March 27, 2024
South Burnett ratepayers could be hit with steep increases to their land valuations the next time Queensland’s Valuer-General assesses the region.
On Tuesday (March 25) the Valuer-General released its latest round of land valuations for 20 of the State’s 77 local government areas, issuing more than 675,000 valuations and handing down an average increase of 25 per cent.
The latest valuations cover Banana, Barcoo, Bulloo, Bundaberg , Central Highlands, Cook, Diamantina, Fraser Coast, Gold Coast City, Goondiwindi, Isaac, Livingstone, Longreach, Moreton Bay, Redland, Somerset, Sunshine Coast, Torres, Whitsunday and Winton council areas.
In Somerset Regional Council area, which adjoins the South Burnett, median valuations for residential properties in town areas rose by between 25.7 per cent (at Moore) and 77.8 per cent (at Toogoolawah), with an average median increase across that region’s towns of more than 49 per cent.
Somerset’s rural residential values also rose by 40 per cent, and primary production valuations rose by 37.4 per cent.
The Valuer-General said Somerset’s valuation increases were being driven by a strong demand for grazing properties, an influx of interstate buyers and investors attracted by a lower price point than Brisbane or Ipswich, and an increased willingness amongst buyers to commute or work from home.
The Valuer-General usually revalues the South Burnett every three years, and its last valuations were handed down in 2022.
That round saw an average region-wide increase of 19.3 per cent.
- External link: Understanding your 2024 land valuation
Related articles:
