Gladstone land values drop 7.8% -don’t reflect market now
Land valuations for the Gladstone region have been issued by the Queensland Valuer General, with a decline in value in most localities attributed to the timing of the assessments.
The valuations have been dated October 1, 2020, which was before the Gladstone property market reached its current and significantly higher level.
“The Valuer-General released land valuations for 28,429 properties with a total value of $3,536,001,969 in the Gladstone Regional Council area,” the Valuer General’s department said in a statement.
“The valuations reflect land values at October 1, 2020, and show that Gladstone Regional Council has decreased by 7.8 per cent overall since the last valuation in 2018.”
The Valuer-General used a number of techniques to determine land values including researching the property market, examining trends and sales information for each land use category, conducting interviews with vendors and purchasers of property, while also taking into account the physical attributes and constraints on use of the land.
The land valuations were needed for rating and taxing purposes; for calculating fair compensation in cases where land was being compulsorily acquired; and for working out council, water and sewerage rates, as well as state land taxes or leasehold rentals.
Of the $3.536 billion worth of land in the Gladstone Local Government area, residential land was worth $1.869 billion, rural residential land $812 million, industrial land $266 million, primary production land $252 million, commercial land $173 million, multi-unit residential land $108 million and other land $53 million.
Gladstone Region Mayor Matt Burnett said while there has been a significant shift in the property market since this time, the Valuer General could not consider any sales data from October 1, 2020, even though the property market has increased significantly since that date.
“It has been three years since the last valuation in the Gladstone Region and the state determined it was time for our region to receive updated valuations,” Cr Burnett said.
“If you disagree with your land valuation, you have 60 days (until 31 May 2021) to lodge an objection.”
“Residential land values have generally decreased significantly in Gladstone suburbs, Miriam Vale and Turkey Beach,” the Valuer General’s Department said in a statement.
“The median value of residential land in the Tannum Sands locality was unchanged at $131,000.
“Seventeen Seventy reflected a slight increase in median values due to increased demand for vacant land.”
Primary production land values have increased by 10.2 per cent, while rural residential land values have remained steady since 2018.
Multi-unit residential land values took the biggest hit, with a 17.9 per cent decline, followed by commercial land which dropped 15.5 per cent.
Property owners can contact 1300 664 217 with any land valuation inquiries.
Land valuation listings can be viewed online or in person at council’s 101 Goondoon Street Office until June 28, 2021.
Residential Land values in the Gladstone Local Government area by suburb.
Locality New median land value Per cent change
Agnes Water $142,000 +1.4
Ambrose $16,800 – 40
Barney Point $54,000 – 29.9
Boyne Island $109,000 – 6.8
Calliope $85,000 – 9.6
Clinton $78,000 – 10.3
Curtis Island $85,000 – 1.2
Gladstone Central $76,000 – 30.3
Glen Eden $78,000 – 10.3
Kin Kora $64,000 – 29.7
Kirkwood $103,000 + 2.0
Miriam Vale $43,000 – 24.6
Mount Larcom $21,000 – 60.4
New Auckland $78,000 – 11.4
Seventeen Seventy $410,000 + 2.5
South Gladstone $65,000 – 30.1
Sun Valley $61,000 – 29.9
Tannum Sands $131,000 0
Telina $110,000 0
Toolooa $46,500 – 19.8
Turkey Beach $77,000 – 18.1
West Gladstone $62,000 – 29.6
Wurdong Heights $207,500 0
Yarwun $23,000 – 60.3