In a recent data release, Queensland Valuer-General Laura Dietrich announced land valuations for five south-east council areas, attributing the increases to population growth and high demand. Brisbane’s median residential land valuation had passed $600,000 last year, and now the Gold Coast has followed suit with a valuation of $610,000, representing a 28.4% increase since October 2021. Similarly, the Sunshine Coast has seen a significant increase to $450,000, up by 32.4% over the same period. Redland, Moreton Bay, and Somerset also experienced jumps in land values to $510,000 (up 36%), $415,000 (up 31%), and $185,000 (up 51.6%), respectively.
These substantial increases in land valuations can be attributed to various factors, including population growth and high demand in the south-east Queensland region. As more people choose to live in these areas, the demand for residential land has increased, driving up property values. The Gold Coast and Sunshine Coast, in particular, have seen significant growth, with their median land valuations passing the $600,000 and $450,000 marks, respectively. This trend is likely to continue as the region continues to attract new residents and investors.
The rise in land values is not limited to just the Gold Coast and Sunshine Coast, as other council areas in south-east Queensland have also experienced significant increases. Redland, Moreton Bay, and Somerset have all seen jumps in land valuations, with values reaching $510,000, $415,000, and $185,000, respectively. These increases, ranging from 31% to 51.6%, reflect the overall trend of rising property values in the region. As demand for residential land continues to grow, it is expected that land valuations will continue to increase in the coming years.
The impact of these rising land valuations extends beyond just property owners, affecting the broader real estate market and economy. As land prices increase, the cost of housing also goes up, making it more challenging for first-time homebuyers to enter the market. Additionally, higher land values can lead to increased property taxes and rates for homeowners, impacting their overall cost of living. The economic growth driven by the booming real estate market can also have both positive and negative effects on the local economy, depending on how it is managed.
Overall, the data on land valuations in south-east Queensland reflects a region experiencing significant growth and demand in the property market. With median land valuations surpassing key benchmarks and showing substantial increases across various council areas, it is clear that the region is becoming increasingly attractive to residents and investors. As population growth and demand for residential land continue to drive property values up, it will be important for local authorities and policymakers to manage the growth effectively to ensure sustainable development and affordability in the housing market.
