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Valuer-General’s 2017 Property Market Movement Report Department of Natural Resources and Mines State Valuation Service

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Page 1: Property Market Movement Report - dnrme.qld.gov.au · SUNSHINE COAST REGIONAL SOMERSET REGIONAL MORETON BAY REGIONAL COOK SHIRE BRISBANE CITY ... TOOWOOMBA . SOUTH WEST WARWICK

Valuer-General’s 2017 Property Market Movement Report

Department of Natural Resources and Mines State Valuation Service

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Valuer-General’s 2017 Property Market Movement Report

© State of Queensland, 2017.

The Queensland Government supports and encourages the dissemination and exchange of its information. The copyright in this publication is licensed under a Creative Commons Attribution 3.0 Australia (CC BY) license.

Under this license you are free, without having to seek our permission, to use this publication in accordance with the license terms.

You must keep intact the copyright notice and attribute the State of Queensland as the source of the publication. Note: Some content in this publication may have different license terms as indicated.

For more information on this license, visit http://creativecommons.org/licenses/by/3.0/au/deed.en.

CS6451 03/17

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Valuer-General’s 2017 Property Market Movement Report

Contents

Valuer-General’s foreword 1

Introduction 2

Property market movement 2

Overall market trends 3

Brisbane 3

Greater Brisbane 4

Gold Coast 5

Greater South East 5

South West Queensland 6

Wide Bay–Burnett 7

Central Queensland 8

North Queensland 9

Rural 10

Figures

Figure 1 Local government areas and the 2017 annual valuation program iv

Figure 2 Property land use by region, 2017 2

Figure 3 Overall percentage movement in total value since the previous annual 12 valuation for the whole state and all local government areas

Figure 4 Queensland drought situation as at 1 October 2016 15

Figure 5 Queensland drought situation as at 1 January 2017 16

Tables

Table 1 New median value and percentage movement in median value for 13 residential and rural residential land since the previous annual valuation in local government areas included in the 2017 annual valuation

Table 2 New total value and percentage movement in total value for commercial, 14 industrial, multi-unit and primary production land since the previous annual valuation in local government areas included in the 2017 annual valuation

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Valuer-General’s 2017 Property Market Movement Report

INSET TORRES SHIRE

GYMPIE REGIONAL

NOOSA SHIRE

WEIPA TOWN SUNSHINE COAST REGIONAL

SOMERSET REGIONAL

MORETON BAY REGIONAL

COOK SHIRE BRISBANE CITY LOCKYER VALLEY REGIONAL REDLAND

IPSWICH CITY CITY LOGAN CITY DOUGLAS SHIRE

GOLD COAST CITY

MAREEBA SHIRE CAIRNS REGIONAL CARPENTARIA SHIRE SCENIC RIM REGIONAL

TABLELANDS REGIONAL BURKE SHIRE CASSOWARY COAST REGIONAL CROYDON SHIRE Included in program

HINCHINBROOK SHIRE Not valued (34)ETHERIDGE SHIRE TOWNSVILLE CITY Valued (28)BURDEKIN SHIRE

MOUNT ISA CITY MCKINLAY SHIRE WHITSUNDAY REGIONAL CHARTERS TOWERS REGIONAL

RICHMOND SHIRE CLONCURRY SHIRE FLINDERS SHIRE

MACKAY REGIONAL

ISAAC REGIONAL WINTON SHIRE

BOULIA SHIRE LIVINGSTONE SHIRE BARCALDINE REGIONAL

ROCKHAMPTON REGIONAL

LONGREACH REGIONAL GLADSTONE REGIONAL CENTRAL HIGHLANDS REGIONAL

DIAMANTINA SHIRE BLACKALL-TAMBO REGIONAL BANANA SHIRE BUNDABERG REGIONAL

BARCOO SHIRE NORTH BURNETT FRASER COAST REGIONAL REGIONAL

QUILPIE SHIRE MURWEH SHIRE SOUTH BURNETT

MARANOA REGIONAL

BULLOO SHIRE PAROO SHIRE

REGIONAL WESTERN DOWNS REGIONAL

TOOWOOMBA REGIONAL

SEE INSET

BALONNE SHIRE GOONDIWINDI

REGIONAL SOUTHERN DOWNS REGIONAL

Figure 1 Local government areas and the 2017 annual valuation program

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Valuer-General’s 2017 Property Market Movement Report

Valuer-General’s foreword I am pleased to release this year’s property market movement report, ahead of the release of the 2017 annual statutory land valuations on Wednesday 8 March 2017.

Following a statewide market survey and consultation with local government and industry groups, 28 local government areas have been valued in accordance with the Land Valuation Act 2010. A market survey report for a local government area details the sales of land in the area since the last valuation was made and the probable impact of those sales on the value of land in an area. In addition, valuers also consider the types of issues that impact on the value of the land such as the state of the economy, commodity prices and population trends.

The 28 local government areas receiving new valuations this year are: Balonne, Barcaldine, Blackall-Tambo, Brisbane, Bundaberg, Carpentaria, Cassowary Coast, Central Highlands, Croydon, Gladstone, Gold Coast, Goondiwindi, Gympie, Ipswich, Livingstone, Logan, Mackay, Maranoa, Mareeba, Moreton Bay, North Burnett, Rockhampton, Somerset, Southern Downs, Tablelands, Townsville, Western Downs and Whitsunday.

The rateable local government areas being valued this year represent approximately 73 per cent of all properties in Queensland. This valuation has resulted in all local government areas throughout Queensland being revalued within the last three years.

The new valuations will take effect on 30 June 2017 for local government rating, state land tax and state land rental purposes (where applicable).

This report summarises the comprehensive analysis of all property markets within the 2017 annual valuation program for Queensland by a team of regionally-based registered valuers in the State Valuation Service of the Department of Natural Resources and Mines.

There are continued signs of strength in some areas of Queensland’s property market. The evidence of increasing residential land values in Brisbane and South East Queensland local government areas contrast with the continued reductions in value in centres affected by the current state of the resources industry.

According to Queensland Treasury, ‘the number of apartment approvals in Queensland remained at a high level in early 2016–17 after rising 11 per cent in 2015–16. The current momentum should see dwelling investment continue to grow at a strong pace in 2016–17.’ 1

Overall, ‘low interest rates and smaller increases in residential property prices than other mainland states continue to attract investor interest in Queensland real estate, with dwelling investment growing by 14.2 per cent in 2015–6.’ 2

Generally, across Queensland there has been increased sales activity in rural markets. This has resulted in an uplift in land values within the majority of grazing, horticultural, small crop and dryland farming industries.

Continued high commodity prices within the beef industry and continued low interest rates are driving this confidence, even though the majority of the state remains drought declared.

According to Queensland Treasury, improved rainfall conditions have seen a recovery in expected crop production in 2016–7.3 In contrast, better weather conditions mean current cattle herd rebuilding in Queensland may intensify, further reducing beef production and exports in 2016–17.4

Land Valuations on the Queensland Globe gives landowners unprecedented access to information. This includes the spatial representation of a valuation, valuation dates, and the ability to search by property identification number and a real property description—all on current satellite imagery background that allows users to zoom in to property level. The Land Valuations Globe also enables landowners to compare their valuations with others in their area.

The Land Valuations Globe, the list of Queensland’s statutory land valuations in a searchable table format, interactive maps including market tables for major residential localities, and a rural sales map can be viewed at www.qld.gov.au/landvaluation

Many landowners are now electing to receive their notices electronically. I encourage landowners to have their future valuation notices and other valuation information sent to them by email by visiting www.qld.gov.au/landvaluation and changing their contact details. Those landowners who do not opt in will continue to receive information by mail.

I hope you find this year’s property market movement report informative.

Neil Bray Valuer-General State Valuation Service

1 State budget 2016–17: Mid year fiscal and economic review, p19, Queensland Government 2 ibid. p19 3 ibid. p20 4 ibid. p20

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Valuer-General’s 2017 Property Market Movement Report

Introduction Two methodologies are used to undertake statutory land valuations in Queensland—site value and unimproved value.

Site value is used to value all non-rural land. It is the amount for which non-rural land could be expected to sell for, at the date of valuation, without any structural improvements on the land (e.g. houses, buildings or fences). Site value includes site improvements made to the land such as earthworks (e.g. levelling, filling, or drainage works). Excavations and drainage associated with a building are not included in site value.

Unimproved value is used to value rural land. It is the amount for which rural land could be expected to sell for, at the date of valuation, without physical improvements such as houses, fences, dams, levelling or earthworks. If your land has been valued on an unimproved basis, it is either zoned rural (or equivalent) or designated rural for statutory valuation purposes.

Single unit residential Rural Residential INSET Multi-unit residential Commercial NAMBOUR

Industrial Primary Production Other

BRISBANE

IPSWICH

GOLD COAST NORTH

CAIRNS

Local government areas valued

TOWNSVILLE DNRM offices with SVS staff

MACKAY

ROCKHAMPTON

CENTRAL EMERALD

BUNDABERG

NORTH COAST MARYBOROUGH

ROMA

SEE INSET

DALBY

TOOWOOMBA

WARWICK SOUTH WEST

Figure 2 Property land use by region, 2017

Property market movement The volume of property lodgements recorded with the Registrar of Titles increased over the first half of the 2016–17 financial year with an average of 3105 daily lodgements, up 1 per cent from the previous financial year.

Proper ty value changes, both up and down, can be attributed to a number of factors:

• supply and demand within the market place

• consumer confidence

• availability of finance

• local, national and global economic factors

• the effects of extreme weather events.

Table 1 (page 13) shows the new median value and percentage movement for residential and rural residential land in the local government area since the previous valuation. Table 2 (page 14) shows new total value and percentage movement in total value for each land use category since the last annual valuation was issued. Figure 3 (page 12) shows the overall percentage movement in total value since the previous valuation for each local government area and the whole state.

This year’s overall percentage movements in land values for the 2017 annual valuation are summarised below:

• Eighteen local government areas recorded an overall increase between one per cent (Bundaberg) and 72.3 per cent (Croydon).

• Of the eighteen local government areas that increased, six increased by 0–5 per cent, three increased 5–10 per cent and nine recorded increases of more than 10 per cent.

• Ten local government areas recorded an overall decrease in value between 0.3 per cent (Cassowary Coast) and 20.6 per cent (Gladstone).

• Of the ten local government areas that decreased in value, six decreased 0–5 per cent, three 5–10 per cent and one decreased more than 10 per cent.

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Valuer-General’s 2017 Property Market Movement Report

Overall market trends An increase in urban land values has generally occurred in Brisbane and its environs, the Gold Coast and Gympie. In contrast, regional Queensland generally experienced static to falling property values, in particular those communities in local government areas that have a close relationship to the resources industry such as Central Highlands, Gladstone, Mackay, Maranoa and Western Downs.

The market is still being influenced by:

• prevailing economic uncertainty and weak employment growth in regional centres

• declining business investment reflecting the state of the resources sector

• drought – although improved rainfall in some areas saw a recovery in crop production and herd rebuilding.

However, these drivers are offset by:

• strong housing construction and growth in dwelling investment

• continued growth in international tourism and education due to the lower Australian dollar

• low borrowing costs and rising rental yields

• investment opportunities being taken up by interstate and overseas buyers.

The mining and gas industries continue to influence the property market as the resources sector moves from an exploration and construction phase towards a production phase. This slowdown in activity is impacting on centres including Gladstone, Chinchilla, Miles, Roma, Mackay and townships within the Central Highlands.

Increased confidence within rural markets has led to moderate increases across the state with some minor increases in South East Queensland. Continued high commodity prices within the beef industry and continued low interest rates are driving this confidence, even though the majority of the State remains drought declared.

The beneficial effects of strengthening beef commodity prices and lower interest rates has continued, particularly within the Central and South West Queensland property markets. It is believed that the grazing and broadacre farming markets have continued to rise from the bottom of the market cycle.

Markets for sugar cane and horticultural land have improved as a result of favourable commodity prices.

Brisbane Land values in Brisbane increased by six per cent overall since the last valuation issued in 2016. Commercial and industrial markets were largely static, multi-unit properties recorded a slight increase in overall value, while residential and rural residential markets recorded minor increases to median values.

The Queensland Government and Brisbane City Council have a vision to develop a number of landmark projects including the Queens Wharf and the Howard Smith Wharves. Other major projects currently under consideration include the Cross River Rail and the Brisbane International Cruise Ship terminal.

The single unit residential market in Brisbane was the subject of significant competition in 2016 from local, interstate and international buyers. In this year’s annual valuation of single unit residential land, 47 suburbs’ median value did not increase, including the suburbs of Ferny Grove, Algester, Heathwood, Carseldine, Westlake, New Farm, Taigum, Kangaroo Point, Durack and Woolloongabba. Eighty-seven suburbs recorded minor to moderate increases of up to $50 000 in median value including the suburbs of Zillmere, Mt Gravatt, Lutwyche, Kenmore, Annerley, Windsor, Aspley, Ascot and Bulimba. A further 32 suburbs in varying locations across the city recorded an increase in the median value from $50 000 and below $75 000 including the suburbs of Camp Hill, Mansfield, Salisbury, Auchenflower, Bowen Hills and Chermside. Thirteen suburbs recorded a median increase at or above $75 000 including the suburbs of Hamilton, Chapel Hill, Seven Hills, Carindale, Holland Park and Sunnybank.

The multi-unit sector had a slight increase overall, this was driven in part by the Brisbane City Plan 2014. The city plan has continued to drive interest in apartments in some localities although concerns with demand and over-supply has curtailed activity in the second half of 2016 particularly in the CBD and CBD fringe.

Rural residential values have been affected by an increased demand for rural residential sites, in areas on the urban

Brisbane. (Courtesy of Tourism Queensland)

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Valuer-General’s 2017 Property Market Movement Report

fringe; an extension of services and infrastructure in some localities and the influence of increases in adjoining residential lands.

In suburbs impacted by flooding in 2011, allowances of up to 25 per cent were applied by the Valuer-General for flood impact. In recent years, there has been a growing trend where in some flood impacted suburbs, buyers have been purchasing flood-impacted land at prices close to the prices being paid for non-flood impacted land. However, flood impact allowances have continued where evidence demonstrates a flood allowance should still apply.

Most of the commercial land in suburban Brisbane is classified for multi-purpose use under the City Plan which allows a multiplicity of uses including units. Developer and investor interest in these sites resulted in the value of these sites rising in recent years but throughout 2016, the broader commercial market remained static. Despite several large projects receiving development approval, interest in the CBD and CBD fringe dampened resulting in values reducing slightly.

The CBD retail market remains active, with work commencing on the Edward Street upgrade project in late 2016. The project will reduce traffic, add trees and landscaping and generally enhance the retail amenity of the area. The impact of this project has yet to be evidenced in the market, with most values remaining static.

The industrial market remained static with limited vacant or lightly improved sales across the sector, despite a number of improved sales in the distribution sector of the industrial market.

Greater Brisbane The Greater Brisbane area encompasses the ring of large urban centres surrounding Brisbane City from the local government areas of Logan and Redlands in the south, Ipswich in the west and Moreton Bay Regional Council in the north.

Urban Brisbane

These Greater Brisbane local government areas were valued in 2017:

• Ipswich City Council

• Logan City Council

• Moreton Bay Regional Council.

All three local government areas displayed static to improving land values on the back of steady sales volumes in the residential sector, however Logan City Council and Ipswich City Council were last valued in 2015 and show overall greater increases in value compared with Moreton Bay Regional Council area that was last valued in 2016. The residential market is generally positive with increased land values driven by the ongoing demand for affordable land in the Greater Brisbane area.

Increase in residential land values in Logan City was minor to moderate overall as a result of demand for more central and affordable locations such as Browns Plains. Increases in the higher valued eastern locations such as Springwood and Shailer Park were more minor. Multi-unit land in Logan City increased by a minor amount overall.

Rural residential land in Logan City increased by a minor amount overall with stronger movement in the Jimboomba locality.

Commercial and industrial land values in Logan City were generally unchanged since 2015, but some localities such as Underwood, Beenleigh and Loganholme recorded minor to moderate increases in value.

Demand for well-located farm land has resulted in overall increases in Logan City with some significant increases in the localities of Stockleigh, Undullah and Veresdale.

Residential land value in Ipswich City experienced a minor increase overall with a stronger increase in suburbs in the eastern growth areas such as Springfield Lakes and Redbank Plains where there was a moderate increase in land value.

Multi-unit land values in Ipswich City generally remained unchanged, however there were some minor to moderate increases in the suburbs of Redbank Plains, Bellbird Park, Bundamba and Goodna.

Commercial land values in Ipswich City were generally unchanged since the 2015 valuation. However, there were some minor increases in North and Central Ipswich and more significant increases in West Ipswich.

Ipswich City industrial land values generally remained unchanged from the 2015 valuation. However, minor reductions were recorded in the suburbs of Yamanto, Raceview, Ipswich and Wulkuraka.

Ipswich City rural residential land values increased overall, with minor to moderate increases in land value, but with stronger movement in suburbs such as Karalee.

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Valuer-General’s 2017 Property Market Movement Report

Demand for well-located farm land has resulted in an overall slight increase in Ipswich City with minor to moderate increases in the localities of Purga, Peak Crossing and Willowbank.

Across Moreton Bay Regional Council residential land values generally increased since the last valuation in 2016. Residential lands in the Redcliffe peninsula and southern areas adjoining Brisbane City showed slight to minor increases in land value, while Caboolture and bayside areas near the Pumicestone Passage showed static values to minor increases. The small hinterland towns are generally unchanged except for Dayboro which has shown a minor increase.

Multi-unit land values are generally static around Caboolture whereas the southern localities adjoining Brisbane are showing slight to minor increases.

Retail and commercial activity has been largely static across the region with land values holding in most areas reflecting the steady retail and services spending supported by the growing residential base.

Industrial land values have generally held firm across the Moreton Bay area with minor increases in Brendale and Redcliffe.

Rural residential values remained generally static in Moreton Bay with the exceptions being minor increases around northern Caboolture and in southern areas adjacent to Brisbane. Farming land values are generally static in Moreton Bay.

Gold Coast

Gold Coast Gold Coast City land values have generally increased from the 2016 annual valuation. While the key contributors to the overall increase were in the residential and multi-unit sectors, increases were recorded across most market sectors.

Most residential localities recorded minor increases in value, the stronger increases being in Carrara, Nerang, Palm Beach, Clear Island Waters, Bundall and Palm Beach. Areas with lower levels of increase included Pacific Pines and Helensvale with no change to minor land value increases.

Driven by demand from offshore developers, Surfers Paradise and Broadbeach recorded significant increases in multi-unit land value. Other multi-unit land values along the coastal strip and Broadwater recorded no change, to minor increases in value, with more moderate increases noted at Palm Beach. Away from the waterfront, multi-unit land values generally experienced minor increases in value.

Commercial land values generally increased, impacted by falling vacancy rates and demand for mixed use development. Southport, the largest commercial market on the Gold Coast, showed a minor increase in land value overall. Increases in land value in the newer Robina and Varsity Lakes markets were stronger with minor to significant increase recorded.

Demand for well-located industrial land resulted in an overall increase in value. Minor increases were recorded in the central industrial locations of Burleigh Heads, Molendinar, Arundel, Southport and Nerang. Northern corridor localities of Yatala and Staplyton generally remained unchanged with some minor increases.

Gold Coast Hinterland reflected a stronger demand for rural residential lands than recent years and values increased overall. Minor to moderate increases were highest in localities such as Tallebudgera, Tallai and Worongary, but most other areas recorded slight to moderate increases. Increases in the northern localities of Yatala and Ormeau were slight to minor.

Rural land values generally remained unchanged with some minor increases reflecting better located lands.

Greater South East South East Queensland encompasses the valley areas west of Greater Brisbane, coastal areas north to Noosa and areas inland to the Gympie Regional Council area.

These local government areas were valued in 2017:

• Somerset Regional Council

• Gympie Regional Council.

The Somerset region has seen an overall increase in land value since the last valuation in 2014 primarily due to improved land values in and around Kilcoy and Fernvale.

Changes in residential land values were variable depending on levels of demand for land in and around town areas. Minor to moderate increases occurred in the towns of Kilcoy and Fernvale while slight to minor decreases occurred in the towns of Lowood and Esk. Values in other town areas remained unchanged.

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Valuer-General’s 2017 Property Market Movement Report

Commercial and industrial land values generally remained unchanged in Somerset with minor reductions in Lowood.

Rural homesite land values generally remained unchanged with the exception of lands in localities near Kilcoy that increased in value. Somerset farming lands increased around the town of Kilcoy however remained unchanged elsewhere.

The Gympie region has seen an overall minor increase in total land value since the last valuation in 2015 due primarily to improved residential land values in and around Gympie as well as a strengthening rural home site and farming market in the eastern and southern localities.

Residential land values in Gympie and Southside have had a minor increase, while the coastal centre of Tin Can Bay is unchanged. Rainbow Beach and Cooloola Cove have had minor decreases. Hinterland towns are generally static, however Goomeri and Kilkivan have had minor reductions in residential land values.

Commercial and industrial land values in Gympie generally remained unchanged.

Rural homesite values generally mirrored the changes in the urban areas with minor increases in value in the Gympie region, predominately around the main urban centres and in the Mary Valley. Areas west of Bells Bridge had minor to moderate changes in values reflecting local sales evidence. Far western areas around Kilkivan and Goomeri are generally unchanged.

Farming activities such as cattle, small crops and tree crops are significant enterprises in the Gympie area. Rural land values generally increased in the eastern sector of Gympie region while the larger grazing lands to the west were unchanged.

South West Queensland South West Queensland encompasses the areas west and south of Toowoomba extending to the New South Wales and South Australian borders.

These local government areas were valued in 2017:

• Balonne Shire Council

• Goondiwindi Regional Council

• Maranoa Regional Council

• Southern Downs Regional Council

• Western Downs Regional Council.

As the gas industry in the Surat Basin has moved into a production phase, property markets continued to slow. Workforce numbers have dropped from their construction-phase peak and most communities have been impacted by the slowing of the resource industry sector. As a result, corrections occurred in all market sectors of mining resource affected towns, including their improved and rental markets.

Roma, Chinchilla and Miles are experiencing high vacancy rates within the residential sector and rents have reduced significantly over the last two years. An average residential property within the town of Miles has returned to approximately the same value as 2007, prior to the resource boom.

Wandoan continued to be affected by the downturn in the coal industry and the postponement of a proposed large coal mine project in the local area.

Significant reductions in all market sectors have generally occurred within the towns of Chinchilla, Miles, Wandoan, Tara, Roma, Mitchell and Injune. In contrast the town of Dalby’s market sector has seen only minor reductions in value.

The urban components of Warwick and the Granite Belt region are generally stable, with some minor reductions in certain rural homesite localities and in the town of Killarney.

Significant reductions have been recorded in the towns of St George, Bollon and Thallon, with a minor reduction in Hebel. However, sales within the towns of Inglewood, Amby

Carr’s Lookout, near Killarney, Southern Downs Regional Council. (Photo courtesy of G Crowley)

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Valuer-General’s 2017 Property Market Movement Report

and Hodgson have shown moderate to significant increases. The Goondiwindi markets have been generally stable, except for variable increases within the industrial sector.

Dirranbandi property values have been impacted by a reduction in agricultural production activities across the local area.

In contrast to the decline in values mirroring the decline in the resource industry sector, the continuing effects of the strengthening of beef commodity prices was evident throughout the majority of the region being valued with a positive impact on rural values. Markets within the Goondiwindi Regional Council area have shown significant increases in value, and moderate increases in Balonne Shire Council and Southern Downs, Western Downs and Maranoa regional councils.

Wide Bay–Burnett Wide Bay–Burnett encompasses the region from Maryborough north to Bundaberg, and west to Kingaroy and Monto.

These local government areas in the region were valued in 2017:

• Bundaberg Regional Council

• North Burnett Regional Council.

The Wide Bay–Burnett area reflects a market similar to other regional centres of Queensland with some sectors and centres displaying minor growth while others are static or in decline.

Bundaberg was last valued in 2014 and since that time market conditions have been generally static with some evidence of improved residential land values in the city fringes and some coastal areas. The older established areas of Bundaberg remained static while the values in the urban fringe developments received a minor to

moderate increase. Values within coastal communities generally remained unchanged however some pockets on the Burnett Coast received minor to moderate increases. Moore Park Beach experienced a minor decline in value. The hinterland townships including Childers, Avondale, Yandaran, Gin Gin and Cordalba have experienced minor to moderate reductions.

The urban market in North Burnett continued to weaken since the last valuation in 2014, a reflection of local market conditions. Since that time residential activity has declined with minor to moderate falls in land values in most urban centres, however Mundubbera and Monto land values remained static.

Multi-unit land values remained static in Bundaberg and Bargara with very limited activity within the development industry reflecting lower investor demand due to static rentals, property yields and likely value growth.

Industrial, retail and other commercial activity has been largely subdued across the region as a reflection of local market conditions. This subdued activity has seen minor to moderate falls in land value in Eidsvold, Mount Perry and Biggenden, while Mundubbera and Gayndah are static. Bundaberg values are generally unchanged.

Rural residential values within the North Burnett were generally static with some minor decreases in land values in the Eidsvold and Mount Perry localities. Demand typically focuses on smaller sites around the major centres however current market evidence indicates a demand for mid-size sites suitable for minor farming activities. Bundaberg has experienced a variable rural residential market with city fringe and coastal values having a minor to moderate increase, well-located hinterland values generally static, while outlying values have had minor to moderate decreases.

Farming values have seen a minor increase across the region on the back of good sales evidence in the grazing and agricultural sectors. The market for small to medium

Mt Walsh, near Biggenden, North Burnett Regional Council. (Photo courtesy of A Cameron)

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Valuer-General’s 2017 Property Market Movement Report

sized grazing properties in Bundaberg and North Burnett remains fairly strong while the market for larger holdings has rallied on the back of strong beef prices and good seasons in comparison with much of Australia. Cane, small crop and tree crop lands around Bundaberg have seen minor increases reflecting the diversity of farming activities in the region and demand for suitable lands.

Central Queensland Central Queensland encompasses Rockhampton, Gladstone and Mackay and extends south to Miriam Vale, north to Bowen and west to the Queensland border.

These Central Queensland local government areas were valued in the 2017 annual valuation:

• Barcaldine Regional Council

• Blackall-Tambo Regional Council

• Central Highlands Regional Council

• Gladstone Regional Council

• Livingstone Shire Council

• Mackay Regional Council

• Rockhampton Regional Council

• Whitsunday Regional Council.

Over the last year Central Queensland experienced mixed property movement. Generally urban property markets softened and rural property markets remained static or increased.

Since the early 2000s, regional urban markets have been influenced by the region’s resource industry. During 2016, the region continued to struggle with the failing economic viability of the Bowen Basin coal industry. Reductions in coal prices since 2013 have seen several uneconomic mines closed, remaining operational mines rationalised, and infrastructure development projects postponed or abandoned. In mid-to-late 2016, an increase in the spot prices for coal saw some stabilising in some markets and renewed interest in new coal projects.

Gladstone Harbour

The influence of fly-in fly-out mining workers has exacerbated the falling market conditions in some towns, putting downward pressure on rentals, and a reduction in land values.

Support industries were also impacted by conditions in the mining sector. The biggest impact occurring in the mining and resource-based towns which traditionally accommodated workers in houses rather than in temporary accommodation.

The effect on the property market was that demand for urban lands fell considerably and the supply increased as unemployed workers and the owners of uneconomic businesses put their properties on the market and moved out of the region.

The worst affected property markets are the improved residential property market and the residential rental market. Reliable evidence of a decline in land values has taken time to filter through but there is now sufficient market evidence to indicate a significant downward movement.

The level of reduction varies from town to town, the extent of reductions relates to a combination of the town’s reliance on the mining industry and the date at which the town’s associated mines rationalised their workforce. Blackwater continued to experience significant downturn – Gladstone, Bowen and Emerald to a lesser extent. The other major cities of Mackay and Rockhampton have also seen an impact on their property markets, but to a lesser extent than the smaller towns. Airlie Beach, with less reliance on mining and an improving tourism sector, saw some minor increases.

Although there was considerable variation between mining towns, the trend throughout the local government areas of Central Highlands, Mackay, Whitsunday, Gladstone, Rockhampton and Livingstone was of moderate value reductions for most urban land types.

Property values have reduced in the mining towns of Bowen, Collinsville, Capella, Blackwater and Bluff. The improved residential property market in many towns has dropped 30–50 per cent from the peak values of 2013. The residential rental market reduced from up to $2000 per week in some towns to significantly lower levels.

Mackay, the Bowen Basin’s major industry support area, continued to feel the impact of the resource recession. All urban property markets experienced at least minor reductions, the hardest hit being multi-unit and development markets.

Gladstone property values also reduced in 2016 with small lot residential and multi-unit values reduced in many areas. This ongoing easing in the residential market demand in 2016 was due to the finalisation of construction works for the three liquid natural gas (LNG) plants on Curtis Island and a fall in LNG prices.

There were some flow-on reductions in property values in Gladstone’s industrial and commercial sectors, although not all areas were impacted.

8

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Valuer-General’s 2017 Property Market Movement Report

In the western areas, Blackall-Tambo and Barcaldine regional councils, urban land values have seen moderate reductions. Many of the smaller towns are feeling the impact of prolonged drought conditions and subsequent population drift away, with limited work available. Whilst there has been a partial break in seasonal conditions, it may take some time for the smaller towns to recover, as demand for labour in the rural sector recovers as graziers re-stock. The exception is Barcaldine town, where urban values have remained static.

The major rural markets for Central Queensland are grazing and sugar cane. The grazing markets throughout the region, after several years of softening, have seen moderate increases. This is especially the case with grazing lands. Many areas have experienced some significant increases with the very buoyant cattle prices achieved in 2016. Sales across the region continued to trend upward. Grazing land values in all Central region local authorities areas have seen minor to moderate increases.

Activity in the sugar cane land market was limited with values generally remaining static. Overall, the industry is optimistic with recent commodity price rises.

North Queensland North Queensland encompasses the Burdekin in the south, and extends north to Cape York and west to the Queensland border.

These local government areas were valued in the 2017 annual valuation:

• Carpentaria Shire Council

• Cassowary Coast Regional Council

• Croydon Shire Council

• Mareeba Shire Council

• Tablelands Regional Council

• Townsville City Council.

The Townsville property market has been impacted by high unemployment, high rental vacancies, and a downturn in the mining sector, which has created a relatively subdued market. This is tempered however by returning confidence associated with project announcements such as, the North Queensland Stadium and allied Priority Waterfront Development Area, the Elliot Springs development, and services associated with Singaporean military expenditure. As a result of these forecast events, market conditions have stabilised along with steadying sale volumes and median sale prices.

The residential market in Townsville has continued to be subdued. The western suburbs, including Kirwan, have generally experienced little change in value. Sale volumes in the northern suburbs of Deeragun and Burdell have reduced with a corresponding reduction in values for small sized blocks of around 400m², whereas values for traditional sized blocks generally held firm.

Valuation reductions have been undertaken on difficult sites with building constraints and for lands which have experienced negative effects of new road infrastructure development, such as those neighbouring the Townsville Ring Road extensions.

Industrial values in the northern localities of Mount St John, Mount Louisa and Bohle have generally softened over the last two-year period. There is an oversupply of vacant industrial properties, however the owner-occupier market has remained steady. The owner-occupier market has been transitioning to sites with better locational features or better structures. Well-located improved properties with a sound tenant base are continuing to sell.

Commercial land values in Townsville have generally remained unchanged or have softened slightly. Central Business District area values have generally fallen slightly, whereas values adjacent to key shopping centre nodes have held their value. The strip commercial localities of Bowen Road and parts of Charters Towers Road have generally been reduced by small margins.

There has been limited demand for multi-unit land with values generally remaining static.

Karumba, Carpentaria Shire Council

9

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Valuer-General’s 2017 Property Market Movement Report

The main property driver for the Atherton Tablelands is the agricultural and intensive grazing sector which is strong and underpins the values within the townships of Atherton, Malanda and Yungaburra. Values in these townships have generally remained unchanged. Land values in Tolga have experienced a minor increase in the median land value. In contrast, the township of Mount Garnet, which has been reliant on nearby zinc mining enterprises has recorded a significant reduction in property values following the closure of these mines. Values in the towns of Herberton and Ravenshoe have also softened.

A limited supply and pent up demand for premium quality cultivation lands within the Atherton Basalt’s ‘Golden Triangle’ has driven value increases in this locality. The majority of agricultural lands have experienced minor variations to the existing levels of value.

Since the last annual valuation in Tablelands Regional Council, a full review of rural valuation has been undertaken. The review has resulted in varied changes to the valuations being issued.

As in the Tablelands, the property drivers within the Mareeba Shire are based on agriculture and pastoralism. Land values within the Mareeba Dimbulah Water Supply Scheme have generally remained stable. This stable environment has had a flow on effect to the surrounding urban centres, including the towns of Mareeba and Dimbulah. Exceptions to this include the town of Mutchilba where a significant percentage increase in values has been experienced, albeit from a low base.

The commercial market within the town of Mareeba has softened at the premium end, however the majority of lands within Byrne and Walsh streets have experienced minimal change in values. The industrial market has generally held in value, however a minor uplift in values has been implemented for larger-sized parcels.

The rural residential market adjacent to the town of Mareeba is still strong and has experienced minor increases in value.

The Kuranda market has experienced a slight increase in values over the last three-year period.

The residential markets in Cassowary Coast have been variable throughout the region. The agricultural sector is generally strong with high commodity prices, particularly within the sugar and grazing industries, being a major driver in the property market. Farming land values have generally increased over the last 24 months as sales volumes have picked up. This is offset somewhat by uncertainty within the banana industry due to biosecurity concerns relating to Panama disease. The tourism market is still slow and confined mainly to the driving holiday market.

Residential values have generally softened in the town of Innisfail, as well as in smaller coastal and hinterland localities such as Wangan, Mourilyan, Mundoo, South Johnstone, Silkwood, El Arish and Kennedy.

Values have generally remained unchanged in the coastal localities of Mission Beach and Wongaling Beach, whilst South Mission Beach, with its oversupply of vacant allotments, continued to show a drop in value. In the southern Cassowary Coast townships, such as Tully and Cardwell, values have generally been stable.

Commercial, industrial and multi-unit lands have generally mirrored the residential trend in Cassowary Coast townships. Values have softened for premium sites within Edith and Rankine streets, Innisfail.

A lack of buyer capacity resulted in only a small number of transactions across the entire North Queensland pastoral sector. The broader market fundamentals for large grazing enterprises in North Queensland, however, are better than they have been in some time with substantial rises in cattle prices pushing demand for well-developed and stocked properties.

In Carpentaria Shire a limited supply of urban lands within the town of Normanton has caused some upward pressure on values. Slowing demand for urban land within the town of Karumba since the downturn in the mining industry and closure of the MMG port facility, however, has resulted in values remaining unaltered.

The primary production market was the only market contributing to the overall increase in value in Croydon Shire. Land values for all other market sectors recorded moderate to significant reductions.

Available market evidence has generally indicated an increase in property values for the larger grazing properties. Values within the Croydon Forest have experienced significant increases, albeit from a low base, where it is considered to be ‘value for money’ cattle breeder country.

Rural Improved confidence is generally surrounding the rural property market in Queensland, even though the majority of the State remains drought declared. This market confidence is generally being driven by the continued high commodity prices within the beef industry and continued low interest rates. Potential purchasers are remaining cautious, until there is an improvement in the current weather conditions. There remains limited demand for poorer quality enterprises.

Strong cattle market competition exists between re-stockers, live export, feedlots and processors for limited availability. The Eastern Young Cattle Indicator reflects this situation. 1 October 2014: 365 cents/kg/cwt (Carcase weight), 4 October 2016: 719 cents/kg cwt and 12 February 2017: 638 cents/kg cwt.5

Increases in rural values generally occurred throughout the majority of local authorities included in the 2017 annual valuation. Sales across Croydon and Carpentaria shires and Goondiwindi Regional Council showed significant

5 Source: Meat and Livestock Australia

10

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Valuer-General’s 2017 Property Market Movement Report

increases. Croydon Shire had received reductions as a result of the Global Financial Crisis (GFC) and the lack in confidence and restrictive financial measures that followed. It is seen as safe cattle breeder country and optimism has now returned to the market place, bringing land values back to pre-GFC levels.

Sales have shown moderate increases occurred in the grazing areas of Whitsunday Regional Council, throughout Cassowary Coast Regional Council, Barcaldine Regional Council, Blackall-Tambo Regional Council, Rockhampton Regional Council, Livingstone Shire Council, Gladstone Regional Council, Balonne Shire Council, Western Downs Regional Council, Southern Downs Regional Council and Maranoa Regional Council, and in the larger grazing areas of Mareeba Shire and Tablelands Regional Council. Minor increases have occurred in Central Highlands Regional Council, Bundaberg Regional Council, North Burnett Regional Council, the Kilcoy area of Somerset Regional Council and the majority of Gympie Regional Council.

In the western pastoral zone, the market peaked around 2008 and then fell back to around 2005–06 value levels. There is a current level of optimism in this market.

Generally, within regional localities where there is mixture of farming and grazing, the optimism within the beef industry is resulting in increases in all rural values.

The sugar cane land market of Mackay and Whitsunday has remained static. The industry is generally optimistic with commodity price rises.

Full reviews of rural valuations are currently underway in many locations. The 2017 annual valuation includes a full review of Balonne Shire Council and a significant component of Goondiwindi Regional Council. These reviews have the support of landowners and have resulted in varied changes to the valuations being issued.

Rural land purchased by resource companies for the purpose of mining or other extractive industry are not used to determine statutory land values of rural land. This market activity has now slowed due to the state of the resource sector, and respective markets are now being influenced by rural landowners.

(Figures 4 and 5 illustrate the extent of the drought throughout Queensland since the date of valuation 1 October 2016.)

Courtesy of Tourism Queensland

11

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Valuer-General’s 2017 Property Market Movement Report

Ove

rall

perc

enta

ge c

hang

e by

loca

l gov

ernm

ent a

rea

2017

ann

ual l

and

valu

atio

n

80

72.3

70 60 50 40 30

25

.5

20

17.0

14

.5

13.6

13.6

12

.6

12.4

10

.3

10

6.7

6.0

5.8

5.2

4.7

3.8

2.9

2.8

2.3

1.0

0 -0

.3

-1.5

-1

.5

-2.7

-3

.2

-4.1

-7

.5-1

0 -8

.6

-8.7

-20

-20.

6

-30

-40

GLADSTONE

ROCKHAMPTON

MACKAY

LIVINGSTONE

CENTRAL HIGHLANDS

MARANOA

WESTERN DOWNS

TOWNSVILLE

WHITSUNDAY

CASSOWARY COAST

BUNDABERG

SOMERSET

SOUTHERN DOWNS

TABLELANDS

GYMPIE

NORTH BURNETT

MORETON BAY

STATE WIDE

BRISBANE

MAREEBA

GOLD COAST

BLACKALL TAMBO

IPSWICH

BARCALDINE

LOGAN

GOONDIWINDI

BALONNE

CARPENTARIA

CROYDON

% change

Figure 3 Overall percentage movement in total value since the previous annual valuation for the whole state and all local government areas valued in the 2017 annual valuation.

Loca

l gov

ernm

ent a

rea

12

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Valuer-General’s 2017 Property Market Movement Report

 

Table 1 New median value and percentage movement in median value for residential and rural residential land since the previous annual valuation in local government areas valued in the 2017 annual valuation.

Local government

area

Residential Rural residential

New Median median value value change

($) (%)

New Median median value value change

($) (%)

Balonne 24 500 -34.7 62 000 -35.4

Barcaldine 49 500 -14.7 72 000 -22.6

Blackall-Tambo 25 000 -39.8 79 000 0.0

Brisbane 430 000 10.3 640 000 4.9

Bundaberg 116 000 1.8 98 500 -5.3

Carpentaria 31 500 57.5 108 000 100.0

Cassowary Coast 68 000 -9.3 113 000 2.7

Central Highlands 56 000 -15.2 125 000 -28.6

Croydon 10 800 -29.9 18 700 -30.1

Gladstone 113 000 -27.1 126 000 -11.3

Gold Coast 320 000 8.5 370 000 8.8

Goondiwindi 75 000 0.0 116 000 3.6

Gympie 88 000 7.3 127 000 5.8

Ipswich 155 000 11.5 245 000 11.4

Livingstone 128 000 -12.3 170 000 -5.6

Logan 220 000 18.9 305 000 15.1

Mackay 142 000 -9.8 160 000 -8.6

Maranoa 59 000 -54.6 152 500 1.7

Mareeba 80 000 9.6 185 000 10.5

Moreton Bay 232 500 5.7 315 000 3.3

North Burnett 38 500 -6.1 56 000 -3.5

Rockhampton 105 000 -9.5 140 000 -11.1

Somerset 89 000 0.0 150 000 3.5

Southern Downs 88 000 -1.1 125 000 -3.9

Tablelands 97 000 2.1 152 500 0.0

Townsville 143 000 -2.1 190 000 0.0

Western Downs 39 500 -52.4 55 000 -9.8

Whitsunday 104 000 -8.0 170 000 -1.5

13

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Valuer-General’s 2017 Property Market Movement Report

Table 2 New total value and percentage movement in total value for commercial, industrial, multi-unit and primary production land since the previous annual valuation in local government areas valued in the 2017 annual valuation.

Loca

l gov

ernm

ent a

rea

Mul

ti-u

nit

Com

mer

cial

In

dust

rial

Pr

imar

y pr

oduc

tion

New

To

tal

tota

lva

lue

valu

ech

ange

($

) (%

)

New

To

tal

tota

l va

lue

valu

ech

ange

($)

(%)

New

Tota

lto

tal

valu

eva

lue

chan

ge

($)

(%)

New

To

tal

tota

l va

lue

valu

ech

ange

($

) (%

)

Bal

onne

Bar

cald

ine

Bla

ckal

l-Tam

bo

Bri

sban

e

Bun

dabe

rg

Carp

enta

ria

Cass

owar

y Co

ast

Cent

ral H

ighl

ands

Croy

don

Gla

dsto

ne

Gol

d Co

ast

Goo

ndiw

indi

Gym

pie

Ipsw

ich

Livi

ngst

one

Loga

n

Mac

kay

Mar

anoa

Mar

eeba

Mor

eton

Bay

Nor

th B

urne

tt

Rock

ham

pton

Som

erse

t

Sout

hern

Dow

ns

Tabl

elan

ds

Tow

nsvi

lle

Wes

tern

Dow

ns

Whi

tsun

day

1 1

96 4

00

-34.

5

74

000

0.0

24 0

86 9

38 7

00

2.0

244

364

500

-0

.8

55

523

000

-6.3

25

811

600

-35.

8

148

133

000

-2

1.6

15 6

54 6

53 4

00

19.1

5 3

87 0

00

0.0

32

035

500

0.7

303

045

500

7.

9

76

426

000

-18.

8

855

713

900

8.

7

241

390

500

-1

2.6

5 7

84 5

00

-54.

2

13

249

000

-1.1

1 81

7 10

3 50

0 5.

3

783

000

-4

.6

130

436

500

-4

.2

3 7

08 0

00

-0.1

26

740

500

0.3

21

171

500

0.2

725

044

100

-1

.2

25

496

500

-29.

7

138

519

400

-3

.7

6 1

05 0

00

-38.

5

5 0

77 8

00

-19.

7

2 1

92 4

00

-38.

9

19 4

35 1

95 3

00

-1.0

423

258

800

-0

.8

4 8

34 0

00

16.4

117

916

500

-6

.2

76

738

000

-16.

2

161

900

-3

0.1

218

099

000

-5

.6

3 77

1 00

8 00

0 7.

3

35

204

150

2.6

160

187

900

0.

5

979

029

900

4.

8

81

812

400

-7.2

1 58

3 47

4 50

0 6.

1

531

522

000

-2

.7

69

801

600

-16.

2

63

536

600

-2.5

1 52

3 97

9 30

0 1.

7

16

443

700

-3.2

460

903

400

-9

.4

44

300

400

1.9

170

422

500

4.

7

68

649

200

0.2

1 04

2 64

1 50

0 -2

.4

120

876

600

-1

8.0

208

741

500

-1

.5

4 3

32 0

00

-25.

9

8 6

28 5

00

-14.

6

2 1

59 9

30

-32.

2

11 0

01 7

51 7

09

0.1

138

979

500

-0

.1

7 6

47 0

00

15.1

60

299

900

-4.8

76

900

270

-15.

7

45

000

-23.

8

293

990

250

-3

1.1

3 16

5 09

2 70

0 6.

1

51

322

450

19.7

45

326

500

2.6

966

242

300

-1

.4

50

811

500

-10.

8

1 06

6 97

4 50

0 4.

6

396

643

080

-1

4.9

91

111

470

-33.

3

49

865

100

10.3

1 34

0 24

3 10

0 3.

0

8 2

46 8

00

-1.4

232

073

090

-2

1.5

16

045

500

14.9

60

056

980

-0.1

43

190

200

-0.6

898

571

676

-4

.3

100

697

662

-2

0.6

73

601

400

-1.3

415

721

500

32

.6

470

185

960

20

.3

315

069

600

19

.8

100

620

500

4.

4

488

526

000

10

.3

130

232

000

27

.3

335

001

000

25

.1

1 63

8 03

6 44

0 10

.0

40

367

900

88.7

231

229

920

24

.8

124

646

500

0.

4

567

734

300

23

.4

491

890

600

6.

4

199

324

700

1.

2

270

691

900

25

.0

127

740

000

10

.8

387

568

790

-0

.4

1 16

1 41

5 29

0 24

.3

322

546

300

6.

7

356

822

800

0.

0

573

921

500

8.

9

267

577

900

24

.4

664

321

100

0.

8

483

896

900

19

.1

634

267

000

11

.8

81

624

100

0.0

1 93

2 62

0 93

0 14

.8

492

528

790

12

.9

14

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Valuer-General’s 2017 Property Market Movement Report

Queensland drought situation as at 1 October 2016

Figure 4: Queensland drought situation as at 1 October 2016 Source: www.longpaddock.qld.gov.au

15

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Valuer-General’s 2017 Property Market Movement Report

Queensland drought situation as at 1 January 2017

Figure 5: Queensland drought situation as at 1 January 2017 Source: www.longpaddock.qld.gov.au

16

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