Land valuations rise in Banana
Strength in beef commodity prices as well as a low interest rate environment, are key factors that have been identified in the rise of Banana Shire land values as the 2020 annual land valuations were released today.
Valuer-General Neil Bray said the valuations reflected land values on 1 October 2019 and showed Banana Shire values had increased by 17.7 per cent overall since the last valuation in 2018.
"Land values have generally increased in rural areas and decreased in urban areas since the last valuation, with a variety of changes across market sectors and localities," he said.
"Residential values have seen moderate to significant decreases in Biloela, Moura, Taroom and in most other smaller towns within the shire, while commercial values have remained static in Biloela and Taroom and had moderate to significant reductions in other towns."
"Some localities such as Thangool reflected significant decreases in median values due to low buyer interest in this area with the median value of residential land in Thangool decreasing from $27,000 to $13,600."
"Industrial land has seen moderate to significant reductions in Biloela and Moura and other small towns with the exception of Taroom where the industrial values held steady."
The rural residential markets had moderate reductions for smaller lots near Biloela, and moderate increases for smaller lots near Taroom. Larger area rural residential lots either remained steady or increased.
Rural has had moderate to significant increases in value across the shire in a buoyant rural market.
- The general reduction in urban values across the Banana Shire is predominately due to the introduction of workers camps in or near to the towns for ‘fly in fly out’ workers. These camps lessen the need for workers housing/land within these mining region towns.
- Additionally these workers camps reduce worker’s retail spending in the towns, which impacts the viability of commercial businesses, consequently impacting commercial property values.
- Rural properties in the Banana Shire have seen increases in value predominately due to the higher cattle prices over the last four years.
- Even through the recent drought, demand for grazing properties has remained strong, and with the limited supply of quality properties on the market, sale prices have been pushed higher.
- The low interest rate environment for borrowers has also contributed to the buoyant rural market.
Landowners who believe their valuation was incorrect and can provide supporting information, can lodge their objection online or at the address shown at the top of their valuation notice by 5 May 2020.
For a more detailed breakdown of the Banana Shire valuations follow the link below. The valuation listing for Banana can also be viewed at the Banana Shire Council Chambers, 62 Valentine Plains Road, Biloela during normal business hours until close of business on 2ndJune 2020.
Valuations were last issued in the Banana Shire Council local government area in 2018.
Table 1 below provides information on median values for residential land within the Banana Shire Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2017 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
|All residential localities||64,000||51,000||-20.3||4099|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Banana Shire Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2017 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Banana Shire Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2017 ($)||New total land value as at 1/10/2019 ($)||Change in total land value (%)||Number of properties|
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Last updated 4 March 2020