Land valuations for the Gladstone region have been issued by the Queensland Valuer General, with a decline in value in most localities attributed to the timing of the assessments.
The valuations have been dated October 1, 2020, which was before the Gladstone property market reached its current and significantly higher level.
âThe Valuer-General released land valuations for 28,429 properties with a total value of $3,536,001,969 in the Gladstone Regional Council area,â the Valuer Generalâs department said in a statement.
âThe valuations reflect land values at October 1, 2020, and show that Gladstone Regional Council has decreased by 7.8 per cent overall since the last valuation in 2018.â
Gladstone land values drop 7 8% -don t reflect market now gladstoneobserver.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gladstoneobserver.com.au Daily Mail and Mail on Sunday newspapers.
“The ongoing annual impact of these changes is estimated to be $1 million per annum.
“This result may be offset, to some extent, by better than forecast residential growth, but this will need to be monitored throughout the second half of the financial year.”
A council spokesman said 37 existing rate assessments were reconfigured into 24 new rate assessments.
“The reclassified properties included residential, vacant land, primary production and mining land uses, while the resulting properties also include residential, vacant land, primary production and mining land uses,” he said.
“However, a significant section of prior mining land uses have been reclassified as primary production land uses.”