City's land valuations defy odds
IPSWICH property values have resisted a downward trend across Queensland to be the only council area in south-east corner to record an increase in land rates valuations in 2011.
The state Valuer General's market movement report released yesterday showed our flood-hit region recorded a minor 0.1% increase in residential property values, compared to falls in Brisbane (-2.8%), Logan (-11.2%), Redland (-11.5%) and Moreton Bay (-6.8%).
Of the 49,851 properties values in Ipswich, only the suburb of Deebing Heights, which currently has 368 rateable properties, recorded any change in the median value.
The valuations come after Ipswich recorded a 15% overall increase in land valuations in the April 2011 report, following no valuations in 2009 or 2010.
Ipswich City Council Mayor Paul Pisasale welcomed the results.
"Once again we've gone against the state trend," Cr Pisasale said.
"The city went through a tough time last year. The flood knocked us about, but now we are seeing the property
market maintain its value or record a small increase."
Cr Pisasale said he was proud of the city's record of consistently keeping rates below neighbouring councils and the new valuations would help minimise future rate rises.
"It's going to help us in the determination of the rates. More importantly it's not how you collect the rates, it's what you spend it on and you can see in the city we're getting good value for money," he said.
Valuer-General Neil Bray said the Ipswich City Council area's land values reflected the static market in the region.
"The volume of property transfers recorded with the Registrar of Titles has decreased by 22% over the past 12 months and is at its lowest level for a decade," Mr Bray said.
Land values across both the Somerset and Lockyer valleys also remained steady last year at -0.3% and 0% respectively.
The Scenic Rim recorded a 0.7% drop overall, but some individual areas recorded significant changes; with Running Creek 78.6% and Rathdowney 71.7% recording the biggest increases.
Mr Bray said a comprehensive review had been conducted in the Scenic Rim Regional Council area.
"Residential values fell in the Mount Tamborine and Beaudesert areas," he said.
"Some areas such as Rathdowney recorded large increases in median values due to the review of values in those areas based on sales evidence."
Landowners who believe their valuation to be incorrect, and can provide supporting information, can lodge an objection with DERM by May 28.