House prices are up but that means rates will be too

HOUSE values in the Gympie region rose by more than 7% last year, and will impact on local rates notices as of June 30, this year.

GOOD NEWS: House values in the Gympie region rose by more than 7% last year, and will impact on local rates notices as of June 30, this year. Picture: Brett Wortman

HOUSE values in the Gympie region rose by more than 7% last year, and will impact on local rates notices as of June 30, this year.

A summary of Queensland's property market was released today ahead of the March 8 issue of the 2017 annual statutory land valuations.

Queensland's Valuer-General Neil Bray said the Valuer-General's 2017 Property Market Movement Report summarised the comprehensive analysis of all property markets within Queensland's 2017 annual land valuation program.

"Queensland's property market reflects improved values in a number of the major urban centres in south-east Queensland and the farming areas in regional Queensland,” Mr Bray said.

"The market evidence indicating growth in the major urban areas is supported by factors that influence the property market such as strengthening tourism activity, strong housing construction and low borrowing costs for property investors.

"However land values in some regional centres have fallen as a result of the continuing decline in some sectors of the mining industry.

"The current state of the resource sector has seen moderate to significant decreases in overall land values in affected areas, notably the Surat Basin, Gladstone and some areas within Central Queensland.

"Generally, across Queensland, increased sales activity in rural markets resulted in rising land values within the grazing, horticultural, small crop and dryland farming industries.”

Mr Bray said 10 of the 28 rateable local government areas being valued this year recorded an overall increase in median residential values of between 1.8% and 57.5%.

"Of those 10 local government areas, eight recorded increases of more than 5%,” Mr Bray said.

"These included Gympie, Brisbane and Logan which recorded increases of 7.3%, 10.3% and 18.9% respectively.

"A further 16 local government areas recorded an overall decrease in median residential value of between 1.1% and 54.6%.

"These included Maranoa, Mackay and Townsville which recorded decreases of 54.6%, 9.8% and 2.1% respectively.

"Goondiwindi and Somerset were the only local government areas that recorded no change in median residential value.

"The volume of property lodgements recorded with the Registrar of Titles increased over the first half of the 2016-17 financial year with an average of 3105 daily lodgements - up 1% from the previous financial year.”

Mr Bray said the rateable local government areas being valued this year represented approximately 73% of all properties in Queensland.

"The 28 local government areas are Balonne, Barcaldine, Blackall-Tambo, Brisbane, Bundaberg, Carpentaria, Cassowary Coast, Central Highlands, Croydon, Gladstone, Gold Coast, Goondiwindi, Gympie, Ipswich, Livingstone, Logan, Mackay, Maranoa, Mareeba, Moreton Bay, North Burnett, Rockhampton, Somerset, Southern Downs, Tablelands, Townsville, Western Downs and Whitsunday” he said.

"The valuations, issued in accordance with the Land Valuation Act 2010,will take effect for local government rating, state land tax and state land rental purposes where applicable on June 30, 2017.”

The Valuer-General's 2017 Property Market Movement Report is available online at www.qld.gov.au/landvaluation

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