Land values rise after property market boom
Land values have risen across Queensland after the property market boom.
Strong demand and confidence in the property sector and low-interest rates have all contributed to higher land values across Queensland, according to the Queensland Government.
Queensland’s Valuer-General Wally Kearnan said the real estate market has seen significant increases in various sectors across Queensland and this has affected land valuations.
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“In mid-2020 with COVID-19 lockdowns, market experts were predicting a fall in property values but by September 2020 the property market had generally risen, and prices continued to increase in various sectors.
“Over the past 12 months, we have seen record low-interest rates, a fear of missing out and changing housing requirements due to the opportunities to work from home, which have changed the urban property market and where people want to live.”
Land valuations provide independent data that underpins industry decisions and allow landowners to monitor the changing value of their land.
“Land valuations are the culmination of extensive market research and analysis by the State Valuation Service team across Queensland,” Mr Kearnan said.
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The State Valuation Service values a selection of Queensland LGAs each year.
Throughout the course of the 2022 land valuation program, several factors were identified to have influenced values including overall confidence and strong demand throughout the property sector, interstate migration and investment, changing housing requirements due to work from home, a shortage of available housing stock and historically low-interest rates.
The Valuer-General’s decision to revalue an LGA is based on factors including a property market survey and consultation with individual local governments and industry stakeholders.
Mr Kearnan said increased land values would have a positive effect on homeowner property prices.
More than 1.51 million landowners across 30 local government areas would have received their new land valuations in the post or by email.
For more information on statutory land valuations or to access the latest valuation data, visit https://www.qld.gov.au/environment/land/title/valuation/annual
