Gold Coast property: How much skyrocketing property values are increasing

Gold Coast property values have skyrocketed in the past two years, with new data revealing the new median residential land value and what it means for rates and charges. FULL DETAILS

Gold Coast property values have increased 25 per cent in the past two years, with the median residential land value now topping $610,000.

Soaring investor demand, high net migration primarily from other states and significant infrastructure development are being blamed for the rise, which will come into effect on June 30.

The figures, determined by the state valuer general, apply to 152,000 properties across the city who were notified on Tuesday and were the first since October 2021.

The new total value of this land is $157,866,105,956.

Laura Dietrich.

State Valuer-General Laura Dietrich said the move was based on numerous factors, including consultation with the council, property industry and a survey of the market.

“Since the last valuation two years ago, the Gold Coast City local government area has continued to see large numbers of people moving to the area from overseas and interstate,” she said.

“The changes in values we’re seeing is being driven by strong demand from investors and the amount of infrastructure development that’s happening in the area.

“Land valuations provide independent data that underpins decision-making and allows landowners to monitor the changing value of their land.”

Values have increased 25 per cent.

More than 15,000 people are moving to the city each year, with the Gold Coast population set to top 1 million people in less than 20 years.

Key infrastructure projects under construction include the light rail extension to Burleigh Heads, the M1 widening and the Coomera Connector motorway project.

The Gold Coast was one of 20 local government areas to have property values reviewed this year.

Ms Dietrich said the impact of land valuations on charges and rates was a matter for the Gold Coast City Council, which will soon begin its annual budget deliberations.

“Other than the provision of independent valuation data, I have no role in Land Tax matters or the Queensland Land Tax Framework,” she said.

“Rates are set by councils when they determine annual budgets, but it’s important to stress, valuations are not the only data considered by a council when deciding rates.

“Local governments have wide ranging powers to manage rates, including differential rating, setting a minimum rate, rate capping and the averaging of valuations before rates are assessed.”

Originally published as Gold Coast property: How much skyrocketing property values are increasing