Valuer-General's 2020 Property Market Movement
Total Page:16
File Type:pdf, Size:1020Kb
State Valuation Service Valuer-General’s 2020 Property Market Movement Report Cover photos – clockwise from top left Aerial view of suburbs, Brisbane. (Photo courtesy of Shutterstock) Windmill, Darling Downs. (Photo courtesy of DNRME image library) Agricultural land, Darling Downs. (Photo courtesy of DNRME image library) Aerial view of Townsville, North Queensland. (Photo courtesy of DNRME image library) © State of Queensland, 2020. The Queensland Government supports and encourages the dissemination and exchange of its information. The copyright in this publication is licensed under a Creative Commons Attribution 3.0 Australia (CC BY) licence. Under this licence you are free, without having to seek our permission, to use this publication in accordance with the licence terms. You must keep intact the copyright notice and attribute the State of Queensland as the source of the publication. Note: Some content in this publication may have different licence terms as indicated. For more information on this licence, visit http://creativecommons.org/licenses/by/3.0/au/deed.en. The Queensland Government is committed to providing accessible services to Queenslanders from all culturally and linguistically diverse backgrounds. If you have difficulty in understanding this document, you can contact us within Australia on 13QGOV (13 74 68) and we will arrange an interpreter to effectively communicate the report to you. CS9741 03/20 Valuer-General’s 2020 Property Market Movement Report ii Contents Valuer-General’s foreword iv Introduction 2 Property market movement 2 Overall market trends 3 Brisbane 3 Gold Coast 4 South East Queensland 4 Wide Bay–Burnett 4 Fraser Coast 5 Bundaberg 5 Darling Downs 5 Central Queensland 5 Banana 5 Capricorn Coast 6 Mackay 6 North Queensland 6 North West Queensland 7 Rural 9 Figure 1: Local government areas and the 2020 annual valuation program 1 Figure 2: Property land use by region, 2020 2 Figure 3: Overall percentage movement in total value since the previous annual valuation for the whole state and all local government areas valued in the 2020 annual valuation 10 Table 1: New median value and percentage movement in median value for residential and rural residential land since the previous annual valuation in local government areas valued in the 2020 annual valuation 11 Table 2: New total value and percentage movement in total value for commercial, industrial, multi-unit and primary production land since the previous annual valuation in local government areas valued in the 2020 annual valuation 12 Figure 4: Queensland drought situation as at 1 September 2019 13 Figure 5: Queensland drought situation as at 1 December 2019 14 Valuer-General’s 2020 Property Market Movement Report iii Valuer-General’s foreword I am pleased to release this year’s property market Consistently high numbers of residents relocating from movement report, ahead of the issue of the 2020 annual the southern states to Queensland will see the local statutory land valuations on Wednesday, 4 March 2020. population rapidly increase, pushing down supply and in turn, driving prices upwards.2 Following a state wide market survey and consultation with local government and industry groups, 21 local government Looking at other economic indicators, Queensland Treasury areas have been valued in accordance with the Land advise ‘construction activity in Queensland continues Valuation Act 2010. to be supported by ongoing growth in domestic dwelling renovation activity.3 A market survey report prepared for each local government area details the sales of land in the area since the last Residential property prices have stabilised, following valuation was made, and the probable impact of those falls over the year to June 2019, underpinned by robust sales on the value of land in an area. In addition, valuers population growth and lower interest rates. Nationally, also consider factors that impact on the value of the land new housing approvals are around 40% lower than their such as the state of the economy, commodity prices and late-2017 highs. Consequently, housing construction population trends. across the country is forecast to remain subdued for the next 18 to 24 months.4 The 21 local government areas (Figure 1) receiving new valuations this year are: Banana, Brisbane, Bundaberg, Continued caution by households has also resulted in Burke, Cassowary Coast, Cloncurry, Flinders, Fraser Coast, the outlook for dwelling investment in 2019–20 being Gold Coast, Goondiwindi, Hinchinbrook, Livingstone, softer than at budget. However, with apartment approvals Mackay, McKinlay, Mount Isa, Richmond, Rockhampton, appearing to have bottomed out, dwelling investment is Scenic Rim, Torres, Townsville and Winton. expected to return to growth in 2020–21.5 These local government areas represent approximately The Find your annual land valuation online search displays 825,000 properties or 48 per cent of Queensland’s annual valuation information from the valuation roll, valuation roll. residential market information and mapping products in an easy-to-use online search. The search tool also displays The new valuations will take effect on 30 June 2020 for the movement in the residential median values of major local government rating, state land tax and state land residential localities and the local government area as a rental purposes (where applicable). whole. Queensland Globe continues to provide landowners This report summarises the comprehensive analysis of with access to more detailed valuation information. all property markets within the 2020 annual valuation Our online resources including a rural sales map and the program for Queensland by a team of regionally-based Queensland Globe can be viewed at www.qld.gov.au/ valuers from the State Valuation Service of the Department landvaluation, and can help you better understand your of Natural Resources, Mines and Energy. land valuation and local property market. There are continued signs of strength in some areas With over 406,000 Queensland landowners already of Queensland’s property market. Generally, across subscribed to receive their valuation notice electronically, Queensland there has been increased sales activity in I encourage all landowners to have their future valuation rural markets. This has resulted in an uplift in land values notice sent to them by email by visiting www.qld.gov.au/ within the majority of grazing, horticultural, small crop and landvaluation and changing their contact details. dryland farming industries. I hope you find this year’s property market movement Continued strong cattle prices within the beef industry and report informative. continued low interest rates are driving this confidence, even though the majority of the state remains drought declared. Overall, the Queensland housing market remains sluggish, with sales volumes easing, although house prices are Neil Bray proving resilient.1 Valuer-General State Valuation Service 1, 2 Queensland Market Monitor September 2019, Issue 43, Real Estate Institute of Queensland, p4 3, 4, 5 Queensland Budget 2019–20: Mid year fiscal and economic review, Queensland Government, p6 and 9 Valuer-General’s 2020 Property Market Movement Report iv 2020 Annual Valuation Program Inset TORRES SHIRE FRASER COAST REGIONAL GYMPIE REGIONAL NOOSA SHIRE SUNSHINE COAST REGIONAL WEIPA SOMERSET REGIONAL MORETON BAY COOK SHIRE REGIONAL BRISBANE REDLAND LOCKYER CITY VALLEY IPSWICH CITY REGIONAL CITY LOGAN DOUGLAS CITY SHIRE GOLD COAST SCENIC RIM CITY CARPENTARIA MAREEBA REGIONAL SHIRE SHIRE CAIRNS REGIONAL CASSOWARY TABLELANDS COAST REGIONAL Included in Program BURKE REGIONAL CROYDON SHIRE SHIRE ETHERIDGE Valued (21) SHIRE HINCHINBROOK SHIRE TOWNSVILLE CITY Not valued (41) BURDEKIN SHIRE CHARTERS MOUNT ISA TOWERS CITY RICHMOND REGIONAL WHITSUNDAY MCKINLAY SHIRE REGIONAL SHIRE FLINDERS SHIRE MACKAY REGIONAL CLONCURRY SHIRE ISAAC REGIONAL WINTON SHIRE BOULIA LIVINGSTONE SHIRE SHIRE BARCALDINE REGIONAL ROCKHAMPTON LONGREACH REGIONAL REGIONAL GLADSTONE CENTRAL REGIONAL HIGHLANDS REGIONAL BLACKALL-TAMBO DIAMANTINA SHIRE REGIONAL BUNDABERG BANANA REGIONAL BARCOO SHIRE NORTH SHIRE BURNETT REGIONAL SOUTH MURWEH SHIRE QUILPIE SHIRE MARANOA BURNETT REGIONAL WESTERN REGIONAL DOWNS Inset REGIONAL TOOWOOMBA REGIONAL BULLOO SHIRE GOONDIWINDI SOUTHERN PAROO SHIRE BALONNE SHIRE REGIONAL DOWNS REGIONAL CS9772 2/20 CS9772 Figure 1: Local government areas and the 2020 annual valuation program Valuer-General’s 2020 Property Market Movement Report 1 Introduction Property market movement Two methodologies are used to undertake statutory The volume of daily lodgements recorded with the Registrar land valuations in Queensland—site value and of Titles decreased over the first half of the 2019–20 unimproved value. financial year with an average of 2673 daily lodgements — down 2 per cent from the previous financial year. Site value is used to value all non-rural land. It is the amount for which non-rural land could be expected to Property value changes, both up and down, can be sell for, at the date of valuation, without any structural attributed to a number of factors: improvements on the land (e.g. houses, buildings or • supply and demand within the market place fences). Site value includes site improvements made to the land such as earthworks (e.g. levelling, filling or drainage • consumer confidence works). Excavations and drainage associated with a • availability of finance building are not included in site value. • local, national and global economic factors Unimproved value is used to value