Valuations in South East Queensland have seen a remarkable surge, with increases of at least 25 per cent observed in some of the region’s major local government areas. This uptick is poised to influence council rates and land tax bills across the affected regions.
In March 2024, Queensland landowners across 20 local government areas (LGA) received new land valuations, issued by the Queensland Valuer-General, Laura Dietrich.
This has resulted in more than 675,000 valuation notices issued across these LGAs covering 712,000 km2 across Queensland.
The date of valuation is 1 October 2023 and the valuations will take effect from 30 June 2024.
These land valuations reflect the changes within the property market since the previous assessment of the Local Government Areas (LGAs). The Valuer-General is backed by the State Valuation Service, consisting of a team of approximately 140 skilled valuers dispersed throughout Queensland.
In Redland City LGA, the revaluation encompassed 62,772 properties, amounting to a total value of $34,548,024,950. This represents a collective increase of 31 per cent since the previous valuation issued in 2022.
Property market changes within Redland City LGA are generally driven by:
- Strong migration to the southeast corner of Queensland,
- Limited new land supply and increased demand for land,
- More affordable land than in the adjoining Brisbane City, and
- An increased willingness to commute and/or work from home. Total value by land use
Commercial $1,028,594,500 3.0% Industrial $391,915,000 1.1%
The recent land valuation increases have sparked a flurry of online discussions, with various perspectives emerging.
Some property owners express concern that these hikes could push them into higher tax brackets, potentially subjecting them to land tax payments. Meanwhile, others are apprehensive about the implications for their council rates, fearing significant increases.
Renters have also voiced their concerns, highlighting the potential ripple effects on the rental market.
They fear that the added financial strain on homeowners could lead to further increases in rental prices or a decrease in available rental properties if homeowners decide to sell under pressure. This, in turn, could exacerbate the existing housing shortage and intensify competition for rental properties
