2019 Property Market Movement Report
The Queensland Valuer-General has released the 2019 Property Market Movement Report, outlining the basis for new valuations issued from 6 March.
The 18 local government areas receiving new valuations this year are: Brisbane, Burdekin, Cairns, Etheridge, Gympie, Ipswich, Lockyer Valley, Logan, Longreach, Moreton Bay, Noosa, North Burnett, Redland, Somerset, South Burnett, Sunshine Coast, Weipa and Western Downs.
High residential demand in the greater Brisbane region has been noted in the report, with overall increases in total land values observed in most of these local government areas.
Brisbane recorded a 6.8% increase in the total value of land since the previous annual valuation. The Sunshine Coast recorded a 10% increase.
Industrial land in Brisbane increased by 17.5%, with the report finding strong demand and limited supply.
While the Townsville and many other local government areas in North Queensland were not revalued in 2019, under section 90 of the Land Valuation Act 2010, an owner can apply to the Valuer-General for an amended valuation, if an adverse natural cause (such as a flood) has changed the land’s value.
Under this provision, land owners have 6 months from when the damage happens to apply to the Valuer-General for an amended valuation.
For further information about annual valuations and to access property market movement reports, click here.