Land values plunge by 20% but no word yet on rates

RESIDENTIAL land values in the Gladstone region dropped by as much as 20% in rural areas such as Mt Larcom, with Boyne Island and Tannum Sands also down.

Land valuations, released by Queensland's Valuer-General, show Boyne Island land is down 15.4% in value compared with last year, and Tannum Sands is down by 14.4%. Mt Larcom was the worst hit, with a decrease of 20%.

Mt Larcom home owners Tina Janssen and Pete Brooks received their land valuation in the mail this week.

"Our land's gone down $22,500," Ms Janssen said. "It was $220,000 last year but went down to $197,500."

She is seeking an explanation from the State Valuation Service.

"We're a bit shocked, because we thought this area would be a stable area," she said.

"Even if it doesn't go up, you'd expect it to be stable. "We don't really understand why.

"We paid top dollar for the block last year, because we thought it was a long-term investment."

Valuer-General Neil Bray attributed the drop in land value to an increased supply of rental accommodation following completion of workers' camps.

The value of industrial and commercial land around the region has remained stable, and land value in many central suburbs such as Gladstone City, West and South also are unchanged.

Gladstone region residential land values have decreased overall by 5.4%.

Decreased land value will affect rates payable to council; however Mayor Gail Sellers said no decision about rates for 2014-2015 had been made.

"We'll have to wait until we do the budget to know how it's (land value) going to affect rates," Cr Sellers said.

Topics:  gail sellers gladstone property land valuation market

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