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8 April, 2022

LAND VALUATIONS RELEASED FOR THE CAIRNS REGION

ON March 31, the Valuer-General released land valuations for 30 local government areas, including Cairns, Douglas, Cassowary Coast and Mareeba.

By Isabella Guzman Gonzalez

In the Cairns Regional Council area, there were valuations of 55,403 properties with a total value of $16,183,495,200 by October 1, 2021. 

This represents an increase of 14.9% overall since the last revaluation of the Cairns region in 2019. 

The increase has been varied depending on the type of land and the suburbs. 

Residential values* had a moderate increase since the last valuation except for specific areas like Clifton Beach, Stratford and Babinda, which saw a significant increase. The demand for residential properties in coastal areas can be one of the reasons behind the increased value. 

• Clifton Beach went from a median value of $265,000 in 2018 to $350,000 by 2021, representing an increase of 32.1% 

• Stratford went from a median value of $255,000 in 2018 to $345,000 in 2021, representing an increase of 35.3% 

• Babinda went from a median value of $66,000 in 2018 to $92,000 in 2021, representing an increase of 39.4% Rural residential land saw a low to moderate increase of 10% in median value after analysing 3,583 properties. 

Other properties like multiunit residential, commercial and industrial saw a low to moderate increase; however, primary production values saw a notable increase. 

• Multi-unit residential land values increase 21.3% overall following a rise in residential construction and higher demand for small scale development sites. 

• Commercial values increased 4.3% overall. 

• Primary production values saw a significant increase of 46.2% overall due to a limited supply of rural properties to the market, low-interest rates and strong stock and commodity prices. 

The land valuations report can concern Cairns residents who may see an increase in rates and leasehold rents depending on the suburb they live in; however, it may be too soon to tell how significant the impact will be. 

Until the Cairns Regional Council 2022-23 Budget release, it is unclear how Council will assess the new valuations and reflect them on the rates and how they will soften the blow for ratepayers. 

Cairns Regional Council Chief Executive Officer Mica Martin said Council is mindful of the impact of land valuations. 

“While land valuations are a key input into Council’s rates modelling, they are not the only determining factor for rating movements. Council is currently preparing its 2022/23 Budget and is mindful of the impacts of the latest land valuations by the Department of Resources,” Ms Martin said. 

Under the Cairns Regional Council 2021-22 Budget, these were the general differential rates assigned for residential, commercial and other properties for the financial year: Refer to rates and charges image for the 2021/22 financial year.** 

Cairns residents, property owners and ratepayers who disagree with their valuation can lodge an objection online at, https://bit.ly/3udO4QD, where they will have to state the grounds for their complaint and supply supporting information by May 30, 2022. 

For more information on the land valuations for the Cairns Regional Council area, visit, https://www.qld.gov.au/environment/land/title/valuation/market-reports



SECTION 3 - RATES AND CHARGES FOR THE 2021/22 FINANCIAL YEAR**


PROPERTY LAND USE BY TOTAL NEW VALUE


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