Land valuations rise in Burke
Strength in beef commodity prices as well as a low interest rate environment, are key factors that have been identified in the rise of Burke 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 Burke Shire had increased by 23.2 per cent overall since the last valuation in 2014.
"Land values have generally increased since the last valuation, with some decreases in some market sectors and some localities," he said.
"Residential values have had significant reductions in Burketown, while commercial and industrial land have also had moderate to significant decreases in value.
"The primary production market has seen moderate increases over the six year period since the last annual valuation was undertaken in 2014.
"Significant decreases in median values like those seen at Burketown were due to lack of demand for vacant land, with the median value of residential land in Burketown decreasing from $49,500 to $29,000."
- Rural land values have continued to grow on the back of land owners’ expectations that conditions in agriculture have and will continue to improve.
- Continued strength in beef commodity prices and low interest rates has resulted in increases in value for grazing lands in rural Queensland.
- North Queensland-Gulf grazing properties are considered to be value for money and demand exists from both farming family enterprises looking to expand; purchases seeking grass and fodder; and corporate purchasers who now see these properties as agribusiness investments.
Landowners who believe their valuation was incorrect and can provide supporting information, can lodge their objection online or at the address shown at the top of their valuation notice by 5 May 2020.
For a more detailed breakdown of the Burke Shire valuations follow the link below. The valuation listing for Burke can also be viewed at the Burke Shire Council office, Lot 65 Musgrave Street, Burketown during normal business hours until close of business on 2 June 2020.
Valuations were last issued in the Burke Shire Council local government area in 2014.
Table 1 below provides information on median values for residential land within the Burke Shire Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2013 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
|All residential localities||46,000||29,000||-37.0||111|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Burke Shire Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2013 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Burke Shire Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2013 ($)||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