Rising property values set Gladstone apart from state
PROPERTY values have jumped again in Gladstone and residents can expect council rates bills to go up with them.
A report from Queensland's Valuer-General shows land values in Gladstone Regional Council area have climbed by 7.3% in the 12 months to October.
The value of urban residential properties went up 12.5%.
But residents can be relieved the hike is not as steep as last year, which saw a 19% jump across all properties.
It still sets Gladstone apart from the rest of the state, where values fell in 19 of 27 council areas.
Valuer-General Neil Bray said the property market was struggling across the state.
"The market is still being driven by the prevailing economic uncertainty, tight credit conditions, a slowdown in mining infrastructure expenditure and construction activity, the high Australian dollar, a tightening rental market and an undersupply of vacant land stock," he said.
But Central Queensland and especially Gladstone is the exception.
"(The region's) property market overall can be described as firm with some areas still strengthening," he said.
"Values generally have only shown minor changes or remained static... the exceptions are Gladstone and surrounds."
The Valuer-General's findings form the basis for local government to charge value-driven rates to property owners.
Gladstone Regional Council's chief financial officer Mark Holmes played down concerns that rates would hike along with property values.
Last year, the GRC's general residential rates increased by 1.6 per cent.
But council was forced to cap overall rates bill increases at 10%, as skyrocketing property values threatened to put bills through the roof.
"Valuations are a base to determine rates, but they're not the only factor," Mr Holmes said.
"They're not going to go up by the percentage of the valuation increase in most cases."
"Some will increase, and some will decrease."
Mr Holmes said he would rather be on land that had a higher value.
"It's meant to reflect the market. I would prefer to be in a situation where valuations are increasing rather than decreasing," he said.
The council's budget will be released in the first council meeting in July and new rates notices will go out in early August.
Meanwhile, the Valuer-General's assessments are being sent to property owners this week.
Owners who believe their valuation is incorrect can lodge their objection online at dnrm.qld.gov.au and click on property valuations.
The objection must be lodged by May 20.
Median property values:
- Commercial property, $407,500, up 3.2%
- Industrial property, $500,000, up 8.7%
- Residential property, $202,500, up $12.5%
Market movements in Central Queensland are influenced by three factors:
- the resources boom
- the low activity of tourism in the region
- tightening of lending practices