Gold Coast land value increase: Every suburb’s average property prices revealed

Land values on part of the light rail route have jumped 75 per cent in just two years, with owners now facing “unprecedented” tax bill increases. FULL SUBURB LIST

Land values on the light rail route in Palm Beach have shot up by 75 per cent in just two years, with property owners now facing “unprecedented” rates and tax bill increases.

Shock new state government land valuation data has revealed a dramatic increase in property values across the Gold Coast, with the city’s average land price increasing 37.1 per cent from $350,000 to $480,000.

But there are 17 suburbs with land values that have jumped by 50 per cent or more since the previous valuations just two years ago.

Land values in Palm Beach have skyrocketed in the past two years. Picture Glenn Hampson

The top performing suburbs include:

* Palm Beach (up 75.4 per cent)

* Burleigh Heads (up 65.5 per cent)

* Burleigh Waters (up 60 per cent)

* Merrimac (up 60 per cent)

* Currumbin (up 58.8 per cent)

A report by the State Valuation Service revealed the significant increases in Gold Coast land values were “due largely to overall confidence and strong demand throughout the property sector”.

“An increase in interstate migration and investment, a shortage of available stock, and low interest rates have all contributed to land values increasing,” the report said.

“The multi-unit residential lands, especially within prime waterfront localities, have increased significantly.

SCROLL DOWN FOR LIST OF EVERY GOLD COAST SUBURB’S LAND VALUES

Artist impression of Gold Coast Light Rail Stage 4 passing through Palm Beach. The light rail has been named as a major reason behind the dramatic increase in land values.

“This was particularly evident in the southern part of the coast due in part to the ongoing progression of stages three and four of the Gold Coast light rail.

“This development work has occurred simultaneously with the ongoing widening of the southern portion of the M1 motorway towards Tugun.”

But the monster value increases come with a price – land taxes and council rates are set to spike across the city as a result of the figures.

Property insides told the Bulletin land owners in some of the highest-performing suburbs could expect to see thousands of dollars added to their land taxes in the coming financial year.

Mayor Tom Tate said he understood fears that the land values would lead to rates increases but vowed to try and keep any rise to CPI. Picture: Glenn Hampson

Mayor Tom Tate said he was aware of the land value increases and said it was just the beginning of the uplift the light rail would bring to the city’s south.

But he denied it would lead to an overall rates rise on July 1, insisting he would keep council’s charges to CPI.

“From a rates perspective, we are currently shaping the 2022-23 city budget which will be around $2bn given the property uplift and economic activity across the coast,” he said.

“I plan keeping our general rate increase at, or below CPI, which we have achieved every year since 2012-13.”

The data showed multi-unit residential land on the Gold Coast is now worth $25.5bn, a 42 per cent increased on 2019.

Commercial and industrial land increased by 14.6 and 22 per cent respectively.

Clark Property Partners’ Steve Clark. Picture: Supplied

Clark Property Partners managing director Steve Clark, whose Gold Coast agency handles a wide cross section of property, said the increases in some suburbs were “very significant” reflecting the real estate boom in those areas.

“It is not surprising Burleigh Heads and Palm Beach have recorded such large increases given the amount of activity in those suburbs,” he said.

“However, it is more notable that even non-beachfront suburbs have seen large increases, such as Merrimac where land values are up 60 per cent and Robina where they are up 44.4 per cent.”

Mr Clark advised property owners to take careful notes of the new valuations as they are a guide to how much properties are now worth.

“These valuations can show owners that they have more equity in their property than they thought, so they’re important indicators.”

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