More than 61,700 properties across Central Queensland received land valuations on Tuesday, 26 March 2024.
The new valuations cover the Whitsunday, Isaac, Livingstone, Central Highlands and Banana local government areas.
The Banana Shire currently contains 6,822 properties, with a new median residential land value of $41,500. This is an increase of 136 per cent since the previous land valuation in October 2020, with a new total value of $5,332,041,564 in the shire alone.
Land values rose 71 per cent overall with several factors identified to influence price increases including:
Overall confidence in the rural sector particularly the cattle sector.
Continuing growth and expansion within the mining sector.
Major infrastructure projects underway including in the renewable energy sector.
Strong interest in land in tourist areas.
The Valuer-General’s decision to revalue a local government area is based on several factors including a property market survey, the timing of the last valuation and consultation with local governments and industry.
The date of valuation is 1 October 2023, with valuations taking effect from 30 June 2024.
Valuer-General, Laura Dietrich said there is strong demand from interstate and other investors who see parts of Central Queensland as being more affordable than other parts of the state.
“The increases in land values we’re seeing across this region is down to several factors including a strong agricultural sector buoyed by good seasons as well as expansion in the mining industry,” she said.
“Land valuations provide independent data that underpins decision-making and allows landowners to monitor the changing value of their land.
“Other than the provision of independent valuation data, I have no role in Land Tax matters or the Queensland Land Tax Framework.
“Rates are set by councils when they determine annual budgets, but it’s important to stress, valuations are not the only data considered by a council when deciding rates.
“Local governments have wide ranging powers to manage rates, including differential rating, setting a minimum rate, rate capping and the averaging of valuations before rates are assessed.”
Valuation Fast Facts:
*20 local government areas were valued as part of the 2024 valuation program.
*This will result in more than 675,000 valuations issued across these local government areas covering 712,000 km² across Queensland.
*The date of valuation is 1 October 2023 and the valuations will take effect from 30 June 2024.
*Valuers within the State Valuation Service undertake extensive research on local property markets, examine trends and sales information for each land use category, inspect recently sold vacant or lightly improved properties, and where appropriate interview sellers and purchasers.
*These new land valuations reflect property market changes since the LGAs were last valued.
*Land valuations will remain unchanged in local government areas that weren’t revalued.
*Questions about land tax should be directed to the Queensland Revenue Office
