In brief - New valuations for properties located in parts of Queensland will take effect on 30 June 2019
On 6 March 2019, the Valuer-General issued new valuations for properties located in 18 local government areas across Queensland. The new valuations will take effect on 30 June 2019 and are used for the purposes of calculating local government rates, state land tax and rental payable to the State of Queensland under state leases.
New valuations for properties in Queensland local government areas
New valuations have been issued for properties in the following local government areas:
2019 Property Market Movement Report
The Valuer-General publishes a Property Market Movement Report each year in advance of the release of the new valuations. The Report for 2019 identifies an 8.2% increase in land values state-wide and provides some reasons for the approach taken by the Valuer-General.
The Report identifies a 6.8% overall increase in land values in the Brisbane City Council area, with the industrial market being the strongest performer. According to the Report, buoyant industrial market conditions have resulted in an overall increase of 17.5% to industrial property values, with some significant increases in established industrial precincts such as Eagle Farm and Rocklea. Similarly, the Valuer-General cites increased demand for commercial office space in the Brisbane CBD as a key driver for increased commercial land values.
The Logan City Council area has experienced an 11.6% overall increase to land values in that area. According to the Valuer-General, commercial and industrial land values in the Logan City Council area have increased since the last valuation in 2017, in particular, service station sites saw a significant increase in value.
The Report identifies a 10.9% overall increase to land values in the Redland City Council area which the Valuer-General says is attributable to improvement in the market in most sectors since the last valuation in 2016.
According to the Report, there has been a 10% overall increase to land values in the Sunshine Coast area since the last valuation of the area in 2018.
Since its last valuation in 2017, the Ipswich City Council local government area has experienced a 8.8% overall increase in land values. Notably, strong demand for new development has resulted in significant increases to new development land values, particularly around Ripley.
The Report cites increased sales activity in rural markets across Queensland (notwithstanding the fact that the majority of the state remains drought declared). The increased sales activity has resulted in an uplift in land values within the majority of grazing, horticultural, small crop and dryland farming industries. The Valuer-General identifies increased commodity prices and low interest rates as the key drivers for significant increases in the value of rural land in the Western Downs, Wide-Bay Burnett (Gympie, South Burnett and North Burnett) and Cairns.
Implications of increased land valuations
The Valuer-General has indicated that over the 12 months previous to March 2019, the Queensland property market had generally improved in all the major urban centres in South East Queensland, as well as in farming areas of regional Queensland.
Landowners may receive new valuations for their property showing increases above the current valuation issued by the Valuer-General, which may result in an increase to their liability for rates and land tax.
Objecting to new valuations
Landowners who have received a new valuation issued by the Valuer-General may object to the new valuation by lodging an objection. An objection must be lodged within 60 days of the date of issue of the new valuation: for new valuations issued on 6 March 2019 the final date to lodge an objection to the valuation is 7 May 2019.
Townsville City Council local government area
Whilst properties located within the Townsville City Council local government area have not been valued this year, landowners whose property has been permanently damaged by natural disaster, including the recent floods, may apply for an amendment to the current valuation of their property to reflect the impact of the natural disaster on the value of their property. Any application must be made within 6 months of the date upon which the permanent damage occurred.
|Allan Lonergan||Madeleine Copley|
|Property acquisition, development and sale|
|Colin Biggers & Paisley|
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.