Prices skyrocket in just-released Gympie region land values
Property continues to be Gympie’s new gold mine as median land values continue to surge across the region with the latest State Government figures revealing a jump of more than 12 per cent in the past two years.
New figures from the State’s valuer-general show the average value of land in Gympie jumped 12.4 per cent, almost three points higher than the 9.9 per cent increase reported in 2019.
Gunalda was the biggest winner, with median residential values soaring 39.6 per cent from $53,000 in October 2018 to $74,000 in October 2020.
Nearby Neerdie also experienced a big shift, with median values up more than 20 per cent, from $43,000 to $52,000.
Mary Valley residents had cause to celebrate too with three suburbs cracking the top five market movers.
Imbil land values increased from $85,000 to $104,000 (22.4 per cent) while Brooloo’s jumped from $69,000 to $83,000 (20.3 per cent) and Amamoor’s went from $75,000 to $90,000 (20 per cent).
Other regions to experience double-figure increases included Gympie, Dagun, Jones Hill, Kandanga, Kilkivan, Monkland, Rainbow Beach, Southside, Theebine, Tin Can Bay, Traveston and Victory Heights.
Land values at Kinbombi and Cinnabar rose more than 75 per cent but this was due to the areas’ low $5000 median values in 2019 (Kinbombi increased to $10,000 and Cinnabar $8800).
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The average residential value across the entire region rose 11.6 per cent from $95,000 to $106,000; this was almost double the rise recorded in 2019.
A demand for vacant land was behind the increase in median residential values which was felt in almost all of the region’s localities; the only exceptions were Tansey and Goomeri, where values remained unchanged.
Rural residential land values experienced an even larger increase of 15.1 per cent thanks to their rise from $139,000 to $160,000.
The Valuer-General said this was due to “strong demand … driven by purchasers seeking residential lifestyle properties within proximity to Gympie and coastal townships”.
Primary production land values were also up 15.1 per cent, while multi-unit residential values increase 9.7 per cent.
In contrast, commercial values only increased 0.7 per cent and industrial values went up only 1.2 per cent with “minor to moderate increases experienced within some western townships”.
The Valuer-General said the volume of title transactions recorded by the Registrar of Titles in the first half of the 2020/21 financial year were up by 10 per cent on the same period the previous year – averaging around 2950 dealings lodged each day.
“Despite drought conditions, the weight of available rural sales evidence, particularly in South West and Central Queensland, indicate positive market conditions attributed to favourable seasonal conditions, low interest rates and high rural commodity prices,” he said.
“It was recognised that market volatility and uncertainty was expected as a result of COVID-19, with governments responding with a range of stimulus packages including relief from state fees and land rents, targeted support for industry and small business and cost of living relief for households.
“We will continue to closely monitor the market as Queensland recovers from the pandemic, and a decision will be made on the 2022 program in the last quarter of 2021.”