Land valuations are one of the factors local councils consider when they set rates and this month landowners received a letter from Queensland’s Valuer-General advising of their new site valuation.
On average, Brisbane residential land valuations increased by 10.3 per cent. But residents in 13 Brisbane suburbs have recorded a median land value increase of $75,000 or more – that’s more than 25 per cent growth in some cases.
“Residential land in some localities, such as Robertson, Wakerley and Seven Hills, reflected moderate increases in median values due to competition in these locations, with the overall median value of residential land in Brisbane increasing from $390,000 to $430,000,” said Valuer-General Neil Bray in a media statement.
But property commentators are questioning how residential land value growth sits at 10.3 per cent, while median house price growth sits at less than half this.
“The median house price we’re tracking at about 3-4 per cent on an annual basis, and that really reflects land (value) at the end of the day,” Domain Group chief economist Andrew Wilson told Brisbane Times.
So what can we conclude? Number crunching at the suburb level can result in wild fluctuations so “we just need to take it with a grain of salt,” says Propertyology’s Simon Pressley.
Landowners who do not agree with their statutory land valuation can lodge an objection with the Queensland Government.
Check out the Brisbane suburbs that recorded a median land value increase of $75,000 or more:
- Gumdale recorded a 30.10% increase in its annual land valuation
- Wakerley, 29.40%
- Seven Hills, 25.50%
- Calamvale, 23.40%
- Carindale, 20.90%
- Robertson, 20.80%
- Mackenzie, 20.00%
- Sunnybank Hills, 20.00%
- Chapel Hill, 19.70%
- Sunnybank, 19.10%
- Carina Heights, 17.70%
- Holland Park, 16.50%
- Hamilton, 10.70%
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