Land valuations rise in Richmond
Strength in beef commodity prices as well as a low interest rate environment, are key factors that have been identified in the rise of Richmond 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 Richmond Shire had increased by 36 per cent overall since the last valuation in 2014.
"Land values have generally increased since the last valuation," he said.
"Residential values have risen in Richmond, while commercial and industrial land values have also increased.
"The rural residential and rural markets have increased in value over a six year period since the last annual valuation was undertaken.
"Some localities such as Richmond reflected increases in median values due to a demand for vacant residential land. The median value of residential land in Richmond increased from $7800 to $12,400."
- Rural land values have continued to grow on the back of land owners’ expectations that conditions in agriculture have and will continue to improve, despite the recent prolonged drought conditions.
- In February 2019, the shire was impacted by a flood event, resulting in significant property damage. Where flood coverage has extended to the total land mass of a property, allowances have been recognised for that impact. The allowance is dependant on the severity of the flooding, and is property specific.
- 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.
- Demand is increasing for low cost breeding country to facilitate herd build up and turnoff options for adult cattle. When compared to prices paid in other parts of the State, the Northern Downs, and Gulf grazing lands are being increasingly seen as an attractive proposition.
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 Richmond Shire valuations follow the link below. The valuation listing for Richmond can also be viewed at the Richmond Shire Council office, 65 Goldring Street, Richmond during normal business hours until close of business on 2 June 2020.
Valuations were last issued in the Richmond Shire Council local government area in 2014.
Table 1 below provides information on median values for residential land within the Richmond 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 ($)||Change in median value (%)||Number of properties|
|All Residential Localities||7500||11,600||54.7||233|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Richmond Shire Council area.
Table 2 – Median value of rural residential land*
|Land Use||Previous median value as at 1/10/2013 ($)||New median value as at 1/10/2019 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Richmond Shire Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 1/10/2013 ($)||New total land value as at 1/10/2019 ($)||Change in total land value (%)||Number of properties|
For further information contact Department of Natural Resources, Mines and Energy Media Services email@example.com
Last updated 4 March 2020