Monday, March 26, 2012

Snapshot of 2012 valuations

2012 land valuations from the Valuer-General are released this Wednesday. Meanwhile the V-G has released his snapshot of this years valuation. Commentary on the far north highlights the areas which have suffered most damage:
The residential and rural homesite market within the area has experienced historically low levels of sales activity. Despite this, residential land values overall have reduced by one per cent. 
The exception to this trend is higher valued beachfront properties in the area extending from Port Douglas south to the Northern Beaches of Cairns and through to Brampton Beach where reductions in land values of 10 to 15 per cent have been common. Land values in the Gordonvale locality have also been reduced due to the high number of distressed vendor sales influencing the market. Residential land values within Port Douglas have generally stabilised following the declines of previous years. 
Distressed sales are also prevalent in the commercial and multi-unit market sectors. The industrial market has softened, driven by decreasing financial returns. Land values in all three sectors have been reduced within the Cairns region.
 The Cassowary Coast was the local area with  the largest fall in Queensland at at 13.7%.

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