Friday, March 29, 2024

Land valuations steep for Southern Downs

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Most in the Southern Downs Region can expect rates to be significantly higher following the release of the latest land valuations.

Across the Region, the revaluation dated 1 October 2022 included 18,533 properties, with an estimated total value of approximately $3.8 billion, an overall increase of 50 per cent since the last valuation in October 2020.

For residential land under 4,000 square meters, the median land value across 408 properties in Allora increased by 29.8 per cent from $84,000 to $109,000.

Leyburn had the sharpest rise across the entire region, with the median land value increasing by a staggering 220 per cent from $20,000 to $64,000.

Mount Marshall increased by 79.8 per cent from $121,000 to $217,500, Hendon by 45.8 per cent from $48,000 to $70,000, Goomburra by 40.3 per cent from $38,500 to $54,000 and Ellinthorp remained steady at $30,000.

The median residential land increase across the Region was 37 per cent.

The rising land values in Allora, Leyburn and Hendon were attributed to recent sales within the residential markets.

Rural residential land, meaning properties above 4,000 square meters, had a 40 per cent increase from $125,000 to $175,000.

Commercial land had an increase in land value of 30.7 per cent, industrial land 34.8 per cent and multi-unit residential 34.1 per cent.

Sales of commercial and industrial markets reflect significant increases in both commercial and industrial markets.

Southern Downs landholders should by now have received their valuation notices in the mail.

Allora Advertiser 29 March 2023

This article appeared in the Allora Advertiser, 29 March 2023.

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