Gladstone suburbs with biggest price drop revealed
MAYOR Matt Burnett said he would have preferred it if the Valuer-General did not include Gladstone in its latest round of land valuations.
Despite his wishes land valuations were carried out and revealed the extent of the property shock throughout 2016.
The new median land value in Gladstone was $113,000, which represented a 27.1% decrease from the last valuation ($155,000).
Multi-unit complexes have dropped 21.6% to $148,133, while commercial and industrial properties have dropped 5.6% and 31.1%, respectively.
The worst affected areas were suburbs connected to Gladstone, with land values in O'Connell, Kirkwood, West Gladstone and Tannum Sands dropping 39.7%, 30.9%, 30.2% and 30.1%, respectively.
The shining light was Agnes Water, which reported no change in land values, and Calliope, which suffered a 14.5% drop.
Gladstone CBD, Clinton, Boyne Island, Kin Kora, Glen Eden, Sun Valley, New Auckland, Barney Point and Mount Larcom all reported decreases of great than 25%.
Toolooa was the best of the Gladstone suburbs, with a drop of 19.8%.
Despite the dramatic drop in property values, Cr Burnett warned residents on Tuesday not to expect a lower rates bill.
Although the report found residential land values were increasing in Brisbane and South East Queensland local government areas, mining and resource reliant towns in central Queensland were hardest hit.
The report revealed the market was being influenced by "economic uncertainty, weak employment...(and) declining business investment reflecting the state of the resources sector".
However, improvements in tourism and a resurgence in spot prices for coal helped to stabilise some markets.