Valuations didn't hit Rocky hard
OWNERS of flood-hit homes across Rockhampton appear to have been spared the big drops in land valuations which have hit other victims across Central Queensland.
Valuations on 23,000 Queensland properties affected by the floods show estimated price drops of between five and 25%.
Meanwhile, revaluations of mining towns across Central Queensland have values skyrocketing, most noticeably at Jericho and Alpha (see story on this page).
The Valuer-General’s Property Market Movement Report, released yesterday, shows Rockhampton experienced a 1% overall increase in valuation since it was last valued in 2010.
“Parts of Rockhampton were extensively flooded again this year,” the report says. “Areas such as Depot Hill flood regularly, so the allowances that have been made in previous valuations because of the risk of flooding will continue.”
It’s a different story elsewhere, at places like Emerald.
“While Emerald has flooded previously, this year new levels of flooding were recorded and some properties flooded for the first time,” the report says.
“These properties were reviewed following this event and allowances of up to 17.5% have been applied.”
This kept Emerald’s overall value increase to a modest 15%, well below the 350% increase of nearby Clermont.
Clermont, like many other Central Queensland mining communities, noted big rises.
At Yeppoon the price as stayed static.
However, rural values have been mixed across the region.
The coastal grazing market has been static, while central and western grazing markets have seen a softening and are returning to 2006 land values.
Other towns which had strong increases included:
Central Highlands (-21%)
Not all towns and figures were provided in yesterday’s report. More detail will be provided on Tuesday, May 3.