Property Market Movement Report released: Sunshine Coast residential values up 7.4%
The Department of Natural Resources and Mines has released the Valuer-General’s Property Market Movement Report 2015. A copy of the accompanying media release can be found here. The Report provides an overview of the change in property values across Queensland and across land use types. This Report accompanies the release of annual statutory land valuations for each local government authority.
The Report also stated that median residential and multi-unit values have improved – particularly in South East Queensland. Sunshine Coast’s median residential values are up by 7.4% and multi-unit values increased by 1.7%.
These increases in values are not unexpected, given the forward indicators of supply and demand tracked by the UDIA (Qld) in its Development Industry Snapshot.
Other regions with increases in residential values were in Brisbane (10.9%), Cairns (12.9%) and the Gold Coast (9.5%). Multi-unit median land values also increased significantly in Brisbane (14.4%), Gold Coast (11.7%) and Rockhampton (10.8%). Regional Queensland had mixed results, with declining values in locations affected by the downturn in the mining industry. Residential values fell 8.2% in Mackay and 19.2% in Gladstone.
The new valuations will take effect on 30 June 2015 and will be used for local government rating, state land tax and state land rental purposes. Members should be aware that median land values increased 5.6% across Queensland.
Landowners can get access to information on land valuations via the Land Valuations Globe.