Annual land valuations issued for Cassowary Coast
An oversupply of land for sale has been identified as a contributor to the slight decrease in the Cassowary Coast regional values following the release of the 2020 annual land valuations today.
Valuer-General Neil Bray said the valuations reflected land values on 1 October 2019 and showed Cassowary Coast region had decreased by 2.3 per cent overall since the last valuation in 2017.
"Land values have generally decreased since the last valuation, with some increases in some market sectors and localities," he said.
"Residential values for Innisfail, Tully and Cardwell have had moderate decreases, while commercial and industrial land have experienced only slight decreases.
"The rural markets have had moderate increases in value since the last valuation was undertaken three years ago.
"Some localities such as South Mission Beach and other Island Coast communities reflected minor increases in median values due to improving property market conditions, with the median value of residential land in South Mission Beach increasing from $73,000 to $83,000."
- Within Innisfail, the supply of properties listed on the market continues to outweigh demand for housing. This has placed downward pressure on values and vendors have had to meet the market. Moderate reductions in land values have generally been experienced across Innisfail, extending to the nearby village communities of Flying Fish Point, Coquette Point, Wangan, South Johnstone and Mourilyan.
- Minor to moderate reductions in value were also evident in the southern towns of Tully, Tully Heads and Cardwell including Hinchinbrook Harbour.
- The Island Coast market is reversing the trend of other townships. An improving market has translated to slight-minor increases in land value occurring in Kurrimine Beach, Bingil Bay, Wongaling Beach and South Mission Beach. There is still a supply of stock available in Mission Beach where values have remained stable.
- The sugar price has improved in recent times and with the Australian dollar trading around the 67 US cents range, potential farm profitability has increased. Moderate increases have generally been applied to arable lands throughout Cassowary Coast with significant increases implemented for those smaller farming units and also larger farming entities in line with market evidence.
- The strong demand for beef and continued high commodity prices has placed upward pressure on demand for fattening units. Similar to the arable sector, minor to moderate increases have generally been applied to grazing properties across the region.
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 Cassowary Coast region valuations follow the link below. The valuation listing for Cassowary Coast can also be viewed at the Department of Natural Resources, Mines and Energy, Canegrowers Building, 88 Rankin Street, Innisfail during normal business hours until close of business on 2 June 2020.
Valuations were last issued in the Cassowary Coast Regional Council local government area in 2017.
Table 1 below provides information on median values for residential land within the Cassowary Coast 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 1/10/2019 ($)||Change in median value (%)||Number of properties|
|Flying Fish Point||95,000||85,000||-10.5||200|
|Pin Gin Hill||47,750||36,250||-24.1||2|
|South Mission Beach||73,000||83,000||13.7||602|
|All residential localities||68,000||62,000||-8.8||8868|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Cassowary Coast Regional Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2016 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
|Rural Residential||113,000||102,000||- 9.7||3587|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Cassowary Coast Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2016 ($)||New total land value as at 1/10/2019 ($)||Change in total land value (%)||Number of properties|
|Multi-unit Residential||55,543,000||52,610,500||- 5.3||263|
For further information contact Department of Natural Resources, Mines and Energy Media Services firstname.lastname@example.org
Last updated 4 March 2020