Revealed: Logan, Redland, Moreton Bay land valuations up 20% for 2022
Ratepayers in Logan, Redland and Moreton Bay areas can expect to see rates hikes this year after massive leaps in residential land valuations. CHECK OUT YOUR SUBURB ON OUR TABLES
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Ratepayers in Logan, Redland and Moreton Bay council areas can expect to see rates hikes this year after massive leaps in residential land valuations of more than 20 per cent across the three areas.
This month’s floods had little effect on valuations with strong demand, confidence in the property sector and low interest rates boosting figures across the three areas, which were last assessed in 2019.
The latest Valuer-General land report, released on Thursday, showed Redland experienced the highest rise in valuations of the three areas, recording a 24.9 per cent leap and a median residential land valuation of $375,000.
Property values in the Moreton Bay region rose 21.8 per cent with a median residential land value of $320,000.
In Logan, the median residential land value was $270,000 after a 19.8 per cent hike in valuations.
The median value of residential land within Redland City increased from $530,000 to $670,000.
Land values soared on Redland City’s bay islands, where an average residential property on Russell Island rose a whopping 96.6 per cent.
The report showed the median value for the island’s 6405 residential properties rose from $17,800 in 2019 to $35,000.
Nearby Macleay Island also clocked up a massive 78.6 per cent rise in residential land values with the median value of the island’s 3247 properties jackpotting from $28,000 to $50,000.
Karragarra Island experienced a 63 per cent hike in valuations with the median value now set at $95,000 while Lamb Island values went up by 56.2 per cent to a median of $50,000.
Coochiemudlo Island also experienced a 35.2 per cent rise to a median value of $165,000 and North Stradbroke Island chalked up a 20.1 per cent rise where a typical residential property was valued at $238,750.
Queensland’s Valuer-General Wally Kearnan said rural residential land in Mount Cotton, Sheldon and Redland Bay saw significant increases of 30 per cent over the three-year period since the last valuation.
“Strong demand from purchasers transitioning to rural-residential lifestyle properties within proximity to Moreton Bay, major centres and infrastructure was evident,” he said.
The highest jump in residential valuations in Redland was at Sheldon where the five residential properties assessed rose by 36 per cent to a median valuation of $340,000.
More exacting was Victoria Point, where the 4784 properties assessed rose in value by 34.4 per cent to a median value of $430,000, up from $320,000 in 2019.
Wellington Point also experienced a 29.7 per cent rise in valuations with the average value at $480,000, up from $370,000.
Cleveland was the suburb to record the highest residential land valuation with the median value of $500,000.
Redland Bay valuations were also forced up by 34.4 per cent with the average property valued at $410,000.
In Logan, industrial land saw significant increases particularly in the logistics market sector given the advantages of being close to the M1 motorway and between the Gold Coast and Brisbane.
The median value of residential land in Logan increased from $230,000 to $270,000. Rochedale South, Springwood and Underwood all increased significantly due to high demand and limited available stock.
The median value of residential land in Underwood is now $480,000. Other more affordable localities such as Woodridge saw moderate increases with the median value increasing from $225,000 to $260,000.
Daisy Hill recorded the highest median valuation of $435,000 after a 29.9 per cent rise.
The largest residential property valuation rise in Logan was at Edens Landing, where the median value rose 33.3 per cent from $202,500 to $270,000 over the three years.
That was followed by Jimboomba where the 595 properties assessed gained a 29.7 per cent hike in valuation from $185,000 to $240,000.
Bannockburn experienced the lowest valuation rise of 4.3 per cent with the median value rising from $230,000 to $240,000.
Belivah had the lowest median value of $210,000 after a slim 5 per cent rise since 2019.
In the Moreton Bay region, Mr Kearnan said increased market activity as a result of Covid boosted figures despite setbacks for tourist-related and large shopping centre assets.
“Supply has been the only limitation on the market with increases occurring on the back of lifestyle changes, and interstate migration,” he said.
“A trend to semirural blocks in the area is also evident.”
The average valuation in the area was $127,612 with properties at White Patch and Samford Valley recording the highest median value of $550,000.
Woodford recorded the highest increase in valuations of 49.4 per cent with a median value of $295,000.
The lowest rise was at Burpengary East where the median value was $225,000 up 3.5 per cent from $217,000.
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