Approximately 208,000 new valuations have been released for the Wide Bay and Sunshine Coast regions, showcasing a notable 36% increase in land values.
Factors such as population expansion, property accessibility, and robust agricultural markets have played pivotal roles in driving this surge.
The Valuer-General’s choice to revalue a specific local government area hinges on various factors, comprising a thorough property market survey, consideration of the timing of the last valuation, and consultations conducted with both local governments and industry stakeholders.
Valuer-General Laura Dietrich said, “The Sunshine Coast LGA continues to see strong population growth from interstate and overseas and that means demand for property remains strong,“.
She also said that there had also been strong demand for properties in the Fraser Coast and Bundaberg LGAs because of their relative affordability compared to other coast regions.
As part of the 2024 valuation program, 20 local government areas underwent valuation. The valuation date is set at October 1, 2023, with the valuations set to come into effect starting June 30, 2024.
Valuers from the State Valuation Service conduct thorough research on local property markets, analysing trends and sales data for each land use category.
They inspect recently sold vacant or lightly improved properties and, where applicable, interview sellers and buyers.
These valuations reflect the changes in the property market since the last valuation of the LGAs. Local government areas that weren’t revalued will retain their current land valuations.
News source and image: Noosa Today
