Sunday, May 11, 2014

Valuation weirdnesses & Yorkeys Knob

Belatedly today I sat down to pursue my long neglected campaign project of land valuations and strata council rates in Cairns. Which is when something interesting emerged at Yorkeys Knob.

The Valuer-General provides a general overview by suburb: Cairns Regional Suburb Tables. These are regional tables and the change in Yorkeys Knob was 0% which is a median. Overwhelmingly there was almost zero change in the Cairns region except for select suburbs which excluded Yorkeys Knob.

This may be interesting in itself as Yorkeys remained such a laggard on the median despite an announcement during the year of the massive Aquis proposal. When one looks beyond the median the valuations along the premium Sims Esplanade at Yorkeys actually plummeted by about 15% on the previous year! Why so?

Well this could be because Yorkeys missed out in the previous year when valuations fell by similar amounts in comparable locations such as Vasey Esplanade at Trinity Beach and Cairns Esplanade. So it could be catch up as Yorkeys doesn't seem to have copped the declines the previous year, but why?

Either this is evidence of a flawed valuation system (my preference) or some other abnormality? Are we really to believe that the Yorkeys beachfront alone in Cairns maintained valuations in the previous year and then did a big catch up (downwards) this year after a multi $billion proposal was announced?

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