Sunday, March 16, 2014

2014 Land Valuations & Property Market Movement Report

The 2014 Queensland land revaluations were released this week by the Valuer-General and almost passed by without notice. The  Property Market Movement Report provides a general overview for Queensland. Commentary for Cairns and Douglas includes:
Demand for improved residential properties has continued to strengthen throughout 2013. For the year ending 30 September 2013, there were 2,298 house sales recorded in the local government area representing an increase of 20.4% on the previous twelve month period. The median house price increased 4.8% to $359,500 over the same time.

The residential and rural home site market within the Cairns locality has generally experienced a minor increase in land values over the last 12 month period. Land values in the Babinda locality have remained static due a lack of demand, whilst moderate reductions have occurred in the Bramston Beach locality.

Distressed sales have been prevalent in the commercial, industrial and multi-unit market sectors since 2009. However, properties which are well located and have secured tenancies in place are still holding their levels of value. Land values in all three sectors have levelled out within the Cairns region over the past 12 months with minimal to no change in value recorded in these sectors.

Similar to Cairns, residential land values within Port Douglas have generally experienced a minor increase over the last 12 month period after an extended period of falling values and recent stabilisation. However, values have decreased in some other areas where the supply of land is still greater than the demand. Values have continued to reduce at Wonga Beach. Residential values in the town of Mossman have generally remained unchanged.
There is also commentary on the Cassowary Coast and Tablelands which were generally weaker. Townsville was not revalued this year for some reason. Median valuation tables for councils by land category:

There will also be a new feature to play with this year for the valuation data:

This year the Land Valuations Globe through the Queensland Globe on Google Earth will give landowners unprecedented access to information. This includes the spatial representation of the valuation, valuation dates, the ability to search by property identification number and a real property description and all on a satellite imagery background that allows users to zoom in to property level.

Note that valuations are as at 1 October, 2013. You can check out the valuations here: 2014 annual land valuations


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