The Valuer General’s Office releases unimproved land value assessments throughout the state for rating and taxation purposes.
In March 2016 annual land valuation notices have been issued to approximately 1.15 million landowners in 24 of Queensland’s 62 rateable local government areas. The valuations reflected land values as at 1 October 2015 and will take effect from 30 June, 2016.
The annual land valuation assessments showed significant variance of changes in median values between different localities.
Cairns recorded strong growth with an increase of 9.2%, bringing the median residential land value to $177,500. Increases in land values in Cairns have been experienced over the past couple of years, suburbs with larger residential land releases of Smithfield, Redlynch, Bentley Park and Edmonton have seen median land prices over the 2015 calendar year increase by 22.8%, 20.1%, 8.0% & 13.2% respectively.
In other areas of the state, the annual land valuation assessments showed that Toowoomba and the Gold Coast recorded strong increases of 24.1% and 13.5% respectively, Brisbane also recorded a strong increase in median land value assessments of 9.9%.
Mount Isa has recorded a significant decrease of -20.3%, and other remote areas also recorded significant falls which is reflective of the current state of the resource sector and subsequent decrease in demand for properties in these localities which rely heavily on mining operations.