Queensland’s Valuer-General has announced that around 261,000 landowners in 25 Local Government areas have been issued with new land valuations, which come into effect from 30 June.
The Valuer-General, Neil Bray said Queensland’s property market had been influenced by a variety of factors with increases in land value in a number of regional areas during the period the land valuations took place.
“In the past 12 months Queensland has seen significant increases in values for grazing and broad-acre farming properties despite large areas of the State remaining drought-declared,” Mr Bray said.
“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.”
He said low interest rates had been a big driver, with finance available for farm aggregation and business expansion, supported by strong beef and rural commodity prices.
“The volume of title transactions recorded by the Registrar of Titles in the first half of the 2020-21 financial year was up by 10 per cent on the same period the previous year, averaging around 2,950 dealings lodged each day,” Mr Bray said.
“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 the COVID-19 pandemic, 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,” the Valuer-General said.
Overviews of the new land valuations can be accessed on the Valuer-General’s website at this PS News link.
