Servos and suburban blocks pump up Logan land valuations

Demand for service station sites and suburban residential blocks has fuelled an 11.6 per cent land valuation rise across Logan city.

One of the newest servos at Greenbank. Demand for service station sites fuelled Logan valuations. AAP/Renae Droop

DEMAND for service station sites and suburban residential blocks has fuelled an 11.6 per cent land valuation rise across Logan.

Landowners across the city woke this morning to the new valuations, bracing for rates hikes.

Despite Logan remaining an affordable place to buy a home, its median residential value jumped from $215,000 to $235,000 in the two years from the last valuation in October 2016.

The overall citywide figure, used by council to set rates for state land tax and state land rental, included a 9 per cent rise in values for the city’s 1508 commercial properties and a 10.4 per cent rise for industrial sites.

Despite the 11 per cent across-the-board spike, residential property values rose 9.3 per cent with Kingston and Logan Central leading the way, recording 33 per cent rises.

The median value for a residential property in Kingston rose from $165,000 to $220,000, a figure calculated across the suburb’s 3082 residential properties.

Logan Central and Kingston recorded 33% rises in valuations. PHOTO: Google Maps

Nearby Logan Central, home to the city council offices, also posted a median value of $220,000 after a similar 30 per cent valuation rise.

Logan councillor Darren Power said ratepayers should welcome the news.

“This is not negative news,” he said. “I would much prefer to live in a suburb where the valuations are going up rather than down.

“The hundreds of dollars added to a rates notice hardly compares with the tens of thousands of dollars a property owner gets back when they sell,” he said.

Shailer Park remained the city’s top valued suburb with the median value shooting up from $310,000 in 2016 to $357,000.

The lowest valuation was recorded in Woodhill where the suburbs’ one and only property experienced a 10 per cent rise in valuation to a median value of $110,000.

Properties on the eastern side of the M1 experienced lower rises in valuations as was the case in 2017.

However, the figures were more sedate this year compared with 2017 when new suburb Veresdale came on to the market, ratcheting up a eye-bleeding 158.1 per cent valuation.

Logan Reserve’s 6.12 per cent rise took the average residential property valuation in the suburb to $175,000, making it one of the most affordable suburbs in the city.

Massive rises of more than 50 per cent were logged in both South and North Maclean, where there are only five properties, and the median value was $195,000.

In Jimboomba, where there are 733 properties, a 9.7 per cent rise in valuation pushed the median residential property value to $197,500.

Holmview and Bahrs Scrub where development is fuelling demand for smaller blocks.

Unexpectedly, the emerging suburbs of Logan Reserve and Bahrs Scrub recorded valuation rises under the city average.

Bahrs Scrub’s 922 properties had an average valuation of $230,000, up 7 per cent.

Valuer-General Neil Bray released the figures this morning labelling the overall increase since 2017 as “minor”.

He said the market had “continued to improve with demand for more affordable land

driving the residential land market”.

“Larger home sites also increased in value with the stronger markets around Jimboomba,” he said.

“Demand for residential unit development sites has resulted in a slight overall increase in multi-unit land values in Logan.

“Commercial and industrial land values also saw a minor increase overall depending on location and site specific features.

“Increased demand for service station sites has resulted in some significant increases in their land value across the city.”

Logan was one of 18 councils to have land revaluations for 2019 with the new values coming into effect on June 30.