Carpentaria and Croydon lead big rural valuation increases

Property in the Carpentaria and Croydon Shire Councils received the largest percentage increases in the state when new valuations were released by Queensland’s Valuer-General last week.

Carpentaria landholders have been handed a 25.5 per cent increase, while Croydon landowners are facing a 72.3pc increase.

In southern Queensland, Balonne and Goondiwindi council areas have had overall increases of 17pc and 14.5pc respectively.

There are variations within all the valuations, depending on land classifications.

In some shires, such as Blackall-Tambo, median residential values have decreased by 40pc while rural land values have increased by 20pc.

Valuer-General Neil Bray said the valuations reflected land values at the beginning of October 2016 and echoed the improved confidence conditions that surrounded the rural land market during the year.

“Continued high commodity prices within the beef industry and continued low interest rates are driving this confidence, even though the majority of the state remains drought declared,” he said.

Carpentaria mayor Jack Bawden said he and fellow councillors had been “gobsmacked” when they learnt of the new valuations in their shire.

“It usually goes on sales and we’ve been lacking in them, to trigger that sort of increase.

“Nothing’s really changed for us – there’s been no great wets, no Chinese buying us up, and we’ve got to see whether cattle prices are going to be sustainable.

“But compared to Croydon, we’re laughing.”

Mr Bray said sales across Croydon and Carpentaria shires and the Balonne Shire Council had generally shown significant increases.

Cr Bawden said council would most likely adjust their rate in the dollar when it came time to set rates for the financial year ahead, which he would like to reflect CPI increases only.

Roma valuer John Moore, who is a consultant with AgForce, said the latest valuations reflected the changing fortunes of gas exploration and rural industries in Queensland.

“Unimproved capital values came back 25pc throughout the state between 2010 and 2013, when there was a perfect storm for the property market to contract.

“The property market has risen 20 to 30pc since then and unimproved capital values have followed.

“The big decreases in urban areas have come in areas that had CSG activity.

“It’s the opposite trend to rural land; they’ve come out of the bad times, and CSG-affected areas are just going in to them.

“Those values were very inflated anyway.”

Council areas with the biggest land valuation decreases are Gladstone (-20.6pc), Rockhampton (-8.7pc), Mackay (-8.6pc), and Central Highlands (-4.1pc).

The Maranoa region had a 3.2pc valuation decrease overall, but within that was a residential decrease of 54.6pc and a rural increase of 24.3pc.

According to the Valuer-General, the significant reduction in overall median residential land values since 2015 is a result of the gas industry moving from exploration and development into production.

Mayor Tyson Golder said the correction in industrial land was well-needed.

“Prices spiked because of gas, and that needs to be unwound because it’s affecting the cost of operating,” he said.

His personal preference was to not change the rate in the dollar for these premises at rating time, so that costs can be brought down, and he would like not to see rural rates increase by the 24pc valuation increase, to assist with business costs there as well.

“I’m glad the revaluation happened, and it probably should have been done last year,” he said, adding he thought there was still room for downward movement in commercial values in the region.

Valuer-General Bray said it was important to note that sales of rural land purchased by resource companies for the purpose of mining or other extractive industries are not used to determine statutory land values of rural land.

Significant reviews of all rural valuations were undertaken within the Balonne Shire and the western area of Goondiwindi Regional Council to improve relativity between valuations, which has resulted in varied changes to valuations being issued.

Mr Bray said landowners who believed their valuation was incorrect, and could provide information to support this, could lodge their objection on the DNRM website or at the address shown at the top of their valuation notice by May 8.

“Landowners without internet access can get an objection kit that includes a step-by-step guide by phoning 1300 664 217,” he said.

The list of Queensland’s statutory land valuations for 2017 can be viewed on  the Land Valuations website until June 6, allowing landowners to compare their valuations with others in their area.

Hard copies of the valuation list can be viewed at DNR&M business centres and local government offices during normal business hours until close of business on June 6.

A rural sales map for larger rural shires is available online and at selected locations.

For more information, including a searchable list of Queensland’s land valuations for this year and valuation maps, visit www.qld.gov.au/landvaluation or call 1300 664 217.