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Land Valuations Overview: Banana Shire Council

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Land Valuations Overview: Banana Shire Council Land valuations overview: Banana Shire Council On 31 March 2021, the Valuer-General released land valuations for 6,842 properties with a total value of $2,250,289,143 in the Banana Shire Council area. The valuations reflect land values at 1 October 2020 and show that Banana Shire has increased by 14 per cent overall since the last valuation in 2020. Primary Production values have generally increased overall. While land values have generally increased since the last valuation, there were some decreases in certain market sectors and localities. The movement of land values varied across the Banana Shire. Inspect the land valuation display listing View the valuation display listing for Banana Shire Council online at www.qld.gov.au/landvaluation or visit the Banana Shire Council Chambers, 62 Valentine Plains Road, Biloela. Detailed valuation data for Banana Shire Council Valuations were last issued in the Banana Shire Council area in 2020. Property land use by total new value Residential land Table 1 below provides information on median values for residential land within the Banana Shire Council area. Table 1 - Median value of residential land Residential Previous New median Change in Number of localities median value value as at median value properties as at 01/10/2020 (%) 01/10/2019 ($) ($) Banana 17,800 17,800 0.0 78 Baralaba 15,800 11,800 -25.3 148 Biloela 58,000 58,000 0.0 2,082 Cracow 1,750 2,300 31.4 50 Dululu 3,600 3,600 0.0 15 Goovigen 13,400 13,400 0.0 35 Jambin 26,250 26,250 0.0 16 Kokotungo 1,500 1,700 13.3 1 Lonesome 11,050 10,750 -2.7 2 Creek Moura 14,600 11,600 -20.6 908 Taroom 18,200 18,200 0.0 332 Thangool 13,600 13,600 0.0 121 Theodore 12,200 7,900 -35.2 212 Valentine 72,000 72,000 0.0 23 Plains Wowan 7,600 7,600 0.0 73 All residential 51,000 51,000 0.0 4,096 localities Explanatory Notes: Residential land values have generally remained unchanged in Biloela and Taroom. The median value of residential land in the Banana Shire overall, has remained steady at $51,000. Some localities such as Moura and Baralaba reflected moderate decreases in median values due to reduced demand for vacant land. Banana Shire Council 2 Rural residential land Table 2 below provides information on median values for rural residential land within the Banana Shire Council area. Table 2 - Median value of rural residential land Land Use Previous New median Change in Number of median value value as at median value properties as at 01/10/2020 (%) 01/10/2019 ($) ($) Rural 66,000 65,000 -1.5 574 residential Explanatory Notes: Rural residential land values in Banana Shire have generally decreased slightly. However, strong demand from purchasers transitioning to rural-residential lifestyle properties within proximity to Biloela was evident. Other land uses Table 3 below provides information on total land uses other than residential and rural residential land within the Banana Shire Council area. Table 3 - Total land values of other land uses Land use Previous total New total land Change in total Number of category land value as at value as at land value (%) properties 01/10/2019 01/10/2020 ($) ($) Multi-Unit 2,705,500 2,705,500 0.0 28 Residential Commercial 15,673,300 15,366,700 -2.0 197 Industrial 27,901,600 27,555,400 -1.2 248 Primary 1,710,545,800 1,990,523,600 16.4 1,607 Production Other 6,721,193 7,023,993 4.5 92 Explanatory Notes: • Multi-unit residential land values in Banana Shire were unchanged. • Commercial and industrial land values in the Banana Shire decreased slightly overall, as a result of a generally static market, except for moderate decreases in the towns of Moura and Baralaba. • Rural land values in Banana Shire have continued to grow. The moderate overall increase was the result of stronger demand in southern and western areas of the shire, while increases in eastern areas of the shire were more minor. • Despite drought conditions, the weight of available rural sales evidence particularly in South West and Central Queensland indicate positive market conditions on the back of low interest rates and high rural commodity prices. Banana Shire Council 3 .
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