While the Longreach Regional Council area has been hard hit by extended drought conditions, any negative impact on land valuations has been confined to urban values in the towns of Longreach and Ilfracombe.
Information released by the Valuer-General on Thursday showed an analysis had resulted in a slight increase in rural land valuations in the wider Longreach region and a significant decrease in commercial, industrial and residential valuations of around 45 per cent.
Strong wool and cattle prices were believed to be the drivers for the rural valuation increase, despite the dry conditions.
The adjustments were foreshadowed in October last year by Queensland's Valuer-General Neil Bray.
According to Mr Bray, the valuations reflected current land values after extensive land sales and economic analysis was undertaken.
Since the last Longreach Regional Council area valuation in 2014, values have decreased by as much as 14.8 per cent overall.
While residential values have fallen in Longreach and Ilfracombe, the smaller town of Isisford has generally remained static.
“Commercial and industrial lands also experienced significant reductions, as has the rural residential market," Mr Bray said.
“The town of Longreach reflected significant reductions in median values due to the ongoing impacts of the prolonged drought, with the median value of residential land in Longreach decreasing from $70,000 to $38,500.”
Ilfracombe's residential land values fell 45.2 per cent, based on 95 properties, Longreach's values decreased 45pc, based on 1259 properties, and Isisford's values remained the same, based on 94 properties.
In other categories, industrial land values in the region fell 44.8pc, based on 75 units, commercial land reduced by 45pc, based on 117 properties, and rural land values increased 1.3pc, using 235 properties.
Mr Bray noted that there were varied value changes within rural property values, with individual properties experiencing moderate increases and decreases, thanks to a significant market based review.
Land valuations are used by councils as a guide to determine what to charge in rates, and for state land tax and state land rental amounts.
The new valuations come into effect on June 30 but Mr Bray encouraged landowners who believed they had additional or new evidence that might alter their new valuation to provide it through the online objections process or at the address shown at the top of their valuation notice, by May 7.
Hard copies of the valuation list for the Longreach Regional Council can also be viewed at the the Department of Natural Resources, Mines and Energy, Landsborough Highway, Longreach during normal business hours until close of business on June 4.
Sally Gall
Based at Blackall, CW Qld, where I've raised a family, run Merino sheep and beef cattle, and helped develop a region - its history, tourism, education and communications. Get in touch at 0427 575 955 if you've got a story idea for me.
Based at Blackall, CW Qld, where I've raised a family, run Merino sheep and beef cattle, and helped develop a region - its history, tourism, education and communications. Get in touch at 0427 575 955 if you've got a story idea for me.
