April 1, 2022
The average value of residential and rural land in the South Burnett has increased in the latest round of property valuations by Queensland’s Valuer-General.
The Valuer-General released the new valuations for the South Burnett and 30 other local government areas – including Gympie, the North Burnett, Toowoomba and Somerset – on Thursday.
The new round of valuations are the first carried out since 2019, and reflect land values on October 1, 2021.
The new valuations show that residential property values in the South Burnett Regional Council area have increased by an average 19.3 per cent since 2019.
This has come after the previous three rounds of valuations recorded residential property value declines of an average of 31.3 per cent between 2011 and 2018.
“Minor to moderate changes have been seen across most land use groups across the South Burnett during the period of review,” the Valuer-General said.
“In urban areas, the changes have resulted in an increase in values with the most significant movement being in the smaller towns.
“The increase in values in the urban areas are considered to be the result of the sea and treechange effect which is occurring as buyers from southern States and south-eastern Queensland enter the market in this area.
“This has taken longer to affect values in the South Burnett area than it has in areas closer to the coast with the effect only flowing through to the South Burnett later in the valuation period.”
The Valuer-General said good commodity prices, continuing low interest rates, and good seasonal conditions had also caused strong and sustained upward pressure in the region’s rural property market, resulting in moderate increases in value over the period.
- Residents can quickly check their land valuation and the increase or decrease in their property’s value since 2019 on the Valuer-General’s website
- The average valuations that now apply to all South Burnett towns can be found in the Valuer-General’s latest South Burnett Land Valuations Report (124kb PDF)
Footnote: Average rises in neighbouring regions were 21.4 per cent in Somerset; 12.6 per cent in Toowoomba; 32.7 per cent in the North Burnett; and 22 per cent in Gympie.
Related articles:
Just what low-income earning pensioners need to hear… another $400 or so on their rates notice. The massive price jumps due to Southerners buying here to escape the pandemic may be great if you have an extra place, and you want to convert it to cash, but for those of us who want to stay put, it’s just more pain in the pocket on top of inflation.
It’s also why rents are increasing. Many Mum and Pop landlords can’t absorb rises like this, so pass it on, as they should, after all they aren’t a charity.
This is a no-win situation for those on low incomes.
It is good news – Council should be able to put a few more staff on the payroll to sit in front of their computer screens and vet us.