Land values have skyrocketed in some Brisbane suburbs, new figures show, with one suburb recording an incredible jump of more than 20 per cent.
LAND values have skyrocketed in some Brisbane suburbs with new figures revealing jumps of up to 20 per cent in a year.
The best results were recorded in the outer suburbs, with Archerfield, 12km south of the CBD, leading the charge.
It chalked up the biggest increase in value for the Brisbane area of 20.9 per cent over the past 12 months, with its median residential land value now $275,000.
It was followed by Durack, where values went up by 19.2 per cent according to the latest Department of Natural Resources and Mines land valuation figures released today.
The inner northern suburbs also recorded strong gains in land values of between 11 per cent and 16 per cent, with Kalinga’s median land value now sitting at $750,000 — $100,000 more than it was a year before.
Grange land values are up 12.5 per cent, while the median value of land in Wooloowin is now $620,000, compared to $540,000 a year ago.
Land values dropped slightly in the Moreton Island localities of Bulwer, Cowan Cowan and Kooringal.
Brisbane’s overall median land value has only increased by $5000, or 1.1 per cent, in the past year.
Valuer-General Neil Bray said about 825,000 landowners would receive new valuations for their properties across the state from 9am today.
“The analysis of residential sales data shows that Brisbane land is selling for similar prices that it was in the previous round of valuations, with a slight increase from $455,000 to $460,000,” Mr Bray said.
“This means that the median value of residential land of 115 Brisbane suburbs has remained static, while the value of multi-unit residential land has increased slightly.”
The valuations, which are used for local government rating, state land tax and state land rental purposes, take affect on June 30.
They take into consideration property sales since the last valuation, the impact of natural disasters, the state of the economy, the effects of the mining boom, planning and zoning changes, commodity prices and population growth.
Mr Bray said the strong increases in land values for suburbs like Archerfield and Durack were a result of increased competition and affordability.
He said the increases for the inner northern suburbs reflected a rising demand for well located suburbs.
But Mr Bray said an increase in land values did not necessarily translate to increased rates.
“Councils get access to the data about one month prior so they can start analysing the movements within land use groups,” he said.
“It’s a question for local governments — it doesn’t necessarily translate.”
Ray White Forest Lake principal Thanh Ngo said sale prices for homes in Durack and “definitely gone up” in the past year.
Mr Ngo said the suburb’s access to the motorway and proximity to Brisbane’s CBD made it attractive to investors, while its affordability was appealing to first home buyers.
“The houses aren’t as old as those in Inala (nearby) and they’re in better condition,” Mr Ngo said.
Across the state, 15 of the 21 local government areas recorded increases in land values, with Winton, Mackay and Bundaberg the standouts.
“There has been some strong growth in rural land, driven by stronger commodity prices in the beef and wool sectors,” Mr Bray said.
Anyone wishing to object to their land valuations has until May 5.
BIGGEST INCREASES IN RESIDENTIAL LAND VALUATIONS IN BRISBANE
Suburb Previous New median Change in Number of
median value value as at median properties
as at 1/10/2018 1/10/2019 value
1. Archerfield $227,500 $275,000 20.9% 225
2. Durack $235,000 $280,000 19.2% 1809
3. Kalinga $650,000 $750,000 15.4% 621
4. Wooloowin $540,000 $620,000 14.8% 939
5. Grange $640,000 $720,000 12.5% 1417
6. Fitzgibbon $250,000 $280,000 12% 2049
7. Wilston $690,000 $770,000 11.6% 1112
8. Inala $215,000 $237,500 10.5% 4775
9. Seventeen Mile Rocks $340,000 $375,000 10.3% 901
10. Algester $340,000 $375,000 10.3% 2557
by Elizabeth Tilley on MARCH 4, 2020
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