{"id":230318,"date":"2019-03-06T15:36:24","date_gmt":"2019-03-06T05:36:24","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=230318"},"modified":"2020-07-22T13:10:05","modified_gmt":"2020-07-22T03:10:05","slug":"town-land-values-drop-again","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2019\/03\/06\/town-land-values-drop-again\/","title":{"rendered":"Town Land Values Drop Again"},"content":{"rendered":"
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New valuation notices will be issued to South Burnett landowners soon … most residential property owners can expect to see another decline in the value of their land<\/figcaption><\/figure>\n

March 6, 2019<\/strong><\/p>\n

South Burnett residential land values have fallen by an average of 31.3 per cent over the past seven years.<\/p>\n

The QVG released their latest South Burnett land valuations on Wednesday, along with valuations for 17 other Queensland local government areas.<\/p>\n

The region was last valued in 2016, and is usually revalued every 2-3 years.<\/p>\n

An analysis by southburnett.com.au shows that between 2011 and 2018, South Burnett residential land values have dropped by nearly a third (see chart, below).<\/strong><\/p>\n

In his report, Valuer-General Neil Bray noted that values in the South Burnett overall had risen since the last valuation in 2016.<\/p>\n

However, this was largely driven by rural properties, where demand for cattle grazing and crop farming land led to values rising by an average 29 per cent.<\/p>\n

Values dropped in all the region’s major towns, although some smaller villages such as Kumbia and Wooroolin were affected less.<\/strong><\/p>\n

Tingoora, Proston and Hivesville suffered a sharp decline, which QVG says reflected “market evidence for vacant land in these centres”.<\/p>\n

Rural residential properties also suffered a downturn, dipping from an average $77,000 in 2016 to $70,000 now.<\/p>\n

Our analysis shows the only residential areas to enjoy an increase in value during the past seven years have been the Bunya Mountains, Maidenwell and Memerambi.<\/p>\n

The latest valuations will take effect on June 30.<\/p>\n

“I encourage landowners who believe they have additional or new evidence which may alter their new valuation to provide this information through the online objections process at the Valuer-General’s website<\/b><\/a> or at the address shown at the top of their valuation notice by May 7, 2019,” Mr Bray said.<\/p>\n

The QVG’s 2019 Property Market Movement Report is available online<\/b><\/a> (2.9Mb PDF).<\/p>\n

Hard copies of the valuation list for the South Burnett Regional Council area can also be viewed at the J. Bjelke-Petersen Research Facility (opposite Kingaroy Airport) during normal business hours until the close of business on June 4, 2019.<\/p>\n

Footnote: Land valuations are only one of several factors used by Councils to determine rates.<\/strong><\/p>\n

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Then and now … 2011’s land valuations compared with the latest 2018 figures tell a longer-term story about the South Burnett’s residential land values<\/figcaption><\/figure>\n

Related articles:<\/strong><\/p>\n