Brisbane land values increased by an average of 9.9 per cent in a year, according to the latest results from the Queensland government’s valuer general, but the real jump in value was seen in land used for high rise apartments.
The land value of multi-storey apartment properties reached a total of $23 billion up 14.3 per cent in a year.
Valuer-General Neil Bray, who officially released 1.15 million landowners across the state with new land valuations said there had been a strong increase in land used for residential apartments.
Domain Group’s Andrew Wilson said there was no doubt Brisbane and much of south east Queensland had seen a boom in new homes and apartment building.
“There has been a lot of building in the north because of the governments first home buyer bonus and that is driving some of the value increases for land,” Mr Wilson said.
“There has also been a lot of development in the east as well because of a number of new developments – these are not fringe developments they are inner suburban and have a higher price tag.”
Of the top five residential land value increases in Brisbane four were in the east with Mansfield seeing a 26.9 per cent jump in values.
However, across the data there were some unusual results with neighbouring suburbs showing major differences.
In the inner north suburb of Herston values dropped 3.9 per cent, but next door in Windsor values jumped 16.3 per cent.
Director at valuation firm Herron Todd White Gavin Hulcombe said there were some surprising numbers.
“I am surprised about the variance in value increases for some of the near city suburbs, which are typically closely aligned in a market,” Mr Hulcombe said.
“People should bare in mind that these land values are undertaken for land tax purposes and should be conscious of using it for other purposes.”
Overall the real gains were made in commercial property. The sector worth a total $20.2 billion showed a the biggest increase in value of 24.3 per cent.