New land valuations released for Brisbane North

Land values have increased in most Brisbane North suburbs, with jumps of up to nearly 15 per cent in one year. Find out how your suburb compares.

This house in Grange recently sold for $963,500. Land values in Grange have risen 112.5 per cent in one year.

LAND values have increased in most Brisbane North suburbs, with new figures revealing jumps of up to nearly 15 per cent in a year.

Twenty-six suburbs showed an increase in median land values, with five increasing by more than 10 per cent.

However another 16 suburbs showed no increase during the 12-month period from October 1, 2018 to October 1, 2019.

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Wooloowin chalked up the biggest increase on the northside, up 14.8 per cent over the year, with its median residential land value now $620,000.

It was followed by Grange, where values rose 12.5 per cent to $720,000, according to the latest Department of Natural Resources, Mines and Energy land valuation figures released today.

Fitzgibbon median land values rose 12 per cent, followed by Wilston, up 11.6 per cent, and Lutwyche, up 10 per cent.

Valuer-General Neil Bray said about 825,000 landowners across the state, including around 343,400 in Brisbane, would receive new valuations for their properties from 9am today.

The valuations, which are used for local government rating, state land tax and state land rental purposes, take affect on June 30.

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They take into consideration property sales since the last valuation, the impact of natural disasters, the state of the economy, the effects of the mining boom, planning and zoning changes, commodity prices and population growth.

But Mr Bray said an increase in land values did not necessarily translate to increased rates.

“Councils get access to the data about one month prior so they can start analysing the movements within land use groups,” he said.

“It’s a question for local governments — it doesn’t necessarily translate.”

Anyone wishing to object to their land valuation has until May 5.

BRISBANE NORTH SUBURBS WHERE THE MEDIAN LAND VALUE INCREASED

■ Albion: $500,000 – $530,000; 6%

■ Ascot: $970,000 – $1 million; 3.1%

■ Bald Hills: $295,000 – $300,000; 1.7%

■ Bracken Ridge: $300,000 – $320,000, 6.7%

■ Bridgeman Downs: $400,000 – $410,000, 2.5%

■ Clayfield: $730,000 – $780,000; 6.9%

■ Fitzgibbon: $250,000 – $280,000; 12%

■ Geebung: $370,000 – $390,000; 5.4%

■ Gordon Park: $550,000 – $580,000; 5.5%

■ Grange: $640,000 – $720,000; 12.5%

■ Hamilton: $890,000 – $920,000; 3.4%

■ Hendra: $640,000 – $670,000; 4.7%

■ Herston: $550,000 – $580,000; 5.5%

■ Lutwyche: $500,000 – $550,000; 10%

■ New Farm: $980,000 – $1,050,000; 7.1%

■ Newmarket: $610,000 – $670,000; 9.8%

■ Newstead: $1,350,000 – $1,375,000; 1.9%

■ Northgate: $440,000 – $445,000; 1.1%

■ Nudgee: $385,000 – $420,000; 9.1%

■ Nudgee Beach: $440,000 – $460,000; 4.6%

■ Taigum: $305,000 – $320,000; 4.9%

■ Virginia: $400,000 – $420,000; 5%

■ Wavell Heights: $500,000 – $510,000; 2%

■ Wilston: $690,000 – $770,000; 11.6%

■ Windsor: $560,000 – $610,000; 8.9%

■ Wooloowin: $540,000 – $620,000; 14.8%

BRISBANE NORTH SUBURBS WHERE THE MEDIAN LAND VALUE REMAINED THE SAME:

■ Aspley: $425,000

■ Banyo: $370,000

■ Boondall: $325,000

■ Bowen Hills: $655,000

■ Brighton: $370,000

■ Carseldine: $370,000

■ Chermside: $460,000

■ Chermside West: $405,000

■ Deagon: $330,000

■ Kedron: $570,000

■ Nundah: $480,000

■ Sandgate: $435,000

■ Shorncliffe: $485,000

■ Spring Hill: $640,000

■ Teneriffe: $1 million

■ Zillmere: $340,000

(Source: Department of Natural Resources, Mines and Energy)