Queensland’s Valuer-General Neil Bray has released 2020’s land valuations for 21 of the state’s local government areas including Brisbane, the Gold Coast and Scenic Rim.
It’s no secret that 2019 was a challenging year in the real estate market, with Mr Bray attributing the generally static residential sector in SEQ to the slight decline in sales volume.
"The volume of property lodgements recorded with the Registrar of Titles decreased over the first half of the 2019–20 financial year with an average of 2673 daily lodgements—down two per cent from the previous financial year" he said.
"Although property sale transfers are down, continued population growth through interstate migration, and low borrowing costs were contributing positively to the property sector in Queensland.
"The analysis of residential sales data shows that Brisbane land is selling for similar prices that it was in the previous round of valuations, with a slight increase from $455,000 to $460,000 equivalent to a 1.1% increase on average.”
Eleven Brisbane suburbs recorded double digit growth in median land values including Archerfield (20.9%), Durack (19.2%), Kalinga (15.4%), Wooloowin (14.8%), Grange (12.5%), Fitzgibbon (12%), Wilston (11.6%), Inala (10.5%), Algester (10.3%), Seventeen Mile Rock (10.3%) and Darra (10.2%).
In total, 56 suburbs recorded an overall increase while 115 Brisbane suburbs remained static.
The valuations, which are used for local government rating, state land tax and state land rental purposes, take effect on June 30. Objections can be submitted online until the 5th of May.
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