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Island suburbs, growth areas hit with valuation hikes of 40 per cent

Owners of island properties in Moreton Bay and of land in some of the state’s lowest socio-economic areas are bracing for massive rates rises after the state Valuer-General released the latest land valuations. CHECK YOUR VALUATION HERE ON OUR MAP

Point Lookout had the highest median land valuation in Redland of $645,000. Picture: contributed Courier-Mail
Point Lookout had the highest median land valuation in Redland of $645,000. Picture: contributed Courier-Mail

Ratepayers in Redland and Moreton Bay council areas can expect to be slugged extra for rates after after both regions experienced massive hikes of more than 30 per cent in land valuations.

Valuer-General Laura Dietrich announced valuations for 20 Queensland local government areas including Moreton and Redland on Tuesday.

The latest land report, based on valuations taken in October, showed Moreton had the southeast’s second highest citywide valuation increase of 36 per cent, with a median residential land valuation of $415,000.

A Moreton council spokesman said the valuations were timely after two years of no reassessments.

“Given we are yet to discuss our 2024/25 budget as a council, we are unable to advise what effects these valuations may have on rates but we are very aware of cost-of-living pressures and will ensure these are highly considered during our upcoming budget process,” the council said.

Somerset Regional Council, which is 100km west of Brisbane, led the way with a staggering 54 per cent increase in valuations bringing the area’s median residential property price to a reasonable $185,000.

Redland remained a more expensive option for home buyers with the median value of a residential property at $510,000.

Across the two council areas of Redland and Moreton, Mount Glorious and Mount Nebo chalked up the highest change in median valuations with both whacked with massive increases of more than 119 per cent.

The average price of a house at Mount Nebo was $430,000 and $400,000 at Mount Glorious.

Across Redland’s 19 suburbs, North Stradbroke Island suburbs of Dunwich and Amity experienced the highest change in median values for the city with both posting rises of more than 59 per cent.

Moreton Bay Council had an across-the-board 36 per cent increase in land valuations. Picture: The Courier-Mail
Moreton Bay Council had an across-the-board 36 per cent increase in land valuations. Picture: The Courier-Mail

Point Lookout, also on Straddie remained the city’s most expensive address with a median valuation of an eye-bleeding $850,000 compared to a typical residential property on Russell Island where the median value was listed as $55,000.

Russell Island, which has been referred to as one of the southeast’s lowest socio-economic areas, experienced a 59 per cent hike in valuations, paving the way for Redland City Council to boost rates.

Data released from the valuer-General’s Department showing the valuation changes for five southeast city regions. Picture: State Government.
Data released from the valuer-General’s Department showing the valuation changes for five southeast city regions. Picture: State Government.

The bay island communities of Macleay and Lamb experienced 40 per cent increases in valuations with Karragarra also being hit with a more moderate increase of 25 per cent.

Alexandra Hills typified Redland’s residential valuations with its median $510,000, which was below suburbs including the well-heeled Wellington Point which experienced a rise in median value to $650,000 from 2022’s $480,000.

Cleveland was third on the list with the median value rising from $500,000 to $630,000 over the past two years.

Median land valuations for Redland City rose by 31 per cent.
Median land valuations for Redland City rose by 31 per cent.

Birkdale, Amity, Redland Bay and Thorneside all posted median values above the city’s median price.

In the 57 Moreton suburbs to be valued, Whitepatch, Samford Village and Newport topped the list with median valuations greater than $600,000.

Mount Mee remained the cheapest spot to buy a residential property in Moreton with the median valuation for the suburb of $265,000 up from $197,000.

Moreton Bay Council, where the median land valuation is $415,000, experienced a 36 per cent increase in median land valuations this year.
Moreton Bay Council, where the median land valuation is $415,000, experienced a 36 per cent increase in median land valuations this year.

Queensland councils, including Brisbane, use state government land valuations to determine rate levies for property owners.

Expert valuers from the State Valuation Service collated on-the-ground information, as well as conducted desktop assessments and research on property sales since the last valuation.

Other regions to receive valuations this year included Banana, Barcoo, Bulloo, Bundaberg, Central Highlands, Cook, Diamantina, Fraser Coast, Gold Coast, Goondiwindi, Isaac, Livingstone, Longreach, Sunshine Coast, Torres, Whitsunday and Winton.

The valuations reflect land values at October 1, 2023, and will be effective from June 30.

This year, they prompted LNP criticism of the state government for including areas where land values had gone up such as Redland and Moreton along with Fraser Coast and other parts of regional Queensland.

Originally published as Island suburbs, growth areas hit with valuation hikes of 40 per cent

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Original URL: https://www.goldcoastbulletin.com.au/news/gold-coast/logan/island-suburbs-growth-areas-hit-with-valuation-hikes-of-40-per-cent/news-story/aee6f377f334350fccf0814d08c129e2