Strong rural sector results in rise in land valuations
More than 805,000 new valuations will be issued to landowners across Queensland today.
Queensland’s Valuer-General Laura Dietrich said landowners across 24 local government areas would begin to receive their new valuations as part of the 2023 program.
“Today’s land valuations are the result of months of hard work and extensive research and analysis by the State Valuation Service,” Mrs Dietrich said.
“Primary production land values in the western rural areas have shown significant increases in land values since their last revaluation date.”
The date of revaluation is October 1, 2022 with valuations taking effect from June 30, 2023.
The Valuer-General’s decision to revalue a local government area is based on factors including a property market survey, the timing of the last valuation and consultation with local governments and industry.
Throughout the course of the 2023 land valuation program, several factors were identified to have influenced values including:
- Overall confidence in the rural sector
- Strong beef and commodity prices up to the date of revaluation
- Low interest rates up to date of revaluation
- Rural sales transacting at record levels
- Significant increases in land value for rural properties
- Improved seasonal conditions
- Producers seeking to acquire more land in order to expand their herds
- Family operations and corporates seeking scale
Mrs Dietrich said the impact of any severe weather events, including historic flooding, were considered in the valuation process.
"Land valuations provided independent data for various industries and allowed landowners to monitor the movement in the value of their land,” she said,
“Local governments and the Queensland Revenue Office may use this information as an input to their rating and land tax considerations.”.
The local government areas revalued in 2023 were:
- Lockyer Valley
- Scenic Rim
- Southern Downs
- Western Downs
- Mount Isa
Land valuations will remain unchanged in local government areas that weren’t revalued.
For more information on statutory land valuations or to access latest valuation data, visit https://www.qld.gov.au/environment/land/title/valuation/annual
A call centre has been established for a 60-day period to answer any enquiries, on 1300 664 217.
Land valuations fast facts:
- There are approximately 1,759,000 properties in Queensland.
- More than 805,000 valuations across 24 local government areas were undertaken as part of the 2023 land valuation program - about 45 per cent of all rateable properties valued across the state.
- Total land valued was 46 million hectares.
- The 2023 program extended from Weipa in the north, to Southern Downs on the QLD/NSW border in the south, and as far west as Mount Isa.
- The overall percentage change for the 24 LGAs was an increase of 19 per cent, with changes ranging from a 5.5 per cent decrease for the Weipa Town LGA to a 178 per cent increase for Cloncurry Shire LGA.
Media note: Video and audio grabs of Valuer General available here.
Media contact: Fidelis Rego – 0439 311 698
Last reviewed: 17 March 2023