Land valuations overview: Somerset Regional Council

On 31 March 2021, the Valuer-General released land valuations for 11,673 properties with a total value of $2,583,857,400 in the Somerset Regional Council area.

The valuations reflect land values at 1 October 2020 and show that the has increased by 13.1 per cent overall since the last valuation in 2019.

Rural values have generally increased overall.

Land values have generally increased since the last valuation, with some static values in some market sectors and localities.

The movement of land values varied across the region.

Inspect the land valuation display listing View the valuation display listing for Somerset Regional Council online at www.qld.gov.au/landvaluation or visit the Department of Resources, Level 4, 117 Street, Ipswich; Lowood Customer Service Centre, 1 Michel Street, Lowood; and Kilcoy Customer Service Centre, 15 Kennedy Street, Kilcoy.

Detailed valuation data for Somerset Shire Council Valuations were last issued in the Somerset Regional Council area in 2019.

Property land use by total new value

Residential land Table 1 below provides information on median values for residential land within the Somerset Regional Council area.

Table 1 - Median value of residential land

Residential Previous New median Change in Number of localities median value value as at median value properties as at 01/10/2020 (%) 01/10/2018 ($) ($) Atkinsons Dam 59,000 62,000 5.1 1 Biarra 35,000 38,500 10.0 11 Brightview 61,750 64,750 4.9 2 Buaraba 245,000 270,000 10.2 2 Clarendon 65,000 68,000 4.6 4 Colinton 48,750 53,500 9.7 2 Coolana 99,000 104,000 5.0 1 Coominya 59,000 62,000 5.1 69 Cressbrook 14,000 15,400 10.0 1 Dundas 79,000 87,000 10.1 3 Esk 82,000 90,000 9.8 453 Fairney View 127,000 133,500 5.1 8 Fernvale 141,000 144,000 2.1 783 Glamorgan 88,500 92,500 4.5 26 Vale Glen Esk 142,000 155,000 9.2 1 37,500 47,000 25.3 11 Hazeldean 142,500 165,000 15.8 1 Jimna 29,500 37,000 25.4 36 Kilcoy 92,000 115,000 25.0 691 Lark Hill 395,000 435,000 10.1 1 Linville 36,500 45,250 24.0 74 Lowood 80,000 87,000 8.8 1,083 Marburg 175,000 185,000 5.7 1 Minden 97,000 102,000 5.2 53 Moore 38,000 47,500 25.0 117 Mount Archer 108,000 155,000 43.5 1 Mount Beppo 59,000 65,000 10.2 3 Mount Byron 57,000 63,000 10.5 1 Mount Kilcoy 160,000 185,000 15.6 1 Mount 75,500 79,500 5.3 4 Ottaba 69,000 76,000 10.1 1 Patrick Estate 99,000 104,000 5.0 2 Prenzlau 72,000 75,500 4.9 2 Rifle Range 88,000 92,000 4.5 1 Sandy Creek 118,500 136,500 15.2 6 Sheep Station 123,000 155,000 26.0 2 Creek 131,000 144,000 9.9 114

Somerset Regional Council 2 Split Yard 132,000 139,000 5.3 1 Creek Tarampa 89,500 94,000 5.0 10 65,000 72,000 10.8 464 Vernor 133,000 147,250 10.7 4 Villeneuve 105,000 117,000 11.4 37 Wanora 125,000 131,500 5.2 2 Winya 94,500 118,500 25.4 14 Wivenhoe 114,500 120,000 4.8 2 Pocket Woolmar 108,000 135,000 25.0 116 All residential 86,000 96,000 11.6 4,223 localities

Explanatory Notes:

Residential land values have generally risen in Kilcoy, Esk and Toogoolawah.

The median value of residential land in Fernvale has increased from $141,000 to $144,000.

Some localities such as Moore and Linville reflected increases in median values due to increased demand for vacant land.

Rural residential land Table 2 below provides information on median values for rural residential land within the Somerset Regional Council area.

Table 2 - Median value of rural residential land

Land Use Previous New median Change in Number of median value value as at median value properties as at 01/10/2020 (%) 01/10/2018 ($) ($) Rural 162,500 185,000 13.8 5,679 residential

Explanatory Notes:

The rural residential lands have seen minor increases in value over the two year period since the last valuation was undertaken.

Strong demand from purchasers transitioning to rural-residential lifestyle properties within proximity to larger urban areas was evident.

Somerset Regional Council 3 Other land uses Table 3 below provides information on total land uses other than residential and rural residential land within the Somerset Regional Council area.

Table 3 - Total land values of other land uses

Land use Previous total New total land Change in total Number of category land value as value as at land value (%) properties at 01/10/2018 01/10/2020 ($) ($) Multi-Unit 4,833,000 5,107,500 5.7 24 Residential Commercial 45,895,600 53,340,500 16.2 244 Industrial 17,347,500 18,295,500 5.5 69 Primary 762,073,400 891,367,900 17.0 1,351 Production Other 23,893,450 26,316,700 10.1 83

Explanatory Notes:

 Multi-unit residential land values in the Somerset region generally increased by minor amounts in line with other residential values.  Industrial land values in Somerset region generally showed minor increases as a result of balanced demand for land.  Commercial land values in the Somerset region were generally steady, with a moderate overall increase the result of some significant increases in the value of service station lands.  Rural land values in the Somerset region have continued to grow on the back of demand for agricultural and grazing lands.  The change in land values can be attributed to commodity prices and low interest rates.

Somerset Regional Council 4