March 4, 2016
The South Burnett’s average land values have dipped by 4.2 per cent in the latest figures released by Queensland’s Valuer General.
Twenty-four local government areas – including the South Burnett – were valued this year, with half recording an increase and the rest showing a fall.
In the 12 that increased, the overall increase ranged between 4.2 per cent (Lockyer Valley) and 18.5 per cent (Toowoomba), with nine recording increases of more than 5 per cent.
State-wide, average land values increased by 8.8 per cent.
Toowoomba was the only region west of the Great Dividing Range to show an uplift, which appears to have come on the back of a mini-boom in its economy fuelled the Second Range Crossing project, the new Wellcamp Airport, and a plan to extensively reinvigorate its CBD area.
In the 12 regions that decreased, overall falls ranged between 2.3 per cent (Fraser Coast) and 17.9 per cent (Mount Isa). Half showed a decrease of less than 5 per cent, two showed decreases of between 5 and 10 per cent, and the remainder fell by more than 10 per cent.
The Valuer-General reported that increases in urban land values had generally occurred in Brisbane and its environs, the Gold Coast, Sunshine Coast region and Cairns region.
These increases appeared to be fuelled by an increase in tourist numbers, low borrowing costs, rising rental yields, and investment opportunities being taken up by interstate and overseas buyers.
By contrast, declining values in rural and regional areas were being fuelled by prevailing economic uncertainty, weak employment growth in regional centres, the slowdown in mining infrastructure expenditure and construction activity in some areas, and drought.
“The South Burnett continued to weaken since the last valuation in 2015, a reflection of local market conditions,” the Valuer General said.
“Since that time residential activity declined with minor to moderate falls in land values in most urban centres and small villages. The median value in Kingaroy is now $65,000 and $34,500 in Murgon.
“Industrial, retail and other commercial activity has been largely subdued across the region, reflecting local market conditions. This subdued activity resulted in static land values in Kingaroy and Wondai but minor to moderate falls in other centres in the South Burnett.”
The Valuer General noted that South Burnett farming values were steady on the back of strong sales evidence, while rural homesite values fell in parts of Wondai and Nanango.
The South Burnett was last valued in 2014, when the region recorded an overall 3.9 per cent drop.
The new valuations will take effect on June 30 for local government rating, state land tax and state land rental purposes.
The latest report from the Valuer General can be downloaded from DNRM’s website (3.5Mb PDF)
- Related article: Region’s Property Values Dip
