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MEDIAN land values near Queensland’s resource-rich towns have skyrocketed by as much as 542 per cent, according to new land valuations.

While many other areas of the state recorded drops, suburbs in Cloncurry, Western Downs and Whitsunday local government areas experienced huge increases.

Kuridala and Malbon in Cloncurry district recorded the biggest increase in the state of 542.9 per cent – although that came off a low base with the median land value rising from $1400 to $9000.

Many of the suburbs with significant increases followed a similar pattern.

The biggest drop in land values in the state was at Horseshoe Bay in Townsville, where values dived 29.8 per cent to a median of $59,000.

Townsville had six suburbs in which values went down by 20 per cent or more.

Valuer-General Neil Bray said once again flood allowances were used when determining land values on the 15,000 properties affected by the 2011 floods.

Every suburb in the Lockyer Valley, which was devastated by the floods, had its valuation drop.

In Brisbane land values went down in blue-chip suburbs while more affordable suburbs performed better.

Ferny Grove recorded the highest increase of 12.2 per cent, while Nudgee Beach had the biggest drop of 11.6 per cent.

A total of 22 Brisbane suburbs had their values increase.

Mr Bray said the valuations were done as at October 1 last year and would come into effect on June 30.

“In general, higher-end properties recorded reductions in value, while the more affordable land, predominantly in the outer suburbs, continued to increase in value,” he said.

Median land values had dropped in more than two-thirds of the local government areas to undergo State Government valuations this year.

Mr Bray said transaction levels were at their lowest point in a decade and this was reflected in the figures.

Only eight local government areas recorded an overall increase in land values.

Mr Bray said outside of areas affected by the resources sector, the property market had remained subdued.

Owners can appeal their valuation by May 20.



Brisbane’s top increases:

Ferny Grove 12.2%
Kenmore 10.9%
Brackenridge 10.6%
Parkinson 10%
Acacia Ridge 9.9%
Upper Kedron 9.6%
Fitzgibbon 9.5%
West End 7.8%
Doolandella 3.8%
South Brisbane 3.1%

Brisbane’s biggest drops:
Nudgee Beach -11.6%
Hamilton -10.1%
Ascot -9.6%
Pinkenba -9.5%
Hendra -8%
Willawong -7.8%
Toowong -7.4%
Clayfield -6.9%
Virginia -6.5%
Carindale and St Lucia -6.3%

Queensland’s biggest increases:
Kuridala (Cloncurry) 542.9%
Malbon (Cloncurry) 542.9%
Mount Coolon (Whitsunday) 500%
Kajabbi (Cloncurry) 300%
Drillham (Western Downs) 197.1%
Guluguba (Western Downs) 152%
Collinsville (Whitsunday) 151.4%
Scottville (Whitsunday) 150.8%
Gurulmundi (Western Downs) 150%
Dulacca (Western Downs) 150%

Queensland’s biggest drops:
Horseshoe Bay(Townsville) -29.8%
White Patch (Moreton) -25.3%
Jimna (Somerset) -25%
Balgal Beach (Townsville) -24.8%
Linville (Somerset) -24.7%
Harlin (Somerset) -24.4%
Aldershot (Fraser Coast) -20.4%
Arcadia (Townsville) -20.3%
Picinic Bay (Townsville) -20.2%
Nelly Bay (Townsville) -20 %
Toolakea (Townsville) -20%

 The Courier Mail

More information is available on Courier Mail Website


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