Almost 208,000 new valuations have been issued this week across the Wide Bay and Sunshine Coast today with land values rising 36 per cent overall, influenced by population growth, property affordability and strong agricultural commodity prices.
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 Sunshine Coast LGA continues to see strong population growth from interstate and overseas and that means demand for property remains strong,“ Valuer-General Laura Dietrich 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.”
Ms Dietrich said there had also been strong demand for properties in the Fraser Coast and Bundaberg LGAs because of their relative affordability compared to other coast regions.
There were 20 local government areas valued as part of the 2024 valuation program.
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 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.
