Gladstone hit by land price drop
DEALING with the end of the construction boom, land values in Gladstone have stagnated and in many cases dropped.
Queensland's Valuer-General's annual land valuation covered 28,458 properties in the Gladstone Regional Council local government area which saw, as a whole, all residential localities drop in value by 1.6% as of October 1.
"Some localities, such as Kirkwood, reflected decreases in median values…decreasing from $182,500 to $165, 000," the report found.
"While residential values fell in some areas, others remained static and commercial and industrial lands remained static in some areas but saw minor to moderate decreases in others."
Rural residential, multi-unit residential and industrial land values were down 6.9%, 5.2% and 17.1%
Gladstone central, south and west, Tannum Sands, Telina, Kin Kora, Barney Point and Boyne Island all maintained the same land value as the last report in 2014.
However Agnes Water, Bororen, Calliope, Kirkwood, Toolooa, Lowmead, Miriam Vale, New Auckland, O'Connell, Raglan, Rosedale, Turkey Beach and Boyne Valley all saw a drop in land value.
But if residents expected to see their rates drop as a result of the Valuer-General's findings, they may be disappointed.
"It is important that landowners realise that valuation notices are not rate notices," the report stated.
Rate reductions and increases
- 46% (9959) of residential owners will receive a rate reduction in 2015/16.
- 25% (5434) will receive a rate increase of up to 5%.