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On 8 March 2017, the Valuer-General issued annual land valuations for approximately 1.19 million properties across Queensland.
The valuations which are used for the assessment of local authority rates and state land tax will take effect from 30 June 2017.
The recent round of valuations affected properties in the local government areas of Balonne, Barcaldine, Blackall-Tambo, Brisbane, Bundaberg, Carpentaria, Cassowary Coast, Central Highlands, Croydon, Gladstone, Gold Coast, Goondiwindi, Gympie, Ipswich, Livingstone, Logan, Mackay, Maranoa, Mareeba, Moreton Bay, North Burnett, Rockhampton, Somerset, Southern Downs, Tablelands, Townsville, Western Downs and Whitsunday.
The valuations reflect land values assessed by the Valuer-General as at 1 October 2016.
Within Brisbane, residential values rose across 132 suburbs, with some suburbs such as Gumdale and Wakerley showing increases in the median value of up to 30 per cent. Overall, the median value for residential property in Brisbane increased by 10.3 per cent, while commercial and industrial land values remained relatively static.
The decline in the resources sector has seen an impact on land values in areas such as Mackay and Gladstone, while demand for residential land in the greater Brisbane area has seen minor to moderate increases in the Moreton Bay, Ipswich and Logan areas.
Generally, despite the majority of the State being drought declared, rural property showed moderate growth in value across most areas.
If you have received an annual land valuation and are concerned that it does not reflect the true value of your land, you have until 8 May 2017 to lodge an objection. Objections lodged after this date may not be accepted by the Valuer-General. It is important that an objection is properly made and complies with the requirements of the Land Valuation Act 2010.
Kathleen Ready | Senior Partner | +61 7 3238 0604 | firstname.lastname@example.org
Danyelle Kelson | Special Counsel | +61 7 3238 0603 | email@example.com