THE value of land in Ipswich has increased by an average of $16,000 since 2015.
The State Government has released its latest valuations which show an average increase of 11.5% within the Ipswich City Council area while values in areas affected by the downturn in the mining sector have continued to slide.
In 2015 when Ipswich was last assessed by the Valuer-General average land prices were $139,000.
This year that’s up to $155,000 with growth centred in Springfield Lakes and Redbank Plains along with minor increases in Bellbird Park, Bundamba, Goodna and Karalee.
According to the
Valuer-General’s Property Market Movement Report, released this week, overall growth in Ipswich and Logan was greater than neighbour Morteon Bay Regional Council, valued in 2016 and 2015.
In Ipswich there has been some growth in commercial land while industrial land values in other areas have dropped, specifically in Yamanto, Raceview, Ipswich and Wulkuraka where there were minor reductions.
“Commercial land values in Ipswich City were generally unchanged since the 2015 valuation,” the report reads.
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“However, there were some minor increases in North and Central Ipswich and more significant increases in West Ipswich.
“Ipswich City rural residential land values increased overall, with minor to moderate increases in land value, but with stronger movement in suburbs such as Karalee.”
Meanwhile cities in Central Queensland have taken a hit as a result of the decline in the mining sector.
Queensland Valuer-General Neil Bray said while growth in major urban centres, some regional centres were suffering.
“The current state of the resource sector has seen moderate to significant decreases in overall land values in affected areas, notably the Surat Basin, Gladstone and some areas within Central Queensland,” Valuer-General Neil Bray said.
Ten of the 28 local government areas valued this year recorded an overall increase in average residential land values while the Maranoa district recorded a decrease of 54.6%.
“Generally, across Queensland, increased sales activity in rural markets resulted in rising land values within the grazing, horticultural, small crop and dryland farming industries,” Mr Bray said.
Land valuations are used by local governments to calculate
rates and the new valuations will take effect on June 30 which will affect rates bills for some property owners.
The Valuer-General will today release a report comparing land values across Ipswich suburbs.
Originally Published: https://www.qt.com.au