Strong growth in rural land values
The latest 2020 Property Market Movement Report released today shows rural land values are on their way up.
Queensland’s Valuer-General Neil Bray said the report shows evidence of improved rural land values in a number of farming areas across the state while subdued conditions are evident in a number of urban areas.
"Increases to rural land values were driven by continued strong commodity prices in beef and wool sectors as well the effects of the low interest rate environment.
"While there has been improvements in the rural sector a number of regional urban areas such as Mount Isa and Cloncurry have contracted due to the impacts of the resource sector in those towns," Mr Bray said.
"Residential values in Mount Isa have decreased significantly with the median value falling by 54.8 per cent to $42,500.
"Within the major centres of Brisbane and Gold Coast land values have remained steady or have shown minor increases in some land uses and localities”.
"The report indicates land values have increased in 15 of the 21 local government regions valued, including Winton, Mackay and Bundaberg which saw increases of 52.07 per cent, 8.4 per cent and 5.4 per cent respectively," he said.
"The generally static residential sector in South East Queensland was indicative of the slight decline in sales volume over the past 12 months. The volume of daily lodgements recorded with the Registrar of Titles decreased over the first half of the 2019/2020 financial year with an average of 2673 daily lodgements— down 2 per cent from the previous financial year."
Mr Bray said the 2020 Property Market Movement Report provides state wide commentary for the next round of Queensland land valuations.
"The new land valuations will be available on 4 March and are valued on the basis of each area’s recent land sales history," Mr Bray said.
Queensland’s Valuer–General is tasked with issuing land valuations, used to assist in determining council rates, state land tax and rental pricing for leasehold land.
The Valuer-General’s 2020 Property Market Movement Report is available at www.qld.gov.au/landvaluation.
Last updated 2 March 2020