Thursday, March 5, 2015

Cairns land valuations 2015

2015 Annual Land Valuations were released this week. The median residential land valuation in Cairns LGA increased by 12.9% and the spread between suburbs looks like this:

I was surprised to see Edge Hill listed with an increase of 18% this year as it led the way last year with an increase of 21.1%. However there is a problem with this based on my data from last year:
              Properties          Current Median        New Median       Change
2014          1,203                 $177,500                  $215,000           21.1%
2015          1,311                 $200,000                  $235,000            18%

There are a couple with an anomaly like this and substantial differences between the number of properties listed for each suburb so it would be nice if the Valuer-General could at least post comparable data. Perhaps there was a subsequent adjustment for valuation objections after last years hike?

Machans, Holloways and Yorkeys led the way this year although they all missed out on any increase last year when there were modest increases elsewhere on the north side and beaches. Palm Cove increased by 9.8% last year but there is also an anomaly in the median data here also and an increase over two years around 18%.

Those valuations relate only to residential land which doesn't include multi-unit properties. The reported increase across all land classifications in Cairns was 8.9% in total value and details of the different classification are published in the Valuer-General’s 2015 Report on land values . Change in total value by classification:

Multi-unit:      +1.7%
Commercial:  +0.7%
Industrial:       +0.6%
Primary:         -0.5%

A quick browse through some of the data and it appears that despite the residential land increases at Yorkeys the multi-unit valuations along Sims Esplanade didn't shift. There are some increases up to around 10% along Vasey Esplanade at Trinity Beach. In the city Esplanade multi-unit values remain stuck in the cellar about 35% below the peak *sob*.

An interesting comparison between local government areas from the V-G's report:

Further commentary including the Cassowary Coast at Conus: Valuer-General’s 2015 Report on land values 

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