Property

Gladstone land valuations highlight slump in market

GLADSTONE property owners will receive new land valuations in 2016.

The region is one of 40 Queensland local government areas earmarked for the annual market surveys that influence council rates and budget decisions.

The Valuer-General's office puts the current median value for residential land in the Gladstone Regional Council area at $157,500 and rural residential at $152,500.

Valuer-General Neil Bray is unable to predict how the region will perform, but Natural Resources Department data show the region's valuations have fluctuated over the past five years.

This year values dropped 14.6% because of a softening in the resources and mining sector, and the impact of oversupply and diminishing demand for housing.

Values fell 5.4% in 2014 after rising 7.3% in 2013.

In 2012 there was a strong increase of 19% and in 2011 values were up 15.7%.

Mr Bray said the decision to value the region was based on consultation with the council, local groups and industry stakeholders, and evaluation of property market survey reports.

He said valuers considered property sales since the last valuation and predicted movements in the market.

"Other issues considered include the impact of natural events, the state of the economy, the effects of mining, planning and zoning changes, commodity prices and population growth," he said.

Valuation notices will be issued by March 31. - APN NEWSDESK

 

Topics:  gladstone land valuations property real estate



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