Land Valuations released

Minister for Natural Resources, Mines and Energy and Minister for Trade
The Honourable Stephen Robertson
22/03/2010
Land Valuations released

Almost one million land valuations across 23 Queensland local government areas will be released today.

Minister for Natural Resources, Mines and Energy Stephen Robertson said the valuations provided a snapshot of unimproved land values as at 1 October 2009, based on changes in the local property market.

"The valuations indicate that commercial and industrial property values in Brisbane and on the Gold Coast basically reflect market movements," Mr Robertson said.

"In some local government areas, including the Gold Coast and Brisbane, commercial and industrial land values show an overall decrease.

"This should send a clear signal to industry sectors concerned about recent legislative changes and their impact on property values. Concerns about hikes in property values can now be put to rest.

"In local government areas not revalued for four or five years, land values have shown increases reflecting the property boom between 2005 and 2008, and before the global economic downturn," Mr Robertson said.

The Minister said the residential property market had shown resilience, particularly in the first home owners market, with strong sales and continued upward growth in value.

*In Brisbane City (last valuations issued in 2008) residential property values increased by an average 11% while commercial property values decreased 5% and industrial property values decreased 3%

*On the Gold Coast (last valuations issued in 2008) residential property values decreased 5%, commercial property values decreased 16% and industrial property values decreased 23%

*In Rockhampton (last valuations issued in 2005 and 2006), residential property values increased 13%, rural property values remained the same, commercial property values decreased 3% and industrial property values increased 37%

*In Townsville (last valuations issued in 2006) residential property values increased 33% and commercial property values increased 32%

*In the Whitsundays (last valuations issued in 2006), residential property values increased 18%, rural property values were unchanged and commercial property values decreased 2%

*In the south-west, Balonne showed increases in value since valuations were last issued in 2005, with residential property values increasing 81%, rural property values increasing 39% and commercial property values increasing 10%

*The South Burnett (last valuations issued in 2005), showed residential property values increasing 44% and commercial property values increasing 75%.

*On the Fraser Coast (last valuations issued in 2007), residential property values increased 1%, rural property values were unchanged and commercial property values decreased 13%.

Valuation notices are not rate notices. Rates are set by local government authorities and under the Local Government Act 1993, councils determine rates based on a number of factors, including valuations.

"This year we've introduced a more streamlined process in relation to objections to valuations," he said.

Landowners who believe their valuation is wrong must provide information to support their claim. Objections must be lodged with the Department within 45 days of the valuation being issued.

The 2010 valuations were calculated using an "unimproved value" methodology. Next year's valuation will be based on a 'site valuation' methodology for non-rural land.

"This brings Queensland into line with other states. It's simpler and has the support of the property industry, local governments and key stakeholders," he said.

Mr Robertson said site value represented the land's current market value and reflected what could actually be "seen from the street".

"Site value is just one of a number of reforms we are planning for the state's valuations process for 2010.

"We will also appoint a Queensland Valuer-General and a peer review process for more complex valuations. It's all about being fair and equitable.

"Landowners can expect to receive their valuation notices in the mail over the next few days," he said.

Permanent Link: Land Valuations released
Publish Date: 22 Mar 10