Council
16 April, 2024
Land valuations shock
Moreton Bay and Somerset councils say they are doing their utmost to reduce potential rate rises in the face of record land valuation increases.
Every single suburb and township across Moreton Bay and Somerset has seen a residential land value increase of at least 14 per cent, with some as high as 120 per cent, according to the latest land valuation released by the Queensland Government on March 26.
The land valuation was conducted on October 2023, with the previous one having been in October 2021.
Suburbs and townships across local government areas (LGA) with a minimum of fifty properties used as residential land were listed.
Toogoolawah is the Somerset area with the highest change in value, recording a 77.8 per cent increase between October 2021 and October 2023.
Esk closely followed with 61.1 per cent and Somerset Dam with 56.8 percent.
In Moreton Bay, Mount Nebo recorded the highest change, with a shocking 120,5 per cent increase, closely followed by Mount Glorious, with a 119,2 per cent increase.
Other Moreton Bay areas that saw a dramatic increase include Donnybrook (76.2 per cent, Toorbul (75.5 per cent), Elimbah (65.4 per cent) and Deception Bay (60,4 per cent).
The overall median value for residential land in Somerset Regional LGA is $185,000, an increase of 51.6 per cent from 2021.
Moreton Bay had a less drastic, but still high change, showing an overall median value for residential land as $415,000, an increase of 31.8 per cent.
Somerset Mayor Jason Wendt said these soaring land values are a silver lining for the community, “where many people have been hit hard by the economic impacts of natural disasters”.
“Somerset offers a great lifestyle combined with lower median residential land values than other parts of SEQ and therefore we are part of the solution to the housing crisis.
“Council will determine its rates at its budget meeting on 10 July 2024. Council is working hard on managing its costs so that these record land valuation increases do not mean record rises in overall rates.”
A Moreton Bay Council spokesperson has said this update is timely, but Council cannot yet “advise what effects these valuations may have on rates”, given the 24/25 budget has not been discussed yet.
“As a Council we are very aware of cost-of-living pressures and will ensure these are highly considered during our upcoming budget process”, the spokesperson said.
Somerset areas with the lowest increase are Moore (25,7 per cent) and Woolmar (36,2 per cent), while Everton Hills (14,6 per cent) and Woodford (15,3 per cent) are the areas in Moreton Bay that saw the least amount of change.
Rural residential land has also seen a dramatic rise in both regions, with Somerset recording a 40 per cent rise and Moreton Bay 49,4 per cent.
According to the Department of Resources, the market changes in Moreton Bay are being driven by “major infrastructure projects, including upgraded railway stations at Dakabin, Morayfield and Burpengary; expansion of the University of the Sunshine Coast, Petrie Campus; interstate and overseas buyers and investment; population increases; and changes to local and state government planning schemes”.
In Somerset, it’s said these region wide increases were “driven by the rural lifestyle, ease of commuting to major employment hubs of Ipswich and Brisbane, which is augmented by the growing practice of working from home”.
These market changes are also being driven by “strong demand for grazing properties, and interstate buyers and investors attracted by a lower price point” compared to the city and increased willingness to commute or work from home.
For Somerset Regional LGA, the revaluation included a total value of $4,970,764,700, an overall increase of 54 per cent since the last valuation issued in 2022.
For the City of Moreton Bay LGA, the revaluation included a total value of $84,451,783,500, an overall increase of 36 per cent since the last valuation issued in 2022.
