Local land valuations on rise
LAND values in Biloela have been skyrocketing for more than 10 years, not just the past five, as indicated by recently updated land values.
Biloela resident and developer Darryl Roots said his home was now valued at $115,000, according to the new figures.
“It will increase rates,” he said.
“Sale prices have also gone up.”
Mr Roots has had a personal interest in watching land values increase, mostly through a 35-lot development his company Keralee Pty Ltd owned, developed and sold.
He said the first block of land the company sold 13 years ago went for about $28,000, and the most recent block was sold for $126,000.
Mr Roots said the rates for the unimproved blocks of land had gone from about $400 to $1000 each.
“We did get a 40 per cent developer discount on those,” he said.
“But that’s been removed so we now pay the full rate.”
Mr Roots said the discount had been removed because there were only three blocks left to sell.
He said the project was developed across four stages, with blocks valued at $50,000 during stage three.
Mr Roots said three years later, the blocks were valued at $100,000.
He said those values were for “unimproved” blocks, not blocks with houses. Mr Roots said there were about 70 blocks of land on the market at the moment for the Biloela area.
Land valuation increases
Banana Shire Council area 65 per cent
Biloela 60 per cent
Moura 50 per cent