Rural landowners in the Etheridge shire are absorbing the news that the value of their land has increased by 43.5 per cent on average since it was last assessed in 2014.
The shire is one of 18 receiving revised valuations across Queensland after an economic analysis of extensive land sales was undertaken by the state’s valuation service.
Another was the Longreach region, which saw rural land values increased by a meagre 1.3pc. In the Burdekin, rural land values have risen by 10.2pc.
Commodity prices have largely driven the rural increases, according to valuer David Hobbs, who said Etheridge wasn't drought declared and so had feed.
"There has been some institutional interest there - $10m and $28m sales."
The interest from large corporate and institutional investors drove the significant increases in land values at the top end of the rural market, but the biggest increases at the bottom end of the market was said to be due to the affordability of that class of property.
"Relatively speaking, the land is seen as cheaper than the land further south," Mr Hobbs said.
Unimproved values are $30 to $50/ha generally and have increased in value since successive reductions after the peak of 2007-08.
Commercial and industrial land values within the Etheridge local government area have mirrored the increases experienced in the residential sectors in Georgetown, Mount Surprise, Forsayth and Einasleigh, according to Queensland’s Valuer-General Neil Bray.
“Residential values have risen moderately in Georgetown, while commercial and industrial areas have also increased,” he said. "The median value of residential land in Georgetown has increased from $12,400 to $16,000.”
Across all residential localities in the shire, values have risen 25pc.
The largest rise was in Mount Surprise, of 47.1pc, followed by Georgetown where residential land values are up 27pc.
Forsayth has had an increase of 9.9pc and Einasleigh a rise of 7.8pc.
The valuations take effect on June 30. Landholders who believe they have additional or new evidence which may alter their new valuation are urged to provide this information through the online objections process or at the address shown at the top of their valuation notice, by May 7.
Hard copies of the valuation list for the Etheridge Shire Council can also be viewed at the the Etheridge Shire Council Office, Georgetown until June 4.