Property

The Queensland regions where land values are going up

New residential construction home framing against a blue sky.
New residential construction home framing against a blue sky. levkr

LAND values increased in less than half of Queensland's local government areas in the past year with regional areas feeling the pinch.

New land valuations to be released on Wednesday March 8, will reveal increases in only ten of the 28 local government areas assessed.

Those that did increase experienced rises of between 1.8 per cent and a whopping 57.5 per cent.

That big performer was the Carpentaria local government area the median value was now still a very affordable $31,500.

According to the Valuer-General's 2017 Property market movement report Southeast Queensland suburbs fared well.

Queensland Valuer-General Neil Bray said land valuations in Logan Council area were up by 18.9 per cent, Ipswich by 11.5 per cent and Brisbane 10.3 per cent.

"An increase in urban land values has generally occurred in Brisbane and its environs, the Gold Coast and Gympie,'' he said.

In all 87 Brisbane suburbs recorded minor increases of up to $50,000 in median value including Zillmere, Mt Gravatt, Lutwyche, Kenmore, Annerley, Windsor, Aspley, Ascot and Bulimba.

A further 32 suburbs had increased land values between $50,000 and $75,000 including Camp Hill, Mansfield, Salisbury, Auchenflower, Bowen Hills and Chermside.

Thirteen suburbs recorded a median increase at or above $75,000 including the suburbs of Hamilton, Chapel Hill, Seven Hills, Carindale, Holland Park and Sunnybank.

Regional Queensland did not perform as strongly as the southeast corner, particularly those areas with a close connection to the resources industry.

The biggest drop in land values was in the Maranoa local government area where it dropped by 54.6 per cent to a median value of $59,000.

Although some regional areas didn't far well Mr Bray said generally across Queensland there had been increased sales activity in rural markets.

"This has resulted in an uplift in land values within the majority of grazing, horticultural, small crop and dryland farming industries,'' he said.

"Continued high commodity prices within the beef industry and continued low interest rates are driving this confidence, even though the majority of the state remains drought declared.''

The latest round of valuations represented about 73 per cent of all properties in Queensland and they take affect from 30 June 2017.

News Corp Australia

Topics:  editors picks general-seniors-news real estate re-investment



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