Property Market Movement Report released: Townsville residential values stable
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. Median residential (single dwelling) values were unchanged in Townsville, with multi-unit residential falling slightly (down 0.3%).
The greatest increases in residential values were in Brisbane (10.9%), Cairns (12.9%), Gold Coast (9.5%) and Sunshine Coast (7.4%). Multi-unit median land values increased significantly in Brisbane (14.4%), Gold Coast (11.7%) and Rockhampton (10.8%)
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.
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.