More than 22,000 new valuations will be issued to local landowners due to “changed housing needs” and “property market changes”.
Queensland’s Valuer-General Laura Dietrich recently announced the new valuations, which showed significant increases, would be issued to landowners for 22,203 properties across the Noosa local government area.
“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.
“Changed housing needs due to work from home have changed the urban property market and where people want to live.
“These land valuations reflect property market changes since the local government areas were last valued, with the date of revaluation being October 1, 2022.
“The new valuations will take effect from June 30 this year.”
Noosa showed an overall increase of 62 per cent with significant increases across all land-use categories.
The revaluation included 22,203 properties with an estimated total value of about $21,283,394,000.
The median residential land value increased by an overall 53 per cent from $405,000 to $620,000 while primary production land values have increased 60 per cent.
The median price is the middle price in a range of property sales and is not to be confused with the average price, which is the total value of all the properties sold divided by the number sold.
The report stated significant changes to residential land values and property markets was due to increases in higher-profile buyers being active in the Noosa market. Also, the overall profile of the local government area has increased significantly in recent years.
On March 31, 2022, the Valuer-General released land valuations for 22,183 properties with a total value of $13,087,399,600 in the Noosa Shire Council area.
Those valuations reflected land values as at October 1, 2021, and showed that Noosa Shire Council had increased by 36.5 per cent overall since the last valuation issued in 2019.
The report outlined the significant level of change within this market was largely due to the number of interstate buyers relocating.
It further stated that since the Covid-19 pandemic, increased working from home arrangements have led local buyers to recognise that the need to live in capital cities is no longer as relevant as it once was, and that this change in lifestyle is also reflected in the market.
Gympie showed an overall increase of 40 per cent including the median residential land value increasing by 41 per cent from $131,000 to $185,000 and primary production land values increasing 49 per cent.
The Valuer-General’s decision to revalue an LGA is based on factors including a property market survey, the timing of the last valuation and consultation with local governments and industry.
More than 805,000 properties across 24 local government areas were valued in 2023, representing about 45 per cent of all rateable properties valued across the state.
Mrs Dietrich said the impact of any severe weather events, including historic flooding, were considered in the valuation process.
“Land valuations provide independent data for various industries and allows 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.”
A call centre has been established for a 60-day period to answer any inquiries, on 1300 664 217.
For more information on statutory land valuations or to access latest valuation data visit 2023 land valuations. For a breakdown of Noosa LGA land valuations for 2023 and 2022 visit Noosa land valuation overview 2023. See the full LGA overviews, including previous and current medians, at land valuation reports and publications.
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