Sunshine Coast land values down 5% last year, with Dicky Beach beating out Battery Hill as worst performer
Land values in the Sunshine Coast area fell 4.6% over the last year, with 47 localities declining in value, according to the Queensland Valuer-General’s latest valuation. There were 77 localities that recorded no change and no localities where values increased.
Dicky Beach was the worst-performing locality in the area, with median values falling 20.6% from $365,000 in October 2010 to $290,000 in 2011, according to Valuer-General Neil Bray’s valuation.
He said prestige properties had performed particularly poorly.
“Prestige land values are under some pressure due to limited demand as a result of the current economic climate,” the report says.
Recent sales in Dicky Beach are indicative of the downward price pressure. The three-bedroom 98 Cooroora Street sold in March for $459,000 after last trading for $429,000 in 2007. And the two-bedroom 2 Henzell Street sold in December 2011 for $390,000. The vendors originally listed the house in August for $495,000 after an unsuccessful bid to sell the house for $660,000 in 2010.
Gray found some localities in Caloundra had small to moderate decreases in values, which were supported by falls in the market evidence in these localities.
He found residential land values in the coastal strip from Noosa to Mooloolaba generally had no change or small reductions from previous levels.
He says the small railway towns north of Nambour have generally not changed in value while Nambour and some railway towns to the south have reduced in value.
“In general vacant residential land sales transactions in the Sunshine Coast Regional Council area have fallen since the last valuation in 2011,” Bray says.
“Multi-unit land values have remained largely unchanged except for parts of Noosa, Mudjimba and along the Caloundra coastal strip where values have been reduced by around 10 to 15%.
“Industrial land values have remained largely unchanged across the Sunshine Coast except for small reductions of around 10% in parts of the Caloundra area, Nambour and Woombye due to a large supply of vacant land and available building stock.”
Bray says commercial values in Caloundra have generally reduced by about 10%.
“Values in Nambour, Palmwoods and Woombye have fallen by around 5 to 10% while the central area from Maroochydore to Mooloolaba has largely remained unchanged due to market based reductions made to levels of value in the previous 2011 valuation,” Bray says.
“Rural residential values have remained largely unchanged except for some central Sunshine Coast localities where values have fallen by around 10%.”
The land tax threshold in Queensland is $600,000 for individuals and $350,000 for companies and trustees.
The tax Queensland Office of State Revenue calculates tax using the total value of all land owned, with exemptions for properties used as a home or for farming.
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