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State Valuation Service Department of Environment and Resource Management Valuer-General’s Property Market Movement Report State Valuation Service Department of Environment and Resource Management Snapshot of the 2011 valuation

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Page 1: Valuer-General’s Property Market Movement Report...I am pleased to present my property market movement report ahead of the release of the new 2011 annual statutory land valuations

State Valuation ServiceDepartment of Environment and Resource Management

Valuer-General’s Property Market Movement Report

State Valuation Service Department of Environment and Resource Management

Snapshot of the 2011 valuation

Page 2: Valuer-General’s Property Market Movement Report...I am pleased to present my property market movement report ahead of the release of the new 2011 annual statutory land valuations

Prepared by: Valuer-General, State Valuation Service Department of Environment and Resource Management © State of Queensland (Department of Environment and Resource Management) 2011

This document has been prepared with all due diligence and care, based on the best available information at the time of publication. The department holds no responsibility for any errors or omissions within this document. Any decisions made by other parties based on this document are solely the responsibility of those parties. Information contained in this document is from a number of sources and, as such, does not necessarily represent government or departmental policy.

This report does not purport to be, and should not be interpreted, as comprehensively or definitively representing any revaluation undertaken by the Valuer-General, State Valuation Service of the Department of Environment and Resource Management under the Land Valuation Act 2010. April 2011

If you need to access this document in a language other than English, please call the Translating and Interpreting Service (TIS National) on 131 450 and ask them to telephone Library Services on +61 7 3224 8412.

This publication can be made available in alternative formats (including large print and audiotape) on request for people with a vision impairment. Contact (07) 322 48412 or email <[email protected]> April 2011

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Contents

Valuer-General’s foreword............................................................................................................................1 Introduction....................................................................................................................................................2 Property market movement............................................................................................................................2 State overview of site value...........................................................................................................................2 Market movement between valuations ..........................................................................................................3 Floods and cyclones.......................................................................................................................................4 Overall market trends ....................................................................................................................................5

Brisbane .....................................................................................................................................................6 Greater Brisbane ........................................................................................................................................7 Gold Coast .................................................................................................................................................8 South East Queensland ..............................................................................................................................8 South West Queensland.............................................................................................................................9 Central Queensland..................................................................................................................................10 North Queensland ....................................................................................................................................11

Rural ............................................................................................................................................................12 Mining in the Bowen, Galilee and Surat basins ..........................................................................................13

Page 4: Valuer-General’s Property Market Movement Report...I am pleased to present my property market movement report ahead of the release of the new 2011 annual statutory land valuations

Valuer-General’s Property Market Movement Report—Snapshot of the 2011 valuation

Valuer-General’s foreword I am pleased to present my property market movement report ahead of the release of the new 2011 annual statutory land valuations in May 2011. This snapshot report summarises the extensive analysis of all property markets in Queensland by my team of specialised registered valuers who are located in 19 offices throughout the state.

This year, the State Valuation Service has revalued all 58 rateable local governments in Queensland (as at 1 October 2010) with over 1.6 million valuations undertaken in accordance with the Land Valuation Act 2010. This is our most extensive valuation undertaken to date.

The valuations, when issued in May, will take effect on 30 June 2011 for local government rating, State land tax and State land rental purposes.

Since the Queensland Government’s announcement last year to implement major valuation reform, I have been appointed to the role of Valuer-General to ensure the reforms are implemented in a sustainable way that will ensure equitable valuations are delivered to landowners and conform with national best practice.

For the first time this year I will be using the site value methodology to value all non-rural land. The introduction of site value brings Queensland into line with other Australian states, and will provide all landowners with a better comparative base to compare land values across all of Australia.

The new site value methodology modernises Queensland’s valuation system and is more reflective of the market value of land, making the valuation simpler and easier to understand.

All rural land continues to be valued on unimproved value as there are little or no site improvements made to rural land.

From 2011 onwards, all rateable local governments will be valued annually, except in unusual circumstances or if there has been little or no market movement from the previous year.

My property market movement report is a snapshot of the 2011 valuation and provides a summary of value changes for residential, rural residential, multi-unit, commercial, industrial, and rural land, since the local government area was last valued.

Neil Bray Valuer-General State Valuation Service

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Valuer-General’s Property Market Movement Report—Snapshot of the 2011 valuation

Introduction In September 2010, new legislation came into effect—the Land Valuation Act 2010—which introduced changes to the statutory land valuation process in Queensland. From 2011 there are now two methodologies used to carry out statutory land valuations—site value and unimproved value.

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

Land that is zoned rural or equivalent under a local planning scheme will continue to be valued using the unimproved value methodology. All other land is non-rural land.

Unimproved value is the amount for which rural land could be expected to sell for at the date of valuation without the inclusion of physical improvements such as houses, fences, dams, levelling and earthworks.

Property market movement Generally, the Queensland property market has been subdued over the past 12 months and the volume of sales recorded with the Registrar of Titles has decreased markedly.

Value changes, both up and down, can be attributed to a number of factors including:

• the introduction of site value and other legislative changes including the removal of intangible elements from the valuation

• market movement

• the time since the last valuation was undertaken

• the effects of extreme weather events.

State overview of site value The Government introduced in 2011, site value for non-rural land. In Queensland, 89 per cent of land is classified as non-rural and has been valued using site value. Eleven per cent is

classified rural and has been valued using unimproved value.

The introduction of site value has not had a noticeable impact on the valuations of most landowners. The change in the overall increase of land value in Queensland for 2011 is four per cent.

In developing the new methodology, forecasts were made last year that most residential properties would not be significantly affected by the introduction of site value. This in fact has turned out to be correct—the result is that overall land values have not increased by more than five per cent due to site improvements. Higher increases in land value are attributed to market movements and the time since the land was last valued.

Figure 1. Land uses breakdown by Region

Site value has led to some increases in value for some waterfront estate owners, for example on Bribie Island and in Redcliffe, due to the inclusion of site improvements. Other waterfront estates on the Gold Coast have not experienced an overall increase in value due to the decline in the market.

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Most local governments, through rating categorisation have differentially rated waterfront land, which previously had low unimproved values compared with unfilled dry blocks. In many cases, rates have already been adjusted to ensure that both filled and unfilled land is rated similarly. As such, the move to site value methodology in Queensland should not directly result in changes to rates.

While it was forecast that many commercial and industrial site valuations in low lying, heavily filled areas would increase significantly in value with the introduction of site value, the downturn in the market has negated much of the impact of the introduction of site value.

Some heavily filled industrial and port lands have increased significantly as a result of the introduction of site value. These properties, where the land value has increased by more than $1 million, qualify for an automatic offset site value allowance to ensure this increase is transitioned over a 12-year period.

In line with Government’s policy commitment, and to be consistent with other Australian states, site value does not include intangible elements such as infrastructure credits in the land value and this has led to an overall reduction of valuations in some areas. For example, the decreases in the valuations for Brisbane multi-unit land and commercial land in the central business district (CBD) can be attributed in part, to the removal of infrastructure credits from the valuations.

The introduction of site value is not a revenue-gathering exercise for Government and the 2011 property market values demonstrate this.

Market movement between valuations Under the previous legislation–the Valuation of Land Act 1944– the Chief Executive was required to undertake a valuation of all local government areas at least once every five years.

Therefore, for the 2011 valuation, 19 local government areas have reached their statutory five-year limit. Valuations in some of these local government areas have significantly increased despite the more subdued market movement since mid 2008.

Of the 58 local governments revalued, 16 local government areas demonstrated a decrease in statutory land valuations, 27 increased by no more than 10 per cent and eight increased between 11–20 per cent. Of the remaining seven, the highest increases are variable and can be attributed to the time since the local government area was last valued with the ensuing market movement, and not the introduction of site value causing the movements.

There are a small number of local government areas recording large increases overall in statutory land values for all land use categories including Burdekin (77 per cent), Cloncurry (49 per cent), Hinchinbrook (90 per cent) and Mount Isa (155 per cent). These local government areas have not been revalued in five years and the new statutory land values for the whole of the local government area reflect the increases that have occurred during that five-year period.

Small western towns are also experiencing large increases in residential land value, such as Winton (208 per cent), Windorah (400 per cent), and Blackall (750 per cent) as they have not only not been valued for five years but have also come off a low valuation base.

Landowners may have believed that the downturn in the market since 2008 may have led to lower valuations. However, where the local government area was last revalued five years ago, and the values are starting at a low value the increases in the market until 2008 have been included and reduced accordingly to the shift in the market since that time.

Conversely, local governments that have the largest decreases such as Balonne (-16 per cent) and Croydon (-22 per cent) were last revalued in 2010 and reflect the downturn in the market of the past 12 months.

Despite widespread flooding in Ipswich City in January 2011, there was an overall increase in statutory land values of 15.9 per cent in residential land. Residential values in Ipswich did not reach their peak until late 2008 after the valuations for that year had been issued. Ipswich was not revalued in 2009 or 2010. The new statutory land values reflect market movement between 2008 and 2011.

Allowances have been made for flooded properties in the 2011 valuations, however the

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allowance made for the floods (between five and 25 per cent depending on the level and extent of inundation), did not fully outweigh the earlier market movement and the overall increase in residential land value in the whole Ipswich local government area.

Rural land continues to be valued using unimproved value. As with non-rural land, the rural market has been characterised by a general softening in levels of value and a significantly reduced number of sales, particularly in western pastoral areas.

The market value for some grazing properties has fallen by 20–50 per cent since the height of the market in 2007–08. The recent major flooding events are likely to continue to stall the rural property market in the short term, however no long-lasting impacts are likely.

The banana industry, centred around Tully in North Queensland, has been severely impacted by Cyclone Yasi with major crop damage throughout the district. However, as cyclones are regular occurrences in North Queensland, overall impacts on property values are not likely to be great.

Charts 1–4 on pages 15 and 16 show the land value movement for Brisbane, Gold Coast, Townsville and Rockhampton local government areas over their past four valuations.

Floods and cyclones In late December 2010 and January 2011, Queensland was heavily affected by some of the most widespread and significant flooding in the state’s history with Theodore and Condamine fully evacuated, and over 22 towns and 200 000 people affected. In total, 41 local government areas were declared disaster areas with significant disruption to tourism, mining, agriculture and other industries. Some towns, including Dalby, were flooded several times in short succession.

The most notable weather event in Northern Queensland was Category 5 tropical cyclone Yasi crossing the coast in the Cardwell/Tully region in February and continuing west to the Julia Creek area. This extreme weather system caused widespread damage to communities and infrastructure in its path. Many rural industries,

including the sugar and banana industries were badly affected.

Flooded Brisbane locality

The date of valuation for statutory land valuations was 1 October 2010 and they were scheduled to be issued in March 2011. I recommended to Government to delay the issue of the land values until early May 2011 to take account of these extreme weather events and what impact they may have had on statutory land values.

Following this decision, the State Valuation Service undertook a review program of 41 local government areas, which were impacted by the weather events. This program involved reviewing approximately 23 000 valuations for flood-affected properties.

In Brisbane, over 12 000 residential properties received flood allowances ranging from 10– 25 per cent, depending on the depth of inundation, in the 2011 statutory land values.

Commercial properties in the Brisbane CBD that were inundated have a five per cent allowance for flooding included in the 2011 valuation. Other commercial and industrial properties received flooding allowances of up to 20 per cent.

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About 5000 properties in Ipswich, including commercial and industrial, as well as residential and rural residential have received allowances ranging from 5–25 per cent for flood. Small towns such as Grantham, which were severely affected by the January flooding, have received the maximum allowance of 25 per cent.

In the south-west Dalby, Oakey, St George, Thallon, and Condamine received additional allowances for flooding of between 10–25 per cent, where previous flooding had not been recorded in the valuations. Major flooding in the Toowoomba CBD has seen reductions of 5–15 per cent for affected properties.

Bundaberg City experienced its highest recorded flood level since 1942 in December 2010. It is estimated that 700 houses and businesses were flood affected. Historical valuations in Bundaberg included allowances for flooding but additional allowances were made where warranted.

The central Queensland towns of Theodore, Baralaba and Taroom were also flooded. Theodore was badly affected and 353 properties were identified as requiring an allowance for flooding. Emerald has a history of flooding but there are newly developed residential areas that had not previously flooded where allowances of 17.5 per cent were made in the new valuations.

In determining the allowances, the State Valuation Service analysed historical data relating to significant flooding events, previous allowances already incorporated into valuations in known flood and cyclone areas, mapping and spatial imagery.

In addition, a program of property inspections was undertaken and discussions were held with individual landowners prior to determining allowances for flooding. Three levels of impact were determined, which took into account the level and the extent of inundation.

It must be noted that the full impacts of these natural disasters on the market value of land will not be fully evident for some time. Following the 1974 floods in Queensland, the market was subdued for a number of years. The then Department of the Valuer-General’s historical records show that the reductions made to land valuations undertaken in Brisbane’s western

suburbs at that time, ranged from 5–20 per cent depending on the depth of flooding.

The 1974 floods levels, particularly in Brisbane and Ipswich, were not a factor influencing the market in recent years prior to the 2011 floods, as the previous flood related market stigma dissipated with time and values for former flooded residential land close to the city had risen in line with non-flooded land.

Aerial photograph of flood inundation with spatial overlay of the levels of impact

In many regional areas the likelihood of flooding is already reflected in existing valuation data.

Land values have been adjusted until such time as future market evidence indicates what enduring impact the flooding has had on property values. Landowners who believe that their new valuation does not sufficiently reflect the impact of a natural disaster on the value of their land have the right to lodge an objection against the valuation.

Overall market trends From 2005 to mid 2008, all property sectors in Queensland experienced significant market growth. During this period, Queensland experienced a ‘property boom’ and prices paid for properties rose dramatically.

Generally, the Queensland property market over the past 12 months has been more subdued and the volume of sales has decreased markedly.

This year’s revaluation will include the changes in property prices that have occurred since the

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last revaluation, with values in some local government areas reflecting market movement from the time of the property boom through to the slowdown of the current market.

Tables 1–3 on pages 17–19 show the percentage changes for the 58 local government areas being revalued this year across the various property sectors: residential, rural residential, multi unit, commercial, industrial, rural and the overall movement.

These tables detail the overall percentage change for the whole of the local government area since the last revaluation and by land category as well as showing the new average value of land by category. The tables have been divided by local government areas and the last year of revaluation.

Brisbane and Gold Coast have seen modest increases in residential land values overall. These local government areas clearly demonstrate the softening trends in the market place, particularly in the commercial and industrial sectors.

Commercial and industrial land in Brisbane and Gold Coast has generally remained static or decreased in value since the last revaluation in 2010, while the values of multi-unit land have decreased.

Some residential suburbs of Brisbane, such as Chelmer and Jindalee, which were impacted by floods in January, have recorded a decrease in average residential land values.

Major cities along the Queensland coast, such as Townsville and Rockhampton, have shown small increases in values of residential land since the 2010 revaluation was undertaken. Rockhampton was also impacted by flooding from the Fitzroy River. Residential areas such as Depot Hill flood regularly and the allowances that have been made in previous valuations because of the risk of flooding will continue.

Rural industry values have been mixed. While the volume of grazing sales in western local government areas has been slowing since 2008, good seasonal conditions following the widespread rain are now promoting more confidence in the sector. Commodity prices, including beef, mutton, grain crops and sugar are

up and there are prospects of good returns for rural industries in the short to medium term.

Changes within regional areas, such as Western Downs Regional Council, are representative of markets driven by the resource boom where significant market movement has occurred. The resources sector continues to bolster values in some regional areas such as land in the Surat, Galilee and Bowen Basins.

Many primary producers are currently undergoing infrastructure rebuilding following damage caused by the floods and cyclones. The flow-on effects to property values following a return to good seasons will not be known for some time.

Brisbane Brisbane was last revalued in 2010, and residential value movements have generally been mixed. Of the 181 suburbs in Brisbane, 116 suburbs increased in value by up to 36 per cent. The remainder stayed at the 2010 value level or decreased.

Allowances of 10–25 per cent were made to the values of approximately 12 000 flood-affected residential properties in Brisbane. These values may change and be readjusted in the future once the market evidence fully reflects the enduring impact that the flooding has had on land values in these particular areas.

Brisbane residential land values have recorded an overall increase of 6.9 per cent, with the typical suburb changes being between 5–15 per cent. Underlying issues such as limited supply of residential land, higher demand for rental accommodation and the Brisbane floods have seen the market stabilise since the Global Financial Crisis, and increase in some areas.

Prestige river-front land stabilised in 2010. However, a number of river-front properties flooded in January and it is expected that the flooding-related market stigma will remain in the market for a number of years.

The multi-unit areas in Brisbane have shown an overall decrease of about 9 per cent due in part to the introduction of site value and the removal of infrastructure credits from the land value. Some multi-unit areas have also increased in value whilst some localities affected by flooding were reduced.

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The Brisbane CBD commercial office market reached its peak in 2007, and following the Global Financial Crisis, dropped back in 2008 and 2009 as evidenced by the valuations issued in March 2010. During this period, finance for large projects became difficult to obtain and development stalled. At the same time, rents fell, yields softened and vacancies rose.

View of the Brisbane CBD from Hamilton Hill

In 2010, buyers in the market became more optimistic and steadied, with development interest primarily in residential projects around the city.

Some CBD properties close to the Brisbane River were also impacted by the January 2011 floods and this has been taken into consideration in the 2011 valuations with allowances made in valuations for flooding of five per cent.

In Fortitude Valley and the high-growth area of Bowen Hills, values rose in some areas due to increases in density permitted under a draft change to the local government area plan, although some properties were affected by flooding.

Suburban commercial activity was patchy with limited competition for larger commercial sites in the outer suburbs. The availability of finance for suburban commercial and industrial projects has been limited with some lending to larger companies with strong equity backing. By the end of 2010, developers were returning to the market with some interest by international buyers and the large superannuation funds.

As such there was a slight downturn in land values overall for commercial uses in the Brisbane local government area.

Overall, Brisbane City showed a modest increase of two per cent over the 2010 levels of value,

which incorporates increases in non-flood affected properties and allowances for flood inundations, market movement and the introduction of site value.

Greater Brisbane The greater Brisbane area includes those local government areas of Redland (last revalued in 2010), Logan (last revalued in 2008), Ipswich (last revalued in 2008) and Moreton Bay (last revalued in 2010), which surround the Brisbane local government area.

Generally prevailing economic conditions have constrained market growth in these areas. However, general affordability of these areas compared with Brisbane has lead to price stability.

Residential land values in Redland City have been maintained, however, Bay Islands have recorded some decreases in value due to changes in access to the island and amenities. For example, Russell Island recorded an overall decrease of 23 per cent. Minor changes have also occurred in commercial, industrial and multi-unit values. For example, Cleveland and Capalaba values recorded increases of two per cent and six per cent respectively.

Changes in value were more significant in Logan City due to the period of time between the last revaluation in 2008. The majority of land values in Logan have recorded increases of 20 per cent to 40 per cent. Residential land values also increased.

Commercial land values generally recorded little change in value while industrial values generally decreased.

Residential land in Ipswich City was last valued as at 1 October 2007, and issued in 2008. This was before the peak of the market in late 2008, and increases in land value were still occurring up until the Global Financial Crisis in 2009.

Since then there has been a decline in the lower value end of the market in the past 12 months but overall declines that occurred in certain areas of Ipswich have not reduced the land value to the same magnitude as that of the upward market movements that occurred up to the peak in the market.

Residential properties that were impacted by January’s floods have had the impacts taken into

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account in their new values with 3430 properties having an allowance of between 10 per cent and 25 per cent applied to the land value. The true impact on values due to the flooding will not be known for some time and these valuations may be adjusted in the future to reflect the enduring market impact on land in these flood-affected areas.

Rural residential land has seen its value rise in Ipswich as well. This is a result of time since the last valuation and the timing of the peak of the market. Further impacts could be attributed to the two-tiered market of rural residential with subdivisional potential between owner-occupiers and developers.

Rural areas and small towns in the Ipswich City Council area also increased by moderate amounts.

In Moreton Bay Regional Council, residential land values have remained fairly static since the last revaluation in 2010. However, there were small increases of around 10 per cent in a number of areas. Larger increases have occurred in some areas such as Bribie Island and Newport Waters canal estates as a result of moving to site value where the site improvements to the land, such as filling and revetment works are now included in the land value.

Commercial and industrial lands have generally maintained their level of value although there is limited sales evidence in these markets. The introduction of site value has led to variable changes to the applied values of some commercial and industrial lands, because of the inclusion of site improvements, including clearing, levelling and filling.

Gold Coast Overall, Gold Coast values have remained static since the last revaluation in 2010, with some declines in some sectors and localities.

Approximately two thirds of Gold Coast residential values demonstrate no change or small increases in value overall. The premium coastal areas recorded small reductions in value while some hinterland areas showed increases above 10 per cent.

Approximately two thirds of the multi-unit land on the Gold Coast decreased in value. The overall decrease in multi-unit land was 6.4 per

cent. Areas with greatest decreases included the premium coastal areas and the Broadwater. These areas have been impacted by oversupply of stock and little interest from developers at present and the introduction of site value where intangible elements such as infrastructure credits have been removed from the value.

More than 60 per cent of commercial land values on the Gold Coast decreased in value while the remaining lands, generally outer suburban areas, showed no change or minor increases. Industrial land values are marginally stronger with 75 per cent showing no change or small increases.

An overall decrease in value of approximately five per cent occurred in the northern industrial areas around Yatala and 10 per cent in the central coastal areas such as Miami.

View of the Gold Coast – image courtesy of Tourism Queensland

South East Queensland For the purposes of this report, the South East region encompasses the areas to the north of Brisbane from the Sunshine Coast (last revalued in 2008) to Bundaberg (last revalued in 2010) and west to South Burnett (last revalued in 2010) and North Burnett (last revalued in 2008) regional council areas.

The North Burnett, Gympie and Sunshine Coast local government areas have shown larger increases as a result of the time period between this valuation and the last valuation in 2008.

Across this area, residential values have remained fairly static with small changes in value from 2008–11, in most prices ranges. However, former higher valued prestige property in some localities has experienced a decline in value. Prestige residential property has been impacted by the downturn in the market more

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than less expensive properties. This is a reflection of affordability levels, investor confidence and access to lender funding.

On the Sunshine Coast for example, values for waterfront lands have generally declined. However, with the move to site value this decline has been negated to some extent as the site improvements, such as filling and revetment works are now included in the land value.

Beachfront and Esplanade land in Hervey Bay has generally reduced in value, while towns in the North Burnett Regional Council area have experienced large increases in the level of value from the previous valuation in 2008.

This is a reflection of the lower base value since the last valuation and affordability. Similarly, residential values in Gympie have risen in the order of 17 per cent between 2008–11.

Great Sandy Strait Marina and Resort, Boat Harbour, Urangan, Hervey Bay

Multi-unit, commercial and industrial land values have tended to mirror the residential market trends in most areas with values remaining steady with only small increases of around 10 per cent. However, coastal areas such as Bargara, Hervey Bay and parts of the Sunshine Coast have experienced a decline in value which reflects the current state of the tourist and property market investment.

Rural land values have generally remained steady in Bundaberg, Fraser Coast and the South Burnett, with some small increases. There is a lack of market activity in most areas; however vendor expectations and demand for rural living properties have generally maintained values at the current levels. The impact of the recent extreme weather events on the cane and small crop industries are not yet evident in the property market and any impacts on land values will be reflected in future market transactions and this may see change in valuations.

South West Queensland For the purposes of this report, the South West region encompasses Toowoomba (last valued 2008) and the areas to the west and south-west of Toowoomba.

The Toowoomba residential market has shown an overall increase of about 30 per cent since the last revaluation in 2008, with some larger lots have increased by 100 per cent.

Small towns around Toowoomba have increased between 10–60 per cent. Residential properties in Highfields, for example, have experienced good growth between 10–50 per cent. This is a reflection of the market movement in this region since 2008.

Rural home sites within close commuting distance to Toowoomba have increased between 10–40 per cent while properties outside commuting distance have not changed in value.

Toowoomba commercial CBD values have remained at their current levels, except for those reviewed as a result of the extreme flooding event that occurred in Toowoomba on 10 January 2010.

Affected CBD properties have had an allowance of between 5–15 per cent depending on the inundation experienced. Suburban and fringe commercial CBD properties have increased by up to 25 per cent due to market movement since the last revaluation.

Residential values in Dalby have risen between 10–30 per cent, commercial between 5–10 per cent and industrial by 10 per cent. Dalby was impacted by a series of floods late last year and early this year, the valuations for the flood affected properties in Dalby were reviewed and have an allowance applied of up to 15 per cent.

Residential land within Warwick and Stanthorpe has increased by around 10 per cent since the 2010 valuations as a result of market demand and the introduction of site value, where site improvements to the land, have been included in the land value.

Commercial land in the Warwick CBD has not increased in value overall but there is a 10 per cent decrease in value in the Stanthorpe CBD.

There has been limited market activity within the small towns in the Warwick district, except for the township of Maryvale, which had an increase

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of 90 per cent based on recent sales. There are few changes within the Stanthorpe district, except for the township of Wallangarra where values have increased by up to 100 per cent and Glen Alpin where values have increased by up to 160 per cent.

Generally, there are limited changes within the rural home site market, except in the Stanthorpe district where there have been some significant valuation increases and reductions due to various physical attributes and lifestyle choices.

Residential land in Goondiwindi has increased since the last revaluation in 2008 by up to 30 per cent as a result of a combination of market movements and the introduction of site value for improvements made to the land. Industrial lands have increased by up to 100 per cent and commercial land by 30 per cent.

Various small towns have variable changes from five per cent in Texas, to 130 per cent in Talwood. Miles and Chinchilla are being driven by the demand from the expanding mining industry with residential values increasing between 30–40 per cent and 25 per cent respectively.

The majority of increases in the small towns are as a result of activity relating to the coal seam gas industry, the period of time since the last revaluation and the resulting market movement. For example, Injune residential land values have risen from $7000–$70 000 as a direct result of mining activities in the region. Residential land in Charleville has experienced significant increases since the last valuation in 2006.

The Roma region has seen quite significant increases in values for residential land since the last revaluation in 2008. Commercial properties increased by up to 25 per cent with industrial land in Roma increasing by up to 170 per cent.

Residential land in St George has increased by about five per cent, and this market is relatively stable. Properties, which were inundated by flooding early this year, have had the property values reviewed and these properties have an allowance of up to 25 per cent applied.

Within the rural areas, softening of the market is demonstrated by a 10 per cent reduction in the rural areas of Tara and Miles, Balonne Shire, south of Roma, traprock country near Warwick and Inglewood and Goondiwindi region.

Areas closer in, such as those around Crows Nest, have been affected by the lifestyle market and consequently these areas have increased between 10–50 per cent since the last valuation in 2008. The balance of properties around the Darling Downs is showing no change in land value.

In March 2010, the Condamine and Balonne Water Resource Operations Plan was amended to include irrigation lands in the Lower Balonne zone of the catchment. As a result of this plan, the value of water has been removed from the respective unimproved rural land values. This has resulted in a significant reduction in the overall value of the Balonne Shire.

Rural landscape – central Queensland

Central Queensland For the purposes of this report, the central region encompasses Rockhampton and extends south to Gladstone, north to the Whitsundays and west to the Queensland border.

Both Mackay and Rockhampton have experienced small overall increases in valuations since they were last valued in 2008 and 2010 respectively. Parts of Rockhampton were extensively flooded again this year. Areas such as Depot Hill flood regularly, so the allowances that have been made in previous valuations because of the risk of flooding will continue.

The town of Emerald recorded heavy flooding earlier this year. While Emerald has flooded previously, this year new levels of flooding were recorded and some properties flooded for the first time. These properties were reviewed following this event and allowances of up to 17.5 per cent have been applied.

Market movement in central Queensland residential values for 2011 have been impacted by the:

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• time period since the local government area was last revalued

• influence of the mining industry on residential land

• impact of the tourism industry.

Gladstone residential land values have seen increases from moderate to significant with industrial land showing the largest increase, with an average increase of 49 per cent. In other mining towns in the region, the increases have been variable from small in Emerald with residential increases of only 15 per cent to very large in Clermont with residential increases up to 350 per cent.

The largest increases have occurred in those towns that have been impacted by the development of mining infrastructure since the last revaluation where values were on a low base. Such is the case for Alpha and Jericho where residential values have increased significantly and both of these towns have new mines opening in their locality, creating strong demand for residential land.

With the downturn in the tourism industry, there has been a softening of demand for residential land in regions which rely on tourism. In tourism towns such as Airlie Beach, residential values have experienced a general decrease of about 20 per cent. In lesser affected towns, such as Yeppoon, residential land values have remained static with some limited higher profile commercial areas showing decreases in their land value.

Rockhampton, Mackay and Biloela, which were last revalued in 2010, have seen very little change to values. However, the western Queensland towns last revalued in 2006 have seen considerable increases in value due to market movement during this period, and the influence of the mining industry on residential land value.

For example, the residential land values have increased in the towns of Winton (by 208 per cent), Windorah (by 400 per cent), Blackall (by 750 per cent), Barcaldine (by 250 per cent), Aramac (by 450 per cent), Longreach (by 160 per cent) and Ilfracombe by (550 per cent).

In the majority of cases, the previous average unimproved value was from a low valuation

base, so although the percentage increases are high, the increase is from this very low base. For example, whilst Longreach residential land values have increased by 160 per cent, the average residential land value is $65 692.

Rural values have been mixed across the region. The coastal grazing market has been static and generally seen very little movement. The central and western grazing markets have seen a softening and are returning to 2006 land values. Actual movement of current grazing land values has been dependant on when the last revaluation occurred.

In these cases, where the local government area was last revalued during the height of the grazing boom, during 2007–08, the grazing land value will see reductions to reflect the downturn. This includes councils of Central Highlands, Barcaldine and Isaac.

North Queensland For the purposes of this report, the region encompasses Townsville, south to the Burdekin, north to the tip of the Cape and west to the Queensland border and includes the city of Mount Isa.

In general terms, minor changes have been experienced in Townsville residential market since the last revaluation in 2010 with an overall increase of 1.3 per cent in residential land values.

This is partly because the Townsville property market is underpinned by a strong tertiary, government and mining support sector. After a period of significant growth from 2004–07, the market has experienced a slowing of sales volumes. Toward the end of 2009, market confidence had returned to the property sector and this continued through 2010, particularly within the residential sector.

Lending practices have continued to have a negative effect on the development market with reductions in value being experienced in the residential subdivision land market.

An overall increase of 2.3 per cent in residential land in the Cairn regional local government area has been recorded since the last revaluation of this region in 2008. The economy is gradually improving, with confidence returning to the tourism industry and a large reduction in unemployment. However, it is taking a long time

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for these improvements to filter through the property market in general.

The Cairns residential property market throughout 2010 has remained at the bottom of the property market cycle, experiencing slow demand but remaining steady.

The Port Douglas market has experienced a downturn in the order of 30 per cent due in part to an oversupply of accommodation and the downturn in the tourism sector.

Cairns – view to the coast

Mount Isa was last revalued in 2006, and the state-wide mining boom had not yet been reflected in the land values. Since that time, the Mount Isa market has continued to grow through 2007–08. Like other centres, Mount Isa has experienced a slowing in property sales due in part to mining confidence and the effect of the Global Financial Crisis.

Property values have significantly increased to those in 2006, and residential land values in Mount Isa have increased since the last annual valuation by an average of 194 per cent across the local government, with an average residential land value of $98 012.

The Burdekin and Herbert River localities were last valued in 2006, and like Mount Isa, the state-wide mining boom was not reflected in those land values for towns within those regions (i.e.

Ayr and Ingham). Significant increases have been experienced in the Ayr and Ingham residential market as is the case in Mount Isa. Whilst Ingham flooded earlier this year, this is a known flood area and allowances already included in the land value for flooding will continue.

The pastoral industry has experienced one of the better wet seasons recorded, with rainfall occurring across the winter and summer. Whilst seasonal conditions are favourable, the high export dollar and the change to financial lending practices have seen a softening in the market from the peaks of 2007.

Rural The rural sector comprises the pastoral industry and broad-hectare agricultural areas generally west of the Great Dividing Range, and includes arable and horticultural areas on the coast. The rural market has been characterised by a general softening in levels of value across the States and significantly reduced number of sales, particularly in the pastoral areas.

Favourable seasonal conditions, coupled with a general upward trend in commodity prices does not appear to have been enough to reinvigorate the rural property market which has remained relatively quiet since the end of 2007.

Since that time, the numbers of property sales have reduced dramatically and property values have generally softened.

The market value of some grazing properties has fallen 20–30 per cent, since the height of the boom in 2007–08. In addition, there have been substantial increases in the costs of improvements over this time.

Overall, in the large western pastoral zone, the market continued to rise up to 2008 and has since fallen back to around 2005–06 levels when valuations where last issued. There is a degree of pessimism in the grazing and farming industries, with concern over possible rising interest rates and a general tightening of lending policy by all major banks following the Global Financial Crisis.

In late December 2010 and January 2011, Queensland rural land was heavily impacted by some of the most widespread and significant flooding. The recent events are likely to stall the

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property market for the short term, however, long-lasting impacts are unlikely on this sector.

The horticultural and small crop industries in the Burnett region continue to strengthen based on secure water allocations and availability of suitable land. Although summer storms damaged a number of crops, local growers remain optimistic given strong prices due to shortages caused by the extreme weather conditions in competing areas.

Grazing cattle near Beaudesert

For example, small crop farmers in the Lockyer Valley suffered major flood damage in January, including loss of top soil and infrastructure. According to recent reports, production levels are now slowly returning to normal.

The dry land agriculture in Central Queensland has remained strong again this year on the back of several consecutive good rainfall years. Landowners in those local government areas that were last revalued in 2008 will experience increases in values for the agricultural component of their properties. However, in most cases increases in the agricultural land are offset by the decrease in the grazing land component of their properties.

Irrigation land values in Central Queensland are generally unchanged. The gains that occurred in the dry land agricultural industry as a result of several wet years have not translated over to irrigation lands. The good rainfall events that lifted the dry land farming have in the case of irrigation farming meant crop losses due to flooding, low yield due to significant rainfall and cutting of access to markets at vital times.

Sugar cane farming is the predominant farming industry the Queensland coast and recently, has been limited by excess rainfall. Many crops were unable to be harvested at the end of the 2010 season due to boggy conditions and new plantings occurring.

Sugar cane and small crops valuations in Whitsunday and Mackay regional council areas have remained unaltered as there was insufficient sales evidence to warrant altering the existing level of values.

In North Queensland, a delayed, wet start to the early planting season was followed by severe cyclones.

Despite this, the property market for sugar has experienced solid growth since 2005.

The banana industry, centred around Tully in North Queensland, was severely impacted by Cyclone Yasi, with major crop damage experienced through the district. It is expected to be six to 12 months before normal production levels resume and fruit prices return to pre-cyclone levels.

Mining in the Bowen, Galilee and Surat basins Extensive gas exploration has continued within the Surat Basin, with major gas pipelines proposed to Gladstone for export. These developments have continued to increase land values within the region, particularly residential land.

The mining activity in the Bowen, Galilee and Surat basins has boosted residential land values in a number of small towns, including Alpha and Jericho where the opening of new mines has created increased demand for residential land. In Alpha, the previous residential value was about $3000 and the new average residential value is about $90 000. In Jericho, the average residential value rose from about $500 to $42 000.

Wandoan is another example, with residential values showing an increase of 100 per cent with an average allotment now worth $110 000.

Rural property prices are being underpinned to some extent by resource company property purchases in some areas of the Western Downs Regional Council, such as the proposed mines in Wandoan, and the rapidly expanding coal seam

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gas fields through the south eastern parts of the region.

Purchases involving premiums paid by mining companies have not been applied to this revaluation. Normal rural transactions have been used and support no change in the unimproved land values.

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Valuer-General’s Property Market Movement Report—Snapshot of the 2011 valuation

Chart 1: Revaluation market movements—Gold Coast City

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

2005 2007 2008 2010 2011 Revaluation Year of Issue

Per c

ent M

ovem

ent

Commercial Industrial Residential Multi Unit Overall Change

Note: � Dates shown are as at date of effect, 30 June, in the year issued (or predicted to issue) � Valuation percentage movement is based on predicted market movement as at 11 April 2011 � Percentages have been rounded

Chart 2: Revaluation market movements—Brisbane City

-20%

0%

20%

40%

60%

80%

100%

2005 2007 2008 2010 2011 Revaluation Year of Issue

Per C

ent M

ovem

ent

Commercial Industrial Residential Multi Unit Overall Change

Note: � Dates shown are as at date of effect, 30 June, in the year issued (or predicted to issue) � Valuation percentage movement is based on predicted market movement as at 11 April 2011 � Percentages have been rounded

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Valuer-General’s Property Market Movement Report—Snapshot of the 2011 valuation

Chart 3: Revaluation market movements—Rockhampton

-20%

0%

20%

40%

60%

80%

100%

120%

2003 2006 2007 2010 2011 Revaluation Year of Issue

Per C

ent M

ovem

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Commercial Industrial Residential Multi Unit Overall Change

Note: � Dates shown are as at date of effect, 30 June, in the year issued (or predicted to issue) � Valuation percentage movement is based on predicted market movement as at 11 April 2011 � Percentages have been rounded

Chart 4: Revaluation market movements 2011—Townsville

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2007 2010 2011 Revaluation Year of Issue

Per C

ent M

ovem

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Commercial Industrial Residential Multi Unit Overall Change

Note: � Dates shown are as at date of effect, 30 June, in the year issued (or predicted to issue) � Valuation percentage movement is based on predicted market movement as at 11 April 2011 � Percentages have been rounded

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Table 1: Local governments last revalued as at 1 October 2005 and issued in 2006—percentage movement in value and new average land value for the whole local government area Local Authority Commercial New

Average Value

$14,222

Industrial New Average Value

$4,341

Multi-unit New Average Value

n/a

Residential New Average Value

$9,178

Rural residential

New Average Value

253.1% $9,780

Rural New Average Value

$961,771

Overall

BARCOO 262.6% 24.9% n/a 386.5% -1.9% -1%

BLACKALL-TAMBO 334.5% $46,466 478.5% $37,003 700.2% $25,656 862.7% $29,134 86.2% $45,649 0.1% $1,288,510 8%

BOULIA 753.9% $22,507 118.1% $10,144 n/a n/a 900% $9,193 770.8% $22,476 -1.1% $1,393,788 1%

BULLOO 250.4% $4,538 5.5% $31,981 496.5% $3,400 563.6% $3,004 210.3% $4,953 0.04% $1,171,464 1%

BURDEKIN 134.1% $185,983 200.5% $148,047 139.3% $141,188 151.8% $90,495 179.6% $111,449 12.4% $297,258 77%

BURKE 448.1% $97,650 192.4% $65,548 995.2% $23,000 694.1% $30,902 353.3% $30,267 -1.9% $1,848,359 4%

CARPENTARIA 42.2% $98,366 22.6% $128,744 35.9% $60,032 42.1% $38,454 103.8% $38,873 -3.1% $2,256,855 4%

CLONCURRY 138.5% $113,381 188.6% $55,976 210% $67,143 222% $54,882 433.9% $129,600 -4.9% $1,153,150 49%

DIAMANTINA 188.7% $52,227 79.6% $28,073 90.1% $18,625 102.7% $20,228 143.2% $60,000 0.1% $2,575,188 4%

FLINDERS 330.5% $16,808 396.2% $19,078 897.2% $11,667 1046.8% $11,254 245.3% $22,085 1.1% $1,181,360 4%

HINCHINBROOK 101.8% $251,235 156.6% $216,869 103.1% $142,993 99.1% $109,337 184.8% $127,942 56.4% $247,701 90%

LONGREACH 64.4% $166,790 130.3% $84,763 127.3% $87,476 160.9% $65,692 119.8% $50,001 -1% $1,108,631 19%

MCKINLAY 76.4% $9,537 70.6% $26,542 328.8% $5,217 370.3% $7,139 357.2% $14,245 -7.1% $1,391,425 -6%

MOUNT ISA 88.4% $224,411 121.6% $181,285 201.7% $126,222 194.4% $98,012 310.1% $224,658 0.6% $1,305,459 155%

MURWEH 335.4% $90,463 324.6% $69,247 338.5% $36,931 322.1% $26,307 211.9% $77,737 0.3% $622,245 31%

PAROO 54.4% $10,258 30% $1,477 0% $4,220 88.8% $2,709 185.6% $27,241 9.9% $465,922 12%

QUILPIE 29.5% $16,349 38.5% $13,994 96.7% $19,575 115.2% $17,114 118% $13,499 0% $405,772 7%

RICHMOND 247.4% $27,865 155.7% $16,715 605.9% $12,000 569.6% $10,057 217.3% $31,537 -2.9% $1,360,029 -1%

WINTON 139.9% $30,980 91.7% $4,736 203.3% $15,417 208.7% $17,008 121.2% $24,840 -0.2% $1,186,803 3%

* Percentages rounded to one decimal place

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Table 2: Local governments last revalued as at 1 October 2007 and issued in 2008—percentage movement in value and new average land value for the whole local government area Local Authority Commercial New

Average Value

Industrial New Average Value

Multi-unit

New Average Value

Residential New Average Value

Rural residential

New Average Value

Rural New Average Value

Overall

BARCALDINE 367.5% $61,182 356.3% $72,667 404.4% $57,794 499.3% $51,230 224.7% $61,303 -22.1% $1,081,605 -10%

CAIRNS -14.8% $820,343 -3.1% $589,554 -16.9% $491,386 2.3% $158,799 -3.9% $269,753 3.6% $280,859 -4%

CENTRAL HIGHLANDS

22.3% $314,016 8.3% $411,810 14.5% $233,302 23.3% $98,565 23.9% $152,247 -40.2% $1,150,098 -21%

GLADSTONE 14.8% $512,882 48.7% $716,734 3.9% $341,676 15% $154,880 14.6% $180,768 25% $238,912 16%

GOONDIWINDI 30.7% $140,271 47.9% $156,321 31.4% $90,244 30.6% $62,348 29.5% $126,945 -10.6% $588,524 2%

GYMPIE 18.9% $281,877 27.8% $235,723 6.2% $254,598 16.7% $119,007 19.5% $168,474 15.7% $337,586 18%

IPSWICH -7% $743,209 -4.8% $1,170,156 0.1% $467,181 15.9% $142,794 16.3% $251,022 6.4% $625,330 10%

ISAAC 23.1% $218,613 -3.2% $584,601 30.3% $163,835 33% $106,027 18.1% $146,426 -24.8% $1,991,917 -10%

LOGAN 3.4% $1,260,537 -7.3% $690,595 19.5% $808,476 31.2% $214,184 24.7% $324,555 20.2% $662,598 25%

MACKAY -2.7% $581,349 5.4% $548,343 -2.8% $338,486 0.8% $181,420 6.9% $243,140 -0.4% $180,157 2%

MARANOA 23.8% $231,855 39.3% $239,429 47.6% $111,795 49.1% $83,797 37.8% $182,261 -3.3% $716,798 8%

NORTH BURNETT

35% $74,712 30.8% $81,388 73.1% $41,089 57.2% $44,725 28.6% $61,396 10.2% $268,222 18%

SCENIC RIM 11.8% $402,163 10.6% $350,508 3.6% $403,359 15.5% $170,798 9.2% $240,716 14.7% $572,065 12%

SUNSHINE COAST

-3.3% $870,823 -4.3% $529,407 -1.9% $933,623 6.9% $273,623 10.7% $282,095 24.6% $242,248 5%

TABLELANDS 11.6% $248,525 11.9% $121,846 12% $167,538 5.4% $88,786 10.4% $186,924 -1.5% $442,394 7%

TOOWOOMBA 14% $428,654 49.5% $405,902 26.2% $219,116 30.9% $130,416 17.8% $162,072 1.2% $380,802 23%

* Percentages rounded to one decimal place

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Table 3: Local governments last revalued as at 1 October 2009 and issued in 2010—percentage movement in value and new average land value for the whole local government area

Local Authority Commercial New Average Value

$79,439

Industrial New Average Value

$61,752

Multi-unit New Average Value

$57,565

Residential New Average Value

$45,461

Rural residential

17.2%

New Average Value

$113,251

Rural New Average Value

$638,870

Over all

BALONNE 19.3% 15.2% 6% 4.4% -22.6% -16%

BANANA -3.2% $109,086 -0.7% $176,338 -1.2% $89,767 -2.4% $66,309 -0.1% $91,913 -0.1% $763,535 -1%

BRISBANE -6.8% $2,078,759 -4.1% $1,659,620 -8.8% $1,232,717 6.9% $359,494 1% $677,742 4.4% $804,948 2%

BUNDABERG 2.1% $426,536 8.8% $298,823 3.9% $265,124 6.8% $128,914 2.7% $114,092 0.1% $232,004 5%

CASSOWARY COAST

-1% $368,837 2.9% $241,382 -4.9% $247,843 -1.7% $127,149 -4.1% $167,655 -7.7% $261,368 -3%

COOK -3.5% $239,848 -0.4% $125,182 -1.8% $120,317 -1.1% $93,724 -3.4% $158,777 -13.4% $653,895 -5%

CROYDON 0% $18,575 -1.7% $9,940 n/a n/a 0% $7,622 0% $12,850 -22.8% $589,427 -22%

CHARTERS TOWERS

0.1% $94,312 -0.9% $61,728 0% $64,875 0% $49,174 0.3% $113,882 -12.4% $1,178,693 -7%

ETHERIDGE -9.1% $31,386 -7.5% $8,727 0% $14,550 -5.8% $12,439 -20% $15,650 -11.6% $1,061,211 -12%

FRASER COAST -5.3% $459,931 -2.5% 298,214 -10.3%% $354,201 0.1% $134,869 1% $164,919 0.8% $248,802 -1%

GOLD COAST -8.7% $1,664,170 0.1% $1,098,150 -6.4% $1,167,500 3.2% $316,961 2.3% $394,098 12.1% $377,043 0%

LOCKYER VALLEY 1.3% $400,992 -1.1% $276,720 10.9% $200,416 3% $102,606 0.9% $143,925 0.1% $350,140 1%

MORETON BAY -2% $1,169,326 -1.2% $853,837 2% $605,262 6.9% $226,269 7.2% $360,634 0.2% $552,800 6%

REDLAND 1.7% $1,196,353 5% $867,135 3.1% $1,137,027 6.6% $281,004 5.3% $483,908 6.7% $739,791 5%

ROCKHAMPTON -0.1% $481,042 2.2% $382,799 -1.9% $224,532 -0.2% $121,859 1.3% $180,337 7.5% $326,964 1%

SOMERSET 1.5% $201,631 2.6% $230,979 3.8% $176,578 8.1% $107,701 3.3% $180,942 -0.1% $540,045 3%

SOUTH BURNETT 1.7% $154,335 2.5% $143,872 2.2% $127,779 5.7% $64,955 5.7% $91,484 0.1% $220,677 4%

SOUTHERN DOWNS

-3.9% $269,264 3.6% $216,432 6.5% $134,429 10.5% $86,761 9.9% $135,840 -3.5% $162,964 6%

TORRES 17.6% $439,831 11.2% $418,816 18.4% $387,780 19.4% $247,068 10.3% $227,810 0% $240,600 17%

TOWNSVILLE -0.3% $681,501 1.8% $649,318 -1% $347,111 1.3% $158,825 -0.4% $223,211 -7.9% $459,477 1%

WEIPA 13.4% $579,160 13.6% $389,174 25.2% $329,182 12.4% $139,864 13.8% $434,000 n/a n/a 16%

WESTERN DOWNS 13.6% $235,151 21.2% $179,913 16.4% $152,343 20.9% $81,131 16% $81,430 -3.6% $500,735

5% WHITSUNDAY -4.4% $642,003 5.7% $302,593 -12% $500,491 -1.2% $150,807 -2% $229,785 -10.2% $542,460

-4% * Percentages rounded to one decimal place

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