Queensland bucks land values trend, with some increasing by as much as 42 per cent

Land values have jumped as high as 31 per cent in Brisbane as the city bucks the national property slump. But the real winners are outside the state capital, where values have jumped as high as 42 per cent. SEE THE STATE’S BIGGEST WINNERS

LAND values have jumped nearly 7 per cent this year as Brisbane bucks the national property slump.

Fresh valuations of a million Queensland properties reveal values have jumped as high as 42.5 per cent.

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Residential land values across Brisbane are up between 5 per cent and 15 per cent in most suburbs, since the previous valuation two years ago.

The median residential land value for 2019 rose 7.1 per cent to $455,000.

Inner-city neighbourhoods scored some of the biggest gains, and a few outer suburbs achieved unexpected increases.

A first home buyers’ boom pushed median land values 19.4 per cent higher in Carseldine, to $370,000.

Values in the northern suburb of Boondall jumped 22.6 per cent to $325,000 while Rocklea, devastated by the 2011 floods, lifted its values by 31 per cent to $275,000.

In the western suburbs, values soared 20 per cent in Sinnamon Park to $420,000, and jumped 20.7 per cent in Jindalee, to $350,000. Nearby, Kenmore’s values rose 19.8 per cent to $485,000.

In inner-city Paddington, the median land value jumped 19.4 per cent to $740,000 while in neighbouring Auchenflower values jumped 19.6 per cent to $670,000.

In Woolloongabba, values rose 26.1 per cent to $580,000 while in the XXXX brewery suburb of Milton, they rose 19.2 per cent to $620,000.

Sheridan Van Asch said it was “absolutely” a good time to sell their Woolloongabba property.

“If the prices are going up, it’s because people are realising the benefits of living in the enclave of Woolloongabba,” she said.

“I’d love to know of any city where you can be 2km from the city and still experience this lifestyle and live in a leafy suburb.”

Industrial land values across Brisbane soared 17.5 per cent, with big increases at Eagle Farm and Rocklea.

But commercial property values suffered “minor to moderate’’ falls in Spring Hill, Fortitude Valley, South Brisbane and Kangaroo Point, due to tenants preferring a CBD address.

Unit land values were static, with slight falls in Chermside and Mount Gravatt.

Queensland Valuer-General Neil Bray said State Treasury predictions were for a “soft landing’’ for the housing market, despite prices plunging interstate.

“Migration into Queensland has influenced not only the southeast, but beyond to Cairns,’’ he said.

The higher valuations are good news for homeowners wanting to sell, but potentially bad news for ratepayers, as councils often use land values to set rate payments for individual properties.

Property data analyst CoreLogic yesterday said Brisbane was the nation’s worst performing auction market this past week, with only one in three houses up for auction being sold.

The number of new property listings in Brisbane has fallen 11 per cent over the past year.

But average home prices in Brisbane have dropped just 0.5 per cent in a year, compared to 10 per cent in Sydney and Melbourne.

Sheridan Van Asch and David Burnett with Charlie, at their home in Woolloongabba, AAP/Josh Woning

Building approvals in Queensland have fallen to the lowest level in six years, the Australian Bureau of Statistics revealed yesterday.

Approvals for new houses and units have crashed 35 per cent in a year, from 3822 in January 2018 to 2465 in January 2019.

Across Queensland, the far northern shire of Etheridge, in the Savannah Gulf grazing region west of Townsville, enjoyed the biggest jump in land values, averaging 42.5 per cent.

The only zones where values fell were Longreach – down 14.8 per cent – and the Burdekin area, down 2.9 per cent.

Land values rose 7.3 per cent in Cairns, 8.8 per cent in Ipswich and 10.9 per cent in the Redland shire.

On the Sunshine Coast, values jumped 10 per cent, with a 6.4 per cent lift in Noosa.