Latest valuations released by the Queensland Valuer-General this week have underscored the static nature of the northern rural property market.
Queensland Valuer-General Neil Bray released more than 120,000 valuation notices across 27 local Government areas on Wednesday.
The figures which highlighted a generally softening trend, with valuations in some rural areas such as Gympie and the Central Highlands back by as much as 15.7pc and 13.8pc respectively on last year.
“Generally, across Queensland there is limited sales activity in rural markets, resulting in softening land values within the grazing, horticultural, small crop and dry land farming industries,” Mr Bray said
“Sales of a number of properties within south western Queensland have shown no overall change to existing unimproved value levels.
“Limited sales have shown small to moderate reductions in values occurring in the Cassowary Coast, Gympie, Central Queensland, Tara and South East Queensland.”
Mr Bray said several factors had contributed to the subdued nature of the rural property market.
“The ongoing effects of the Global Financial Crisis, interest rates, changes in bank lending policies, the persistent high Australian dollar and the overseas livestock trade ban have made potential purchasers cautious,” he said.
“It is expected that this trend will continue for some time until there is more confidence in the economy.
“In some rural market sectors further sales evidence over a longer period of time will be required to determine any market movement since the last revaluation.
“It is important to note that sales of rural land purchased by resource companies for the purpose of mining or other extractive industries are not used to determine statutory land values of rural land.”
Mr Bray said where revaluations were occurring, reviews have been undertaken to determine the impact of recent severe weather events on statutory land valuations.
“A detailed review of valuations for flood-affected local government areas not being valued this year is being undertaken for the 2014 valuation program,” he said.
“Landowners in areas not being valued this year and who have suffered permanent damage to their land should collect supporting information, including photographs and diagrams, showing that permanent damage has occurred, and lodge a written request to have the permanent damage taken into account.
“The Land Valuation Act 2010 permits amendments to valuations if landowners apply to the Valuer-General within six months of the permanent damage occurring.”
Mr Bray said it was important that landowners realised that valuation notices were not rate notices.
“Rates are set under the Local Government Act 2009 and by local governments when they determine their annual budgets,” he said.
“They are based on a number of factors – valuations are only one of those factors.”
- For more information, including the searchable list of Queensland’s land valuations for this year and rural valuation maps, visit www.dnrm.qld.gov.au/property/valuations or call 1300 664 217.
|Local Government Area||
Total value as at 1/10/2011
Total value as at 1/10/2012
Total value change
|BANANA||1 118.07||1 008.20||-9.8|
|CENTRAL HIGHLANDS||1 432.56||1 235.31||-13.8|
|ISAAC||1 502.78||1 358.31||-9.6|
|SCENIC RIM||1 288.07||1 223.53||-5.0|
|WESTERN DOWNS||1 801.48||1 708.57||-5.2|