Annual land valuations issued for Hinchinbrook
An oversupply of vacant land has been identified as a contributor to the reduction in Hinchinbrook 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 Hinchinbrook Shire had decreased by 7.2 per cent overall since the last valuation in 2018.
"Land values have generally decreased since the last valuation, with some decreases in some market sectors and localities," he said.
"Residential values in Ingham have had significant reductions, while commercial and multi-unit land have seen slight to minor decreases.
"The rural markets have generally remained static since the last annual valuation was undertaken.
"Some localities such as Forrest Beach reflected moderate decreases in median values due to a lack of demand for housing and vacant land stock with the median value of residential land in Forrest Beach decreasing from $47,500 to $33,500."
- There is a clear lack of demand for vacant sales due partly to a reduced population base and also due to the value represented by existing housing stock.
- Values of residential lands within Ingham have generally experienced declining values with minor to significant decreases depending on location and the potential for flooding. An oversupply of vacant stock in adjoining townships such as Forrest Beach have also placed a downward pressure on land values in Ingham.
- With a lack of demand, vendors have had to meet the market, resulting in moderate reductions in value across all sectors, with more flood affected lands experiencing a significant change.
- The sugar price has improved in recent times and with the Australian dollar trading around the 67 US cents range, with potential farm profitably increasing. These fundamentals have not transferred through to the Hinchinbrook primary property market with sales generally reflecting a stable land market.
Landowners who believe their valuation was incorrect and can provide supporting information, can lodge their objection online or at the address shown at the top of their valuation notice by 5 May 2020.
For a more detailed breakdown of the Hinchinbrook Shire valuations follow the link below. The valuation listing for Hinchinbrook can also be viewed at the Hinchinbrook Shire Council office, 25 Lannercost Street, Ingham during normal business hours until close of business on 2 June 2020.
Valuations were last issued in the Hinchinbrook Shire Council local government area in 2018.
Table 1 below provides information on median values for residential land within the Hinchinbrook Shire Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 1/10/2017 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
|All residential localities||56,000||46,000||-17.9||4280|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Hinchinbrook Shire Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2017 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Hinchinbrook Shire Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2017 ($)||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