Toowoomba regional area sees increase in land values
Valuer-General Neil Bray said the valuations reflected land values on 1 October 2017 and showed Toowoomba Regional Council area’s land values had increased by 8.2 per cent overall since the last valuation in 2016.
“Land values have generally increased since the last valuation, with some market sectors reflected no change” he said.
“Toowoomba City continues to be impacted by a number of significant projects that are completed, underway and proposed, such as the Second Range Crossing.”
Generally, residential markets in and around Toowoomba and Highfields saw minor to moderate increases. The towns of Clifton, Nobby, Cooyar and Greenmount experienced minor reductions, while Pittsworth, Millmerran, Oakey and Yarraman recorded no change.
"The industrial market in Toowoomba was generally unchanged except for significant increases at the Charlton industrial estate."
- A comprehensive review of all commercial valuations within Toowoomba City has been undertaken to improve relativity between valuations. This market based review has resulted in varied changes to valuations being issued.
- Within the rural property market there are generally moderate increases as a result of the continuing effects of strengthened beef commodity prices and low interest rates, with the exception of Yarraman where there was no change.
- Toowoomba Regional Council has seen an overall minor increase of 7.3 per cent in the median residential value since the valuation in 2016, with the median residential value increasing to $185,000 due to the significant projects that are completed, underway and proposed such as Charlton Industrial Estate, Inner City Shopping Centre Development, Second Range Crossing and the Inland Rail proposal.
- The median residential value for East Toowoomba increased from $257,500 to $285,000.
- Generally, outside Toowoomba City, there has been minor to moderate increases in value in townships throughout Toowoomba Regional Council, except for minor reductions in Clifton, Cooyar, Nobby and Greenmount and in Pittsworth, Millmerran, Oakey, and Yarraman where there is no change.
- There is generally minor to moderate increases throughout Toowoomba Regional Council, except for in Yarraman and Cooyar where there is no change.
- Market evidence reflects no change within the multi-unit sector of Toowoomba City.
- Moderate reduction within Pittsworth industrial, significant increase at Charlton industrial estate and the balance unchanged.
For a more detailed breakdown of the Toowoomba Regional Council valuations follow the link below. The State valuation list for the Toowoomba Regional Council can also be viewed at the Department of Natural Resources, Mines and Energy, 203 Tor Street, Toowoomba during normal business hours until close of business on 5 June 2018.
Valuations were last issued in the Toowoomba Regional Council local government area in 2016.
Table 1 below provides information on median values for residential land within the Toowoomba Regional Council area.
Table 1 – Median value of residential land*
|Residential localities||Previous median value as at 01/10/2015 ($)||New median value as at 1/10/2017 ($)||Change in median value (%)||Number of properties|
|Blue Mountain Heights||215,000||225,000||4.7||344|
|Gowrie Little Plain||38,500||42,250||9.7||2|
|Prince Henry Heights||300,000||315,000||5.0||234|
|All Residential Localities||172,500||185,000||7.3||50,798|
* Does not include land valued as multi-unit or rural residential
Rural residential land
Table 2 below provides information on the median value for rural residential land within the Toowoomba Regional Council area.
Table 2 – Median value of rural residential land*
|Land use category||Previous median value as at 01/10/2015 ($)||New median value as at 1/10/2017 ($)||Change in median value (%)||Number of properties|
Other land uses
Table 3 below provides information on total land values for land uses other than residential and rural residential land within the Toowoomba Regional Council area.
Table 3 – Total land values of other land uses
|Land use category||Previous total land value as at 01/10/2015 ($)||New total land value as at 1/10/2017 ($)||Change in total land value (%)||Number of properties|