South Burnett sees increases in land values
Landowners across the South 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 South Burnett Regional Council area had increased by as much as 4.9 per cent overall since its last valuation in 2016.
“Residential land values have fallen in centres such as Kingaroy and Nanango, while land values in the smaller villages like Kumbia and Wooroolin remained generally unchanged,” Mr Bray said.
“The median residential value in the South Burnett saw a minor decrease to $46,000 reflecting the subdued demand for residential land across the major centres.
“Some areas like Nanango reflected moderate decreases in median values due to declining market activity with the median value of residential land falling $9000 from $45,500 to $36,500.
“The other major centres have all fallen in value with new median values ranging from $27,500 at Murgon up to $61,000 at Kingaroy.
“Small urban centres close to Wondai including Tingoora, Proston and Hivesville have all seen decreases, with Proston significantly affected and the median value there falling from $21,500 to $15,000 - These decreases reflect the market evidence for vacant land in these centres.”
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 believed 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 South Burnett Regional Council valuations follow the link below. Hard copies of the valuation list for the South Burnett Regional Council can also be viewed at the the Department of Natural Resources, Mines and Energy, J. Bjelke-Petersen Research Facility, 214 Kingaroy Cooyar Road, Taabinga during normal business hours until close of business on 4 June 2019.
- Rural residential value impacts vary across the region with values generally falling around Nanango and Murgon while values in the western areas are generally static. The static to falling market has resulted in a minor decrease in the overall median value to $70,000 since the previous valuation in 2016.
- Industrial, retail and other commercial sales activity has been subdued across the region with most values remaining unchanged or falling in line with residential values. As a result, the overall value of both commercial and industrial lands have reduced slightly across the region.
- Cattle grazing and cropping are significant rural enterprises in the South Burnett with strong demand evident for both smaller and larger properties. This trend has led to a moderate increase in the overall farming value since the last valuation.
Valuations were last issued in the South Burnett Regional Council local government area in 2016.
Table 1 below provides information on median values for residential land within the South Burnett Regional Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2015 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|All residential localities||54,000||46,000||-14.8||7391|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the South Burnett Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2015 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the South Burnett Regional Council area.Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2015 ($)||New total land value as at 1/10/2018 ($)||Change in total land value (%)||Number of properties|
|Multi-unit Residential||17,902,500||17,839,700||- 0.3||131|
For further information contact Department of Natural Resources, Mines and Energy Media Services email@example.com
Last updated 6 March 2019