Coast land values are nearing the record highs of a decade ago, spiking more than 35 per cent in the past five years.
The Valuer-General’s 2017 Property Market Movement Report, to be released tomorrow, shows the median price for residential land has jumped by 8.5 per cent to $320,000.
It is $30,000 shy of the $350,000 high in 2007 before plummeting the following year as the global financial crisis (GFC) hit.
In the latest report, most suburbs recorded minor increases in value, but the biggest growth was felt in Carrara, Nerang, Palm Beach, Clear Island Waters and Bundall.
The Gold Coast was bettered by only Carpentaria, Ipswich, Brisbane and Logan.
The figures show the Coast’s land value is second only to Brisbane and has risen 36 per cent since 2012 when the market bottomed out.
Mayor and council budget boss Tom Tate said he was pleased with the report’s findings and would work to minimise any impact on rates bills.
“I welcome the report as it shows the strength of our city’s residential real estate market so far as unimproved capital value of land,” Cr Tate said.
“Our challenge is to ensure we don’t end up with urban sprawl as we work to accommodate more residents. That’s why we are building up, not out, and following the light rail route so far as higher density and urban infill. No one wants urban sprawl which will destroy our city’s qualities.’’
The figures show the Coast’s land value is second only to Brisbane and has risen 36 per cent since 2012 when the market bottomed out.
Mayor and council budget boss Tom Tate said he was pleased with the report’s findings and would work to minimise any impact on rates bills.
“I welcome the report as it shows the strength of our city’s residential real estate market so far as unimproved capital value of land,” Cr Tate said.
“Our challenge is to ensure we don’t end up with urban sprawl as we work to accommodate more residents. That’s why we are building up, not out, and following the light rail route so far as higher density and urban infill. No one wants urban sprawl which will destroy our city’s qualities.’’
The report comes after a Bulletin report at the weekend showed the average price of Gold Coast property had reached a new high.
CoreLogic’s Regional Market Update revealed that median house prices climbed 6.9 per cent to $590,934 in 2016 while units increased 5.5 per cent to $388,392.
The average house price reached $530,000 in 2007 before the GFC. It slumped to $485,000 in 2009.
Gold Coast Residents and Ratepayers Association and real estate agent Tom Bleier said he expected the latest land value figures to have “some” impact on rates bills.
But he said the report was good news and showed the land market was catching up with its pre-GFC levels.
“We have not rocketed ahead too much and have seen a catch-up situation,” he said.
“Land has been at a premium and we are now seeing a lot of it sell at a good price.
“Obviously if land values increase then so will rates but we are seeing a steady climb back to where we were.”
Council budget talks begin in May.
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But he said the report was good news and showed the land market was catching up with its pre-GFC levels.
“We have not rocketed ahead too much and have seen a catch-up situation,” he said.
“Land has been at a premium and we are now seeing a lot of it sell at a good price.
“Obviously if land values increase then so will rates but we are seeing a steady climb back to where we were.”
Council budget talks begin in May.