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Published on DNRME Disclosure Log RTI Act 2009 Basis Report 2019 Annual Valuation of Cairns Regional Council Wednesday, 27 February 2019 Log Disclosure 2009 DNRMEAct on RTI Date of Valuation 01/10/2018 Date of Issue 06/03/2019 DatePublished of Effect 30/06/2019 18-481 File B Page 1 of 139 Log Disclosure 2009 DNRMEAct on RTI This publication has been compiled by State Valuation Services, Department of Natural Resources, Mines and Energy. © State of Queensland, 2019 The Queensland Government supports and encourages the dissemination and exchange of its information. The copyright in this publicationPublished is licensed under a Creative Commons Attribution 4.0 International (CC BY 4.0) 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 https://creativecommons.org/licenses/by/4.0/. The information contained herein is subject to change without notice. The Queensland Government shall not be liable for technical or other errors or omissions contained herein. The reader/user accepts all risks and responsibility for losses, damages, costs and other consequences resulting directly or indirectly from using this information 18-481 File B Page 2 of 139 Summary of Impacts Land Use No. of Current Total Factor Range Overall Proposed Total Valuations Value Factor Value Single Unit 45,671 $8,697,221,500 0.54-2.36 1.07 $9,348,430,600 Residential Rural 3,475 $1,047,341,500 0.66-1.91 1.06 $1,109,791,700 Homesite Multi-Unit 1,559 $908,968,000 0.89-1.62 1.07 $975,850,500 Residential Commercial 1,405 $1,140,836,300 0.68-1.55 1.07 $1,222,323,000 Industrial 1,217 $663,901,500 0.63-1.80 1.05 $695,032,800 Primary 552 $162,081,000 0.89-1.72 1.25 Log$202,808,100 Production Other/Special 188 $297,287,000 0.46-1.45 1.01 $300,605,000 Use Totals 54,067 $12,917,636,800 0.46-2.36 1.07 $13,854,841,700 Residential The total value increase of about 7.5% is representative of Disclosurethe changes applied to the majority of residential values at 5% with some of the more attractive localities increasing more commonly between 10% and up to 20%. The maximum factor of 2.3555 was applied to a telecommun2009ication site in Trinity Beach which was moved from residential to an industrial basis on revaluation. The minimum factor of 0.5421 was appliedDNRME to a telecommunicationsAct site in Bayview Heights. The valuation was issued in accordance with SVS policy at $45,000, with a cosmetic change subsequently processed in QVAS to amend theon AVLU to 452. The maximum factor for an actual residentialRTI property is 1.404for 5 Pyne Street, Edge Hill, which is increasing to $330,000 while the minimum factor is 0.636 for a steeply sloping undeveloped site in Dowsett Close, Yorkeys Knob reducing to $420,000 on the basis of a subject sale. Central Cairns The majority of residential values increased by 5% though well located premium suburbs such as Edge Hill, Upper Whitfield, Parramatta Park and Cairns North experienced increases of between 15- 20%. ThosePublished residential properties in close proximity to the Cairns Esplanade (without actual frontage) have experienced the greatest increases of up to 30%. Some localities with poor visual amenity have been rewritten at previous value levels which highlights market preferences. Northern Beaches Within the northern beaches there are approximately 17,200 issuing valuations. Predominately northern beaches land values were increased in the range of 5-15% with relativity adjustments made where appropriate. 18-481Basis Report File B Page 3 of 1391 Active estates (e.g. Bluewater, Elysian, Half Moon Estate, Smithfield Village, Canopys Edge, The Pocket & Springfield Estate) received a 5% increase with the exception being newer developments within Argentea at Palm Cove which received a 10% increase. A higher increase of 10% was applied to Brinsmead, Freshwater, Stratford & Aeroglen, as well as older established parts of Smithfield and Trinity Beach. Machans Beach and Holloways Beach were increased by a cash premium of $15,000 per lot (generally 9%), whilst Yorkeys Knob was increased by $25,000 per lot (13-16%). Clifton Beach increased by $15,000 per lot (5-6%). Redlynch was increased by 5 to 7.5%, Kamerunga was increased 5% while Kewarra Beach and the majority of Palm Cove were rewritten. The largest increases were applied to elevated sites with views at Brinsmead with increases of up to 35%. Southern Corridor Log The Cairns southern corridor has experienced some variability in valuation changes with shifts in the market requiring alterations to existing relativity, although close to three quarters of the 16,900 valuations increased in the order of 5%. Of the remaining valuations, just over 13% increased by about 7.5% and nearly 11% increased by around 10-15%. A small number of properties identified as having steep or difficult topography have remained static or reduced in value. Some of the larger increases occurred in two of the suburbs closest to the city centre. In Bayview Heights (Pt SMA 221), increases ranged from 5% to about Disclosure17.5% with nearly half of the valuations increasing by around 12.5%. At White Rock (SMA 220), the vast majority of properties increased between 5% and 10%. Further to the south, Russell Heads (SMA 228) valuations increased2009 mostly between 25% and 30%, although it is noted the SMA comprises just over 50 records. Rural Homesite DNRMEAct The median valuation of rural home sites has increased from $285,000 to $300,000 (5.3%). More than half of valuations increasedon by about 5%, while about 17% remained unchanged mostly within the Northern Beaches and at East Trinity.RTI Larger increases have been recorded in localities including Redlynch and White Rock, although only about 2% of valuations increased by more than 20%. The minimum factor of 0.6577 was applied to a large site situated on a mountain ridge in Redlynch which was reduced to $400,000 to better reflect access difficulties and site characteristics. The maximum factor of 1.9078 was applied to a 5.8 ha property at Healy Rd, Mirriwinni, with the valuation increasing to $145,000. The property was one of a number in the locality which were increasedPublished to better reflect the location and attractive natural characteristics of the properties. Multi-Unit Residential The Multi-unit market sector has experienced a variety of changes dependant primarily on location and to a lesser degree size. Factor changes by range are shown below: • 12 properties decreased in value. • 38% were rewritten or had a factor increase up to and including 1.05 • 26% had a factor increase of greater than 1.05 up to and including 1.10 • 25% had a factor increase of greater than 1.10 up to and including 1.20 18-481Basis Report File B Page 4 of 1392 • 4% had a factor increase of greater than 1.20 up to and including 1.30 • 2% had a factor increase of greater than 1.30 and up to and including 1.40 • 3% had a factor increase greater than 1.4 In the Central Cairns area, there are about 900 multi-unit valuations. The total cumulative value of central properties increased by 11.5%, with an average rise of 12%. Of all properties in the Central area; • 60% (540 properties) received an increase of up to and including 10%; • 25% (225 properties) received an increase between 11% and 20%; • 5% (45 properties) received an increase between 21% and 30%; • 10% (90 properties) received an increase greater than 30% (majority Parramatta Park); There are 187 multi-unit valuations within the southern corridor. About three quartersLog of valuation increases stem from a rise of $20-25/m² (10-13%) in base rates in localities like Woree, Bentley Park and Edmonton, with the vast majority of valuations increasing between 5% and 15%. The total cumulative value of southern corridor multi unit properties increased by 9.6%, with an average rise of 9.2%. Within the northern beaches there are 453 multi unit properties. The multi unit sector was generally rewritten with the exception of Yorkeys Knob, Holloways Beach and Machans Beach non beachfront properties, which increased up to 15% to maintain a premium above residential levels. Multi unit properties were collected within the UCalcs data system resultingDisclosure in some changes to existing relativity. The minimum factor of 0.889 was applied to a large site in Trinity Beach, which was reduced as part of the Ucalc data collection exercise as it was considered too2009 highly valued. The maximum factor of 1.62 was applied to a 38m² road licence on Williams Esplanade in Palm Cove, where the existing value was considered low with the rental valuation increased from $37,000 to $60,000. DNRMEAct Commercial on The commercial market has experienced RTIa variety of movement since the previous revaluation, most notably showing a compression of values between the prime suburbs fringing the CBD such as Parramatta Park and Cairns North and the CBD. Small parcels within the CBD (less than 400m²) were increased considerably. The overall factor for all commercial properties is 1.0735 (about 7%), the median factor is 1.078 and the average factor is 1.088. Changes are described below:- • 1% ofPublished properties decreased in value.
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