Floods, housing crisis push up land valuations in Brisbane, Logan, Ipswich and Lockyer Valley

Landowners have been left reeling after hefty land valuation increases up to 90 per cent were released. MAP: EVERY SUBURB’S NEW VALUES

Eagle Farm in Brisbane had the highest median land value of $30 million.

Landowners across parts of South East Queensland have been left reeling after hefty land valuation increases of up to 90 per cent in some parts of the state were released.

Last year’s flood may have pushed up valuations for some properties in Logan, Ipswich, parts of the Scenic Rim, Lockyer Valley and Brisbane.

The state’s new Valuer-General Laura Dietrich posted her first valuations for 24 regions across the state, confirming hints from last month that valuation increases would be substantial.

More than 561,000 land valuations were issued for the southeast, with Ipswich residential landowners receiving a whopping 35 per cent hike, while Lockyer Valley landowners were hit with 34 per cent increases.

SCROLL DOWN TO SEE THE MAP OF ALL REVALUED SUBURBS

BRISBANE

The highest valuation hike of Brisbane’s 187 suburbs was at Willawong, where the previous land valuation of $385,000 jacked up 42.9 per cent to $550,000.

That was followed closely by Rochedale, which had a 40.4 per cent rise to a new median land value of $730,000.

Bayside suburbs of Wynnum and Lota had the highest valuation rises in Brisbane.

Bayside suburbs of Lota, Wynnum and Manly were all in the top 10 suburbs experiencing the highest valuation increases.

Eagle Farm valuations skewed the data, with one property sale registering the suburb’s new median valuation at a nose-bleeding $30 million.

The city’s highest median land values were at Teneriffe, where the average valuation is now $1.6 million. Other ritzy suburbs along the river, such as Ascot, New Farm and Newstead, posted the next highest median valuation of $1.45 million.

At the other end of the scale, the lowest median land valuations of $240,000 to $285,000 were at Kooringal, Rocklea and Wacol, suburbs which suffered from last year’s devastating flood.

LOGAN

Logan residential values rose 18 per cent, while Brisbane’s residential values went up 13 per cent.

In Logan, Veresdale Scrub landowners were whacked with a massive 90.3 per cent hike in median land valuations.

The suburb also recorded the highest median valuation of $730,000 Logan.

Riverbend also experienced a 70 per cent hike in median valuations, while Undullah and Windaroo had rises of more than 40 per cent.

More than 114,083 properties were revalued in Logan for an overall increase of 18 per cent, which included a 5.3 per cent rise in commercial property values, and a 5.1 per cent increase in industrial land values.

Park Ridge in Logan which experienced a 36.4 per cent hike in median valuation.

Lowest valued properties in Logan were at Undullah, where the median land value was a mere $140,000. That was followed closely by South Maclean where median valuations were $205,000.

Developing areas of Park Ridge, Yarrabilba, Jimboomba, Greenbank and Flagstone saw continued demand due to the relative affordability of homes which boosted values.

Park Ridge, where the state had to ditch plans for a new school because of koalas, experienced a 36 per cent increase with a median valuation of $300,000, up from $220,000 at the previous 2019 valuation.

IPSWICH

In Ipswich, 84,322 properties were revalued, and resulted in a significant increase in median values within the residential market.

Ipswich’s Augustine Heights had the highest median valuation of $430,000.

The suburb of New Chum tipped the scales, posting a massive 130 per cent increase in land valuation after one property rose in value from $34,500 to $80,000.

Other big rises were seen at Mount Forbes (up 101.2 per cent), Barellan Point (up 57.4 per cent) and Lower Mount Walker and Tivoli (up 51.4 per cent).

Augustine Heights recorded Ipswich’s highest median land valuation of $430,000 for that suburb’s 1866 properties.

Flooding also affected Ipswich valuations, with properties that were inundated last year experiencing slight to minor increases.

Continuing demand and affordability of property in the residential sector contributed to the uplift in land values.