Land values fall in Somerset, Lockyer and Scenic Rim
PARTS of the Somerset have experienced the region's biggest falls in land valuations in the past year, with property values decreasing by 24.4% at Harlin, 19.7% at Toogoolawah and 14.3% at Coominya.
The state valuer-general's report released this week confirmed a softening of the market across the board while land values in the Ipswich local government area remained relatively unchanged.
As reported in yesterday's Queensland Times, Ipswich recorded a median residential decrease of 1.4% to $137,000, but much bigger falls were seen across in the Somerset (-9.5% on average), Lockyer Valley (-4.8%) and Scenic Rim (-5.7%) regions.
Valuations spiked at Marburg (17.1%), Borallon (25.3%) and Fairney View (25.3%) - the biggest increases out of the four local government areas.
However, vacant land sales within most Somerset townships fell in value by between 10 and 25%.
Valuer-General Neil Bray said smaller, more affordable rural residential properties closer to Ipswich and Brisbane increased on the year.
"Some localities such as Esk reflected no change in median values due to underlying local government and tourism activity," he said.
Somerset Mayor Graeme Lehmann said State Government land valuations increased in the four years between June 2009 and June 2013 by 37%.
"In respect of the total valuation change, Somerset Regional Council aggregate official land valuations have moved from $1.54 billion in June 2009 to $2.3 billion currently to the $2.12 billion proposed for June 2013," he said.
Slight market increases in the Ipswich City Council area were seen in the suburbs of Newtown (1.7%), Redbank (1.5%) and the biggest change at Thagoona (5.4%).
Areas such as Ebbw Vale (-9.8%), Gailes (-9.6%), Goodna (-10.5%) and Walloon (-10%) experienced the biggest falls, largely a result of recent land sales.
"Additional flooding consideration was given to heavily impacted lands in areas such as East Ipswich (-4.8%) and North Booval (-8.3%)," Mr Bray said.
In the Lockyer Valley, values across the major residential markets of Gatton and Laidley fell in the order of 5%, while some smaller estates and more isolated localities were unchanged.
"Some localities in the south-western portion of the local government area reflected larger decreases in median values due to the market showing resistance to properties with location and access issues," Mr Bray said.
He said most Scenic Rim suburbs remained static.