Basis Report Central Highlands Regional 5HOHYDQW'DWHV Date of Valuation 01/10/2011 Date of Issue 28/03/2012 Date of Effect 30/06/2012 Objections Close 28/05/2012 RTI Act 2009 Published on DNRME Disclosure Log 19-201 File B Page 1 of 194 RTI Act 2009 Published on DNRME Disclosure Log Prepared by: State Valuation Service, Department of Environment and Resource Management © The State of Queensland (Department of Environment and Resource Management) 2011 Copyright inquiries should be addressed to <[email protected]> or the Department of Environment and Resource Management, 400 George Street, Brisbane QLD 4000 Disclaimer This document has been prepared with all due diligence and care, based on the best available information at the time of publication. The department holds no responsibility for any errors or omissions within this document. Any decisions made by other parties based on this document are solely the responsibility of those parties. 19-201 File B Page 2 of 194 %DVLV5HSRUW&HQWUDO+LJKODQGV5HJLRQDO 7DEOHRI&RQWHQWV 7DEOHRI&RQWHQWV Table of Contents 1 Summary of Impacts 3 Single Unit Residential 3 Rural Home Site 3 Multi-Unit Residential 3 Commercial 3 Industrial 3 Primary Production 4 Other/Special Use 4 Area Allocation, Certifications & Approval 5 Area Allocation 5 Certification by Valuers 5 Area Manager Approval 5 Purpose of Document 5 LGA Overview 5 Emerging Issues 5 Basis of Revaluation 5 Residential RTI Act 2009 5 Rural Residential 5 Industrial 5 Commercial 5 Multi-Unit 5 PrimaryPublished Production on DNRME Disclosure Log 5 Other/Special Use 5 Relativity with Adjoining Local Government Areas 5 Allowances 5 Costs 5 Public Consultations 5 Sub Market Areas 5 Annexure List: 5 Annexure 1: Benchmark Schedule - Urban 5 19-201 File B Page 3 of 194 %DVLV5HSRUW&HQWUDO+LJKODQGV5HJLRQDO 7DEOHRI&RQWHQWV 4.1 Category: Emerald 150 5 4.2 Category: Emerald 151 5 4.3 Category: Emerald 450 5 4.4 Category: Emerald 350 5 4.5 Category: Capella 150 5 4.6 Category: Gemfields 150 5 4.7 Category: Comet 150 5 4.8 Category: Balance Central Highlands Regional Council Area 5 Annexure 2: Benchmark Schedule - Rural 5 2.1 Category: Rural – Primary Production 5 Annexure 3: Sales Summary - Urban 5 3.1 Summary of Sales Supporting SMA(s)/Category: Emerald Residential 5 3.2 Summary of Sales Supporting SMA(s)/Category: Emerald Rural Residential 5 3.3 Summary of Sales Supporting SMA(s)/Category: Blackwater Residential 5 3.4 Summary of Sales Supporting SMA(s)/Category: Duaringa Residential 5 3.5 Summary of Sales Supporting SMA(s)/Category: Dingo Residential 5 3.6 Summary of Sales Supporting SMA(s)/Category: Dingo Rural Residential 5 3.7 Summary of Sales Supporting SMA(s)/Category: Bluff Residential 5 3.8 Summary of Sales Supporting SMA(s)/Category: Springsure Residential 5 3.9 Summary of Sales Supporting SMA(s)/Category: Springsure Rural Residential 5 3.10 Summary of Sales Supporting SMA(s)/Category: Rolleston Urban 5 3.11 Summary of Sales Supporting SMA(s)/Category:RTI Act Capella2009 Residential 5 3.12 Summary of Sales Supporting SMA(s)/Category: Capella Rural Residential 5 3.13 Summary of Sales Supporting SMA(s)/Category: 2270 Commercial 5 3.14 Summary of Sales Supporting SMA(s)/Category: 2270 Industrial 5 3.15 PublishedSummary of Sales Supporting on DNRME SMA(s)/Category: Disclosure 2270 Multi Unit Log 5 Annexure 4: Sales Summary - Rural 5 4.1 Summary of Sales Supporting SMA(s)/Category: 2270: Primary Production 5 Annexure 5: Approved Factors/Formulas Schedule 5 Annexure 6: QCALCS Basis Reports 5 Annexure 7: MASS Unders and Overs Report 5 Annexure 8: MASS Stratification Statistics Report 5 Annexure 9: MASS Revaluation Statistics Report 5 Annexure 10: Revaluation Land Use Statistics Report 5 19-201 File B Page 4 of 194 %DVLV5HSRUW&HQWUDO+LJKODQGV5HJLRQDO 6XPPDU\RI,PSDFWV 6XPPDU\RI,PSDFWV Land Use No. of Current Value Factor Range Overall Factor Proposed Value Valuations Single Unit 8,672 $863,837,830 0.6603 - 4.1463 1.277 $1,103,154,560 Residential Rural Home site 599 $111,924,640 0.238 - 72.5 1.1204 $125,410,850 Multi-Unit 176 $53,628,000 0.7642 - 1.8897 1.1763 $63,083,000 Residential Commercial 369 $119,923,700 0.8648 - 3.4302 1.2479 $149,655,400 Industrial 489 $240,505,754 0.4301 - 11 1.0415 $250,503,419 Primary 1,359 $1,579,101,210 0.7419 - 1.7021 0.9457 $1,493,509,310 Production Other/Special 126 $30,306,091 0.5655 - 10 1.1403 $34,560,479 Use Totals 11,790 $2,999,227,225 0.238 - 72.5 1.0736 $3,219,877,018 Source QVAS MASS 27/02/2012 6LQJOH8QLW5HVLGHQWLDO In the year from 1/10/2010 the residential markets across the region have generally shown an increase or have remained steady. Sales volumes in the larger centres of Emerald, Capella and Blackwater have been constrained by a shortage and inconsistent supply of residential land. This has had upward pressure on values. 5XUDO+RPH6LWH The rural home site markets have generally moved in line with the surrounding residential markets. RTI Act 2009 0XOWL8QLW5HVLGHQWLDO There have been few multi unit development site sales during the year. Sales which have occurred have shown an increase in the market. Multi Unit Residential properties across the region have generally been moved in line with the surrounding residential markets. &RPPHUFLDO There havePublished been few commercial on sales DNRMEacross the region duringDisclosure the year, however Logsales that have occurred, primarily in Emerald and Blackwater, have shown an increase in values. In other localities, retail values have been moved in line with the surrounding residential market. ,QGXVWULDO Changes in the industrial market across the region have varied during the year. This submarket’s values have not been overly pressured by supply issues as has been the case for most other submarkets. Emerald has remained steady, Blackwater has been increased by 20% and industrial values in other localities have been shifted in line with the surrounding residential market. 19-201 File B Page 5 of 194 %DVLV5HSRUW&HQWUDO+LJKODQGV5HJLRQDO 6XPPDU\RI,PSDFWV 3ULPDU\3URGXFWLRQ In 2007/2008 the rural market peaked and since this time, high carryover values and rising costs of production has generally put downward pressure on rural enterprises. Coupled with tightening lending practices, supply in this market has generally outstripped demand as family enterprises lack the equity to expand and institutional investors and companies look to other sectors for superior returns on capital. The result has been extended selling periods and reduced values for those under pressure to reduce debt. Previously, a major issue with relativity between basis areas, and particularly between former shire areas existed. On a board scale, the 2010 revaluation helped resolve this issue, however further analysis was required in this revaluation to ensure a premium still exists in the Bauhinia Downs and Arcadia Valley areas. The relativity between western Bauhinia, western Emerald and western Peak Downs was also considered and work was also done to potentially further close the gap between the scrub cultivation and downs cultivation in an unimproved state. These issues still require further analysis 2WKHU6SHFLDO8VH Overall the Central Highlands Regional Council has limited special use properties. These properties include State assets, telecommunication sites and park land. No significant changes in value have occurred. RTI Act 2009 Published on DNRME Disclosure Log 19-201 File B Page 6 of 194 %DVLV5HSRUW&HQWUDO+LJKODQGV5HJLRQDO $UHD$OORFDWLRQ&HUWLILFDWLRQV $SSURYDO $UHD$OORFDWLRQ&HUWLILFDWLRQV $SSURYDO $UHD$OORFDWLRQ Valuer Area of Responsibility Charmaine Osborn Charmaine Osborn is responsible for the 550 valuations in the localities of Capella, Emerald, Comet and Gemfields. Ben Miller Ben Miller is responsible for all land uses in Springsure, Blackwater, Rolleston, Bluff, Duaringa, Woorabinda, Bauhinia and Arcadia Valley. Kellie Blomfield Kellie Blomfield is responsible for all land uses, excluding 550 in Emerald, Capella, The Gemfield towns and Comet. David Hobbs Senior Coordinating Valuer &HUWLILFDWLRQE\9DOXHUV I, Charmaine Osborn being a registered valuer, do hereby certify that in my allocated area I have investigated and analysed all relevant sales that appear in the attached schedules, I consider the resultant application of these sales to be a true indication of levels of values and that these sales form the basis of valuation for my allocated area in the Central Highlands Regional Council Local Authority. Furthermore the revaluation has been completed in accordance with the State Valuation Service 'Statutory Valuation Procedures and Practices under the Land Valuation Act 2010' and 'The Statutory Valuation Work Instruction: Annual Valuations for Rating and Taxing Purposes.' sch4p4( 6) Personal information Signed Date: 23/03/2012 Charmaine Osborn - Registered Valuer No. 3262 I, Benjamin Miller, being a registered valuer,RTI do hereby Act certify that2009 in my allocated area I have investigated and analysed all relevant sales that appear in the attached schedules, I consider the resultant application of these sales to be a true indication of levels of values and that these sales form the basis of valuation for my allocated area in the Central Highlands Regional Council Local Authority. Furthermore the revaluation has been completed in accordance with the State Valuation Service 'Statutory Valuation Procedures and Practices under the Land Valuation Act 2010' and 'The Statutory Valuation Work Instruction: Annual Valuations for Rating and Taxing Purposes.' sch4p4(Published 6) Personal information on DNRME Disclosure Log Signed Date: 23/03/2012 Ben Miller - Registered Valuer No. 2867 I, Kellie Blomfield being a registered valuer, do hereby certify that in my allocated area I have investigated and analysed all relevant sales that appear in the attached schedules, I consider the resultant application of these sales to be a true indication of levels of values and that these sales form the basis of valuation for my allocated area in the Central Highlands Regional Council Local Authority.