Western Downs sees increases in land values
Landowners in the Western Downs 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 Western Downs Regional Council area had increased by as much as 21.9 per cent overall since its last valuation in 2017.
“Urban values have fallen in all major urban centres in Western Downs Regional Council,” Mr Bray said.
“Rural residential properties are generally static except for reductions in and around the towns of Miles and Chinchilla.
“Primary production markets have increased moderately to significantly since the last valuation in 2017.
“Some areas like Miles and Chinchilla reflected significant decreases in median values due to the coal seam gas industry continuing to transition from exploration and development to the production phase, with the median value of residential land in Chinchilla decreasing from $36,000 to $21,500.”
Mr Bray said land valuations are used by councils as a guide to determine what is charged 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 Western Downs Regional Council valuations follow the link below. Hard copies of the valuation list for the Western Downs Regional Council can also be viewed at the the Department of Natural Resources, Mines and Energy, 30 Nicholson Street, Dalby during normal business hours until close of business on 4 June 2019.
- Property markets in the centres of Chinchilla and Miles have reduced significantly as a result of the coal seam gas industry transition from exploration and development to production. This has also resulted in moderate reductions within the town of Dalby. The town of Wandoan has also seen significant reductions due to the shelving of a proposed coal mine nearby.
- There were moderate to significant increases in rural land sales across the Western Downs. The sales indicated moderate increases in the good quality brigalow and belah, agricultural Kupun and Tuckerang scrub lands near Dalby, box forest and open black soil plain of Haystack and Jimbour, the mixed farming properties around Chinchilla and Miles, and the good quality brigalow and belah scrub lands at Condamine.
- Sales of good quality mixed scrub and forest grazing markets in the Wandoan district indicated significant increases in value.
- The Tara rural market experienced significant reductions over a number of years due to the impact of the Global Financial Crisis. The market has now rebounded with significant market movements, consistent with similar movements in the neighbouring local government areas of Goondiwindi and Maranoa.
Valuations were last issued in the Western Downs Regional Council local government area in 2017.
Table 1 below provides information on median values for residential land within the Western Downs 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 ($)||Change in median value (%)||Number of properties|
|All residential localities||39,500||25,500||-35.4||8192|
* Does not include land valued as multi-unit or rural residential
Table 2 below provides information on the median value for rural residential land within the Western Downs Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2018 ($)||Change in median value (%)||Number of properties|
|Rural Residential||55,000||54,000||- 1.8||5130|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Western Downs Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2016 ($)||New total land value as at 1/10/2018 ($)||Change in total land value (%)||Number of properties|
For further information contact Department of Natural Resources, Mines and Energy Media Services email@example.com
Last updated 6 March 2019