The State Valuation Service has released its Annual Valuation Notices – where State Government valuers conduct a property market survey of each local government area in Queensland. This helps to determine which areas are subject to annual land valuations.
Valuers research the local market, trends and sales for land, vacant and improved properties, consider the use of the land and zoning.
This year’s research found that average land values in Brisbane have increased 6.0% since the last land values in October 2016. Residential values have increased in 132 suburbs, while commercial values decreased in some locations, including the fringe. Industrial land remained static and rural residential markets increased.
The biggest increase in values was Macgregor, which saw an increase of 39.7% in value! Homeowners in Chelmer, Sherwood and Graceville also experienced exceptional increases in residential land values, jumping 33.3%, 35.7% and 36.8% respectively.
Queensland’s nine biggest residential land value rises include:
Homestead* (Charters Towers) — 100%
Condamine* — 76.7%
Cedar Grove* (Logan) — 40.6%
Macgregor — 39.7%
Ballandean* (Southern Downs) — 38%
Bundall (Gold Coast) — 37.8%
Graceville — 36.8%
Sherwood — 35.7%
Chelmer — 33.3%
*From a low base point of below $150,000