The Bundaberg Region has been included in the list of 30 local government areas to receive new statutory land valuations in March next year.
Queensland’s Valuer-General Wally Kearnan announced that valuers from the State Valuation Service were assessing property markets and properties across the Wide Bay from now until early 2022.
“The State Valuation Service’s team of more than 140 expert valuers will be gathering on the ground information, as well as undertaking desktop assessments including research on property sales since the last valuation,” Mr Kearnan said.
“The culmination of their investigations will see new land valuations issued for properties covering more than 3.9 million hectares of the Wide Bay by March 31 next year.
“Land valuations provide independent data that underpin decision-making in the real estate industry and allows landowners to monitor the movement in the value of their land.
“This information is used for determining state land rentals and entities such as local governments and the Office of State Revenue may use this information as an input to their rating and land tax considerations.”
The State Valuation Service values a selection of Queensland LGAs each year. The Valuer-General’s decision to revalue an LGA is based on factors including a property market survey, the timing of the last valuation, as well as consultation with individual local governments and industry stakeholders.
A total of 30 local government areas are being valued for release in 2022. Land valuations will remain unchanged in LGAs that aren’t revalued.
The Valuer-General said a property market overview for each LGA would be published when valuations were issued to landowners by March 31 next year.
“The annual property market reports are a useful tool for owners to understand the change in the value of land in their area,” Mr Kearnan said.
“Preliminary assessment so far indicates various property markets have been strong in Queensland through 2021, particularly the South East Queensland residential market.”
Queensland landowners can sign up at qld.gov.au/landvaluation to receive their 2022 land valuation notice by email.
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