Property prices reveal mixed bag for Southern Downs
LAND valuations on the Southern Downs have increased slightly but remain flat in Warwick and Stanthorpe, Queensland Government figures reveal.
The Valuer-General's 2017 property market report shows the median price for residential land on the Southern Downs increased by 2.8% over the past year.
Land values were up in less than half of Queensland's local government areas with regional towns feeling the pinch, particularly those postcodes with a close connection to the resources industry. Those that did increase experienced rises of between 1.8% and a whopping 57.5%.
Valuer-General Neil Bray said residential land values were static in business districts on the Southern Downs with moderate increases in the rural market.
"Residential land values have generally remained unchanged in Warwick and Stanthorpe where the respective median values are $95,000 and $83,000,” Mr Bray said.
"Killarney saw a minor reduction, Leyburn a moderate reduction, Pratten a moderate increase and Allora a minor increase.”
Sales within the rural home site market had minor reductions in various locations near Warwick, Stanthorpe and Glen Aplin, he said.
But the effects of stronger beef commodity prices led to moderate increases in rural property markets throughout most of the local area, Mr Bray said.
The valuations will come into effect for local government ratings, state land tax and state land rental purposes on June 30.
"It's important that landowners realise that valuation notices are not rate notices,” Mr Bray said.
"The setting of rates is based on a number of factors and these land valuations are only one of those factors.”
Landowners will receive valuations in the mail and those who believe their estimate is incorrect and can support it, can lodge an objection by May 8, Mr Bray said.
Elsewhere in Queensland land valuations in Logan were up by 18.9%, Ipswich by 11.5% and Brisbane 10.3%.
The biggest drop in land values was in the Maranoa local government area where it fell by 54.6% to a median value of $59,000.
To check your land valuation visit www.dnrm.qld.gov.au.