Toowoomba land valuations for 2021 are out now: How to find yours today

The Valuer-General has released the latest land valuations for over 68,000 Toowoomba properties. Find out which suburbs have experienced the most growth and decline, and what this means for local real estate.

GOOD VALUE: The Valuer-General has released the latest land valuations for 68,057 Toowoomba properties with a total value of $17,571,682,149 in the Toowoomba Regional Council area. How did your suburb fair? Picture: File

A majority of Toowoomba land owners will be in for some good news this week following the Valuer-General’s release of the latest land valuations.

The 68,057 Toowoomba properties came to a total value of $17,571,682,149 in the Toowoomba Regional Council area with several suburbs median land value increasing significantly.

The valuations reflect land values as of October 1, 2020 and show that the Toowoomba region

has increased in value by 7.8 per cent overall since the last valuation was carried out in 2018.

Rural land values have generally increased moderately, except for north and south of

Toowoomba City where there have been significant increases, due to the strength in beef

commodity prices as well as a low interest rate environment.

Trevor Leishman from Elders Real Estate Toowoomba said the last six to eight months had seen an enormous amount of inquiry for rural land within proximity to the city.

“Toowoomba land sales has been extremely strong, which is coming off the back of the broader rural community and the strong cattle sales which is driving the market strongly,” he said.

“When you’re talking about rural property sales, we haven’t got the volume like there is in town and right now anything close to the city is attracting a lot of attention.

“Any cropping land within 15 to 20 minutes of Toowoomba’s CBD is in high demand right now and is swooped up very quickly once it lands on the market.”
Mr Leishman said it could be a while yet before we see prices come back down.

“Prices are probably are at one of the highest points right now but this is just a reflection of what is happening across the Australian real estate climate at the moment.

“The rest of 2021 the market is going to stay very high and might even peak a little bit more but it all comes down to the individual property and the fact customers are cashed up and eager to buy right now.

“But like with everything in life there is a cycle and right now we’re seeing the peak of the real estate cycle, but we will eventually see things settle and prices come back down again.”

Generally, within the urban areas of Toowoomba there has been no significant changes

since the last revaluation in 2018.

There have been slight increases within most areas of the residential areas of Toowoomba

City.

The fringe commercial area of Toowoomba City CBD has increased moderately, and minor

increases in the suburban commercial areas of Toowoomba City while industrial and multi-unit residential experienced no change.

The suburbs which saw the biggest median land value increase percentage wise include:

– Brymaroo with nine properties experiencing a 25.4 per cent increase from a value of $11,000 in 2018 to $13,800 in 2021

– Cabarlah has had a growth of 20.5 per cent with the median land prices of 76 properties going from $195,000 in 2018 to $235,000 in 2021

– Eight properties in Finnie have experienced a 25.4 per cent increase from $157,500 to $197,500

– Kilbirnie properties are up 25.4 per cent from $157,500 to $197,500

– Malling has experienced a 26 per cent increase from $7,700 in 2018 to $9,700 in 2021.

Meanwhile the suburbs with the biggest decrease in property values include:

– Torrington, with 76 properties experiencing a 10 per cent decrease in value from $175,000 to $157,500

– 2016 properties in Cotswold Hills median average went from $165,000 in 2018 to $147,000 in 2021 with a 10.9 per cent decrease in value

– And 703 properties in Cambooya decreased 3.5 per cent in value from $113,000 to $109,000

For a full list of the valuations follow this link or visit the Department of Resources at 203 Tor Street, Toowoomba.

Confidence in rural land values continues

Landowners in 25 Queensland local government areas can now access their new land valuations from Wednesday, March 31 including Balonne, Banana, Gympie, Maranoa, Murweh, Paroo, Somerset, Southern Downs, Toowoomba and the Western Downs.

Queensland’s Valuer-General said around 261,000 landowners were issued with new land valuations, which come in to affect from June 30, 2021.

“Queensland’s property market has been influenced by a variety of factors with increases in land value in a number of regional areas during the period these land valuations took place,” the Valuer-General said.

“In the past 12 months, Queensland has seen significant increases in values for grazing and broadacre farming properties despite large areas of the state remaining drought declared.

“As with previous years, confidence remains in Queensland’s rural sector with continued strength in beef and commodity prices and historically low interest rates, leading to a high volume of sales across the state.

“Low interest rates have been a big driver with finance available for farm aggregation and business expansion, supported by strong beef and rural commodity prices.”

The 25 areas include Balonne, Banana, Barcaldine, Barcoo, Blackall-Tambo, Bulloo, Burdekin, Central Highlands, Charters Towers, Cook, Diamantina, Gladstone, Gympie, Isaac, Longreach, Maranoa, Murweh, Paroo, Quilpie, Somerset, Southern Downs, Tablelands, Toowoomba, Western Downs and Whitsunday.

The Valuer-General said the volume of title transactions recorded by the Registrar of Titles in the first half of the 2020/21 financial year were up by 10 per cent on the same period the previous year – averaging around 2,950 dealings lodged each day.

“Despite drought conditions, the weight of available rural sales evidence, particularly in South West and Central Queensland, indicate positive market conditions attributed to favourable seasonal conditions, low interest rates and high rural commodity prices,” he said.

“It was recognised that market volatility and uncertainty was expected as a result of COVID-19, with governments responding with a range of stimulus packages including relief from state fees and land rents, targeted support for industry and small business and cost of living relief for households.

“We will continue to closely monitor the market as Queensland recovers from the pandemic, and a decision will be made on the 2022 program in the last quarter of 2021.”

Some areas of the state have not been revalued in 2021 due to market information indicating no certainty in sustainable land values since the previous valuation period.

In areas where new valuations have not been issued, the most recent annual valuation will remain effective for rating, land tax and state land rental purposes until the next valuation is undertaken.

For specific information on market movements in the 25 local government areas revalued in 2021 refer to information on the Land valuations website.

Additional information
– Landowners can access the latest valuation information using the Find your land valuation search available on the Land valuations website.

– Queensland Globe gives landowners access to more detailed valuation information, and from this year the Globe will display information on Land valuation, Freehold valuation, and State land rental valuation notices. Landowners can access the Queensland Globe year-round on the Land valuations website.

– A rural sales map showing larger rural property sales is also available online and at selected locations allowing landowners to compare their valuations with others in their area.

– Hard copies of the valuation listing can be viewed at Department of Resources business centres and local government offices during normal business hours until 30 June 2021.

– Landowners who disagree with their valuation, and could provide supporting information, could lodge their objection online or at the address shown at the top of their valuation notice by 31 May 2021.

– Landowners without internet access can call 1300 664 217 to request an objection kit.