Queensland land values rise after property market boom
Strong demand and confidence in the property sector and low interest rates have all contributed to higher land values across Queensland.
Queensland’s Valuer-General Wally Kearnan today announced more than 1.51 million landowners across 30 local government areas would receive their new land valuations in the post or by email.
“Today’s land valuations are the culmination of extensive market research and analysis by the State Valuation Service team across Queensland,” Mr Kearnan said.
“As many are aware, the real estate market has seen significant increases in various sectors across Queensland and this has affected land valuations.
“In mid-2020 with COVID-19 lockdowns, market experts were predicting a fall in property values but by September 2020 the property market had generally risen, and prices continued to increase in various sectors.
“Over the past 12 months we have seen record low interest rates, a fear of missing out and changing housing requirements due to the opportunities to work from home, which have changed the urban property market and where people want to live.”
Land valuations provide independent data that underpins industry decisions and allows landowners to monitor the changing value of their land.
Throughout the course of the 2022 land valuation program, a number of factors were identified to have influenced values including:
- overall confidence and strong demand throughout the property sector
- interstate migration and investment
- changing housing requirements due to work from home
- a shortage of available housing stock
- historically low interest rates.
Mr Kearnan said increased land values would have a positive effect on homeowner property prices.
A call centre has been set up to allow landowners affected by recent flooding to provide flooding information about their property, for consideration in future revaluations.
“We understand some Queenslanders are doing it tough after recent flooding events and may have questions on how it affects their land valuation,” Mr Kearnan said.
“While the valuations were completed before the floods and considered the impact of historic flooding, a land valuation may be amended if floods, cyclones or other natural disaster cause the land to be permanently damaged.
“Landholders affected by flooding for the first time or where flooding has exceeded historic levels should call 1300 664 217.”
The State Valuation Service values a selection of Queensland LGAs each year.
The Valuer-General’s decision to revalue an LGA is based on factors including a property market survey and consultation with individual local governments and industry stakeholders. For more information on statutory land valuations or to access latest valuation data, visit https://www.qld.gov.au/environment/land/title/valuation/annual
Land valuations fast facts
- There are approximately 1,741,870 properties in Queensland.
- More than 1.51 million properties across 30 local government areas (LGAs) were valued as part of the 2022 land valuation program - about 87 per cent of all rateable properties valued across the state.
- The 2022 program extended from the Douglas LGA in the north, to Gold Coast in the south, and as far west as Boulia.
- The overall percentage change for the 30 LGAs was an increase of 22.7 per cent, with increases ranging from 10 per cent for the Townsville LGA to 342.6 per cent for Boulia.
Last updated 5 April 2022