Gympie region land values surge 40 per cent in new valuations

A record jump in land values across Gympie and the broader region has sparked calls for landowners to scrutinise - and possibly object to - their new valuations, which some fear do not accurately reflect the market. See where the biggest rises have been.

Nanango LNP MP Deb Frecklington is urging Gympie region residents to check their new land valuations following an average increase of 41 per cent across the region, while Mayor Glen Hartwig has moved to assuage fears the new values will lead to a staggering rate rise.

Gympie Mayor Glen Hartwig has moved to mitigate fears of a rate hike on the back of a record jump in land values, although a final decision will fall at the feet of council “as a collective”.

Some residents across the region have been left picking their eyeballs off the floor amid an average region-wide land valuation increase of 41 per cent, with some pockets recording spikes of up to 70 per cent.

The largest spike was felt at Cooloola Cove where values jumped 66.7 per cent, from $129,000 to $215,000.

Kilkivan residents were not far behind with land values in the township up 60.7 per cent, from $61,000 to $98,000.

Values at Brooloo, Dagun, Gunalda, Imbil, Kandanga, PIe Creek, Kinbombi, Neerdie, Rainbow Beach, Tansey and Tin Can Bay each recorded increases of 40-50 per cent.

The lowest rises in the region were at Woolooga (10.3 per cent, from $29,000 to $32,000) and Cinnabar, where values remained the same.

Residential land values at Cooloola Cove increased 67 per cent, the biggest jump across the Gympie region.

Rural residential land values rose an average of 42.9 per cent, from $200,000 to $285,000.

Commercial total land values increased 26.9 per cent, while the total value of industrial land was up 40.6 per cent.

The total value of primary production land increased 49.1 per cent, was now worth more than $1.14billion.

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Mr Hartwig said new valuations repeated a problem the council had in 2022.

“I’m not sure why we had to have two land valuations in a row, particularly when it would appear this land valuation is at the peak, and not at what the real valuation of the land is at.

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“Council is aware those increases in valuations do put pressure on rates and we adjust to smooth that out the best we possibly can.”

As to whether a large rate increase could be ruled out Mr Hartwig said it was a “decision of the council to make as a collective group”.

“We have always done everything we possibly can to ensure our rate rises have been to a minimum,” he said.

Gympie LNP MP Tony Perrett said he was concerned the valuer general had “overcooked” the latest residential land values, and it would have been better to wait until the market settled.

“We’ve been very responsible in our spending to ensure we are getting value for money and limiting the pressure on the organisation and the region, and I can’t see that changing this year.”

State LNP MPs for Gympie and Nanango, Tony Perrett and Deb Frecklington, have urged residents to check the values, with Mr Perrett saying he was concerned the valuer general had “overcooked” them.

Mrs Frecklington said landowners should “carefully review their valuation notice when it arrives in the mail” and consider if an objection needs to be lodged.

“Land valuations are the basis for rating, land tax and state land rental purposes and the new valuations will take effect from 30th June 2023,” she said.

“I am aware of some landholders who have saved on their local government rate bills by successfully objecting to an incorrect valuation.

Objections must be made HERE by May 16, 2023.