Brisbane rates to skyrocket after land values soar by 40 per cent

Ratepayers in Brisbane and across Queensland could be smashed by hikes after property values skyrocketed over the past two years. SEARCH THE INTERACTIVE

Rates could skyrocket across Brisbane. Picture: Annette Dew

Land owners across the state are bracing for a significant rate increase with the value of properties soaring in two years, with some regional areas experiencing a staggering 200 per cent increase.

In the Brisbane City Council area the revaluation of 350,954 properties resulted in a value of $342.6bn – a 17 per cent increase since the last revaluation in 2023.

While the valuation does not set rates, councils use the figures to calculate annual rate levies.

The Valuer-General said the increase was driven by record population growth, large infrastructure projects including Cross River Rail, Kangaroo Point Bridge and Queen’s Wharf.

Major infrastructure developments supporting the hosting of the 2032 Olympic Games also resulted in an increased demand for office space beyond the CBD, where vacancy rates fell.

Kangaroo Point Bridge, Eagle Street Pier and Queens Wharf and metro tunnel projects also contributed to Brisbane growth.

The value of homes in many suburbs soared by more than 20 per cent, with median residential land now sitting at $720,000.

Strongest surges were seen in fringe and island suburbs like Bulwer (79.8 per cent) and Cowan Cowan (80 per cent), while inner suburbs such as Robertson (57.6 per cent), Heathwood, and Sandgate led the pack for mainland Brisbane.

Several suburbs like Kedron, Fairfield, and Tennyson remained flat.

Karawatha’s median value rose 40.6 per cent to $485,000.

No suburb went backwards, but Kedron recorded not change to its median price of $830,000.

Meanwhile, regional land value surged.

Paroo Shire, home to Cunnamulla, posted the highest increase in the state at 247 per cent with residential land doubling and rural land almost doing the same.

Neighbouring Murweh Shire including the town of Charleville wasn’t far behind, with a 238 per cent overall jump, reflecting a broader trend of rural lifestyle demand and confidence in the agricultural sector.

Quilpie Shire recorded a 236 per cent rise, with the tiny town of Adavale delivering a staggering 1700 per cent jump in land value — from just $250 to $4500.

In Toowoomba, city suburbs saw steady 25–30 per cent increases, while smaller towns such as Cooyar and Haden saw land values double.

Townsville recorded a 27 per cent increase, led by the Magnetic Island suburbs of Picnic Bay (98.5 per cent) and Horseshoe Bay (+92.9 per cent), due to a strong demand from lifestyle buyers and retirees.

In the agricultural belt, Rockhampton land went up 36 per cent and Scenic Rim have shown rising land values tied to both lifestyle migration and commodity confidence.

Silkwood and El Arish in the Cassowary Coast saw 100 per cent increases, spurred by beachside affordability and Cairns rose 31 per cent, with high gains in beachside spots like Palm Cove (50.8 per cent) and Trinity Park (43.8 per cent).

Closer to the southeast corner, Logan and Scenic Rim posted 19 per cent and 22 per cent increases respectively, with suburbs like Yarrabilba (35.7 per cent) and Kalbar (46.5 per cent) surging as families seek affordability within reach of Brisbane.

Land valuation trends show southeast residents likely migrated to regional areas for affordable housing due to remote work changes post-pandemic and booming agriculture conditions.

Queensland’s Valuer-General Laura Dietrich said while a variety of factors had contributed to “significant” market movements, land valuations had been completed before flood events.

Home prices across Queensland are set to surge.

“Continued confidence in the agriculture sector, along with generally favourable seasonal conditions, has contributed to notable increases,” she said.

“We understand some Queenslanders are doing it tough following recent floods and adverse weather events and may have questions about how this affects their land valuation.

“If your property has experienced flooding beyond its historical levels, or if it has been impacted by adverse weather for the first time, please contact the call centre.”