VALUER-GENERAL RELEASES MARKET MOVEMENT REPORT
The Queensland Valuer-General has released the 2020 Property Market Movement Report, with new valuations now available.
The 21 local government areas receiving new valuations this year are: Banana, Brisbane, Bundaberg, Burke, Cassowary Coast, Cloncurry, Flinders, Fraser Coast, Gold Coast, Goondiwindi, Hinchinbrook, Livingstone, Mackay, McKinlay, Mount Isa, Richmond, Rockhampton, Scenic Rim, Torres, Townsville and Winton.
An undersupply of industrial land in Brisbane with good access to major road networks in the prime transport and logistics market has been noted in the report. Increases in values for industrial property have been flagged, particularly in the Pinkenba area for sites over 2 hectares.
The report has found that the Brisbane commercial market has remained static over the last year. Sites in the CBD are expected to remain steady or decrease slightly since the last valuation in 2019.
Following dramatic increases in last year’s valuation program, the Property Council engaged with the Valuer-General to push for the establishment of an independent review of CBD valuations. This review has now concluded with recommendations submitted to the Valuer-General. Following this review, the Property Council expects significant improvements in how CBD valuations will be determined in the future.
The residential median land value in Brisbane increased slightly from $455,000 to $460,000.
For further information about annual valuations and to access property market movement reports, click here.