases in land values
Landowners across Somerset 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 Somerset Regional Council area had increased by as much as 9.2 per cent overall since its last valuation in 2017.
“Residential values have held steady in Kilcoy and Lowood, while commercial land values are stable, and rural residential and primary production markets have increased,” Mr Bray said.
“Some areas such as Esk reflected decreases in median residential values due to an oversupply of land in the market - while there were minor increases in the median value of residential land in Fernvale which rose from $129,000 to $141,000.
“The largest market sector in the area, rural residential, has been buoyant since the last valuation resulting in a minor increase of the median value to $161,700.
“Rural value rose 14.3 per cent overall as a result of demand, particularly for better quality land in both grazing and agricultural uses.
“Commercial land value increased by a slight amount overall as a result of increases in the towns of Esk and Toogoolawah. Commercial and industrial land values were static.
Mr Bray said land valuations are used by councils as a guide to determine what to charge in rates, and for state land tax and state land rental amounts.
“These valuations will become effective 30 June, however I encourage landowners who believe they have additional or new evidence which may alter their new valuation to provide this information through the online objections process via www.qld.gov.au/landvaluation or at the address shown at the top of their valuation notice by 7 May 2019,” Mr Bray said.
For a more detailed breakdown of the Somerset Regional Council valuations follow the link below. Hard copies of the valuation list for the Somerset Regional Council can also be viewed at the the Somerset Regional Council Office, 15 Kennedy Street, Kilcoy and Fernvale Futures Centre, 1483 Brisbane Valley Highway, Fernvale during normal business hours until close of business on 4 June 2019.
Valuations were last issued in the Somerset Regional Council local government area in 2017.Residential land
Table 1 below provides information on median values for residential land within the Somerset Regional Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|Sheep Station Creek||123,000||123,000||0.0||2|
|Split Yard Creek||270,000||295,000||9.3||3|
|All residential localities||89,000||87,000||-2.3||4293|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Somerset Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Somerset Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2016 ($)||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