Qld flood victims hit with huge land valuation rises
Residents still recovering from February’s flood have been dealt a cruel, second blow after land valuations skyrocketed. Two of the worst-hit suburbs have seen a 20 per cent jump in values.
South West
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Residents still dealing with the trauma of the February floods have been dealt a second, cruel blow today with the release of 2022 land valuations.
Average values in Rocklea and Fairfield, among the worst-affected Brisbane suburbs, jumped 20 per cent.
Vincent St in Auchenflower, which made TV news and newspaper front pages, saw valuation increases as high as 19 per cent.
The news comes as insurers prepare to hike their premiums and amid predictions that interest rates will climb sharply this year.
Lord Mayor Adrian Schrinner this afternoon (March 31) called on the State Government to urgently rethink valuations in flood-hit areas, saying they would have unfair impacts on land tax and Council rates — which are levied based on land valuation.
“It’s a huge slap in the face to victims of the flood and it comes just weeks after floodwaters impacted on more than 23,000 Brisbane properties,” Cr Schrinner said.
“After the 2011 flood and Cyclone Yasi, Queensland’s statutory land valuations were postponed to ensure the impact of these natural disasters was properly assessed,” he said.
“Unfortunately, that hasn’t happened on this occasion despite the number of properties impacted by flooding in Brisbane being similar.
“Clearly the fair thing to do now for flood-affected areas would be to withdraw the valuations that have just been released and undertake new assessments based on the latest information.”
Cr Schrinner said while the valuations might consider historical events, the 2022 rain bomb affected properties that had not been touched before.
“This was Brisbane’s biggest ever rain event which resulted in river, creek and overland flow flooding so there will be a significant number of properties that will need to be reassessed,” he said.
“The right thing to do is to simply withdraw all the valuations taken last year and start again.”
The Valuer-General’s office this year has included feedback for flood-hit land owners, asking them to detail the impact on their properties.
“We understand some Queenslanders are doing it tough after recent flooding events,’’ its website said.
“You can ... provide information about the extent of the impact to your land from the recent rainfall and flood event.
“We are seeking to understand, from your perspective, if the recent flood event was more significant than previous events, and if so, what that change looks like on your property and surrounding areas.
“The data you provide may be used in conjunction with market analysis to determine valuations of land in Queensland.
“Any information you submit will be added to your property record.’’
State Resources Minister Stewart Scott was approached for comment late this afternoon.
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