The State’s Valuer-General, Wally Kearnan has explained that strong demand and confidence in the property sector, combined with low interest rates, have contributed to higher land values right across Queensland.
Mr Kearnan announced that more than 1.51 million landowners across 30 Local Government areas were currently receiving their new land valuations in the post or by email.
“The land valuations are the culmination of extensive market research and analysis by the State Valuation Service team across Queensland,” Mr Kearnan said.
“As many are aware, the real estate market has seen significant increases in various sectors across Queensland and this has affected land valuations.”
He said that in mid-2020, with COVID-19 lockdowns, market experts were predicting a fall in property values, but by September that year the property market had generally risen, and prices continued to increase in various sectors.
“Over the past 12 months we have seen record low interest rates, a fear of missing out, and changing housing requirements due to the opportunities to work from home,” Mr Kearnan said.
“These have changed the urban property market and where people want to live.”
He said land valuations provided independent data that underpinned industry decisions and allowed landowners to monitor the changing value of their land. The increased land values would have a positive effect on homeowner property prices.
Mr Kearnan said a call centre had been set up to allow landowners affected by recent flooding to provide flood information about their property for consideration in future revaluations.
“We understand some Queenslanders are doing it tough after recent flooding events and may have questions on how it affects their land valuation,” he said.
“While the valuations were completed before the floods and considered only the impact of historic flooding, a land valuation may be amended if floods, cyclones or other natural disaster cause the land to be permanently damaged,” the Valuer-General said.
