Connect with us

Market Place

LAND VALUES: We’ve made state’s highest leap

Published

on

LAND VALUES: We've made state's highest leap

THE Sunshine Coast and Noosa have experienced among the highest rates of coastal land value increases in Queensland, according to new State Government figures.

Noosa topped the list of coastal council areas, with a recorded rise of 11.3 per cent while Sunshine Coast was third with a rise of 10.4%.

Douglas Shire Council, which encompasses Port Douglas in North Queensland, was second with a rise of 10.8%.

Sunshine Coast Council yesterday confirmed residents could expect the figures to be reflected in their rates notices, due in July.

Experienced Coast real estate agent Kevin Annetts said the rises could would impact on property prices as well, but it would be a gradual change.

The Valuer-General’s Property Market Movement report, released this week to explain the changes, said Noosa and Sunshine Coast local government areas were last valued in 2016.

“The Sunshine Coast region has experienced minor to moderate growth in residential land values driven by a number of factors including the significant infrastructure construction, strong tourism activity and continued demand for coastal living,” the report read.

“Demand typically centres on mid-priced coastal property as well as the smaller towns along the North Coast railway line such as Yandina, Nambour and Landsborough that provide an affordable option for buyers.”

It said prestige property values had also improved with minor increases in beachfront land as well as for canal frontage properties in Noosa and Pelican Waters.

“Improving multiple unit building activity and demand is evident on the Sunshine Coast and has resulted in minor growth in multi-unit land values.”

It said commercial land values were generally steady with some minor increases across the Sunshine Coast.

“However there is growth in most industrial values underpinned by the strengthening building and development sector.”

Minor value increases were also recorded in rural residential home sites.

“Rural land values in Sunshine Coast have had moderate increases with market activity reflecting the demand for hinterland properties.”

Mr Annetts, who has been a licensed real estate agent on the Coast since the late 1970s, expected the increases would bring higher property prices “in the long term”.

“I really think that these unimproved capital values are only going to keep increasing when the demand is so strong and the supply is so short,” Mr Annetts said.

“In new estates it is selling like hotcakes because they can’t produce enough of it.”

He said he experienced previous increasing effects on his rates at his own Alexandra Headland home.

“I argue about rates going up all the time but there is nothing I can do about it because that is the way it is.”

A council spokesman said the council’s differential rating scheme moderated variations in valuations.

“Council must determine each year what the rate in the dollar for each differential rating category needs to be to generate the required rates revenue to resource community needs,” the spokesman said.

He said extensive rates modelling occurred to set the revised rate in the dollar for each rating category.

“This modelling draws upon the most recent valuations provided by the Department of Natural Resources, Mines and Environment.

“In undertaking the rates modelling, council aims to ensure equity is maintained across all rating categories.”

He said the general rates’ cents-in-the-dollar was multiplied by the land value supplied by the department to determine the annual rates charge for a property.

“The new valuations will be used to calculate the rates and charges for 2018/19.”

Originally Published: www.sunshinecoastdaily.com.au

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Market Place

Home in blue-chip street sells for $4.1 million

Published

on

Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million

.

The canal-front home at 59 Witta Circle, Noosa Heads, sold on April 30 for $4.1 million through Tom Offerman Real Estate.

Source: www.sunshinecoastdaily.com.au

Continue Reading

Market Place

Queensland’s population hits 5 million people today

Published

on

Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.

Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.

“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.

“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”

Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.

Queensland's population hits 5 million people today
PHOTO:
 The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)

“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.

ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.

Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.

Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.

The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.

Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.

ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.

 Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.

“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.

But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.

Queensland could be leading growth state in future

Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.

‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.

Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.

“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.

Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.

“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.

“Perhaps we could do more to encourage people to move outside the south-east corner.

“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”

Source: brisbaneinvestor.com.au

Continue Reading

Market Place

APRA to end cap on property investor loan growth

Published

on

APRA to end cap on property investor loan growth

APRA is removing the 10 per cent ‘speed limit’ on investor loan growth.
Photo: Louise Kennerley


The banking regulator is axing a 10 per cent speed limit on bank lending to property investors, saying the cap has served its purpose and improved credit standards.

With Sydney house prices falling and credit growth slowing, the Australian Prudential Regulation Authority on Thursday said it would remove the cap for bank boards that could prove they had been following its guidelines on prudent lending.

In late 2014, amid a surge in borrowing by property investors and rapid house price growth, APRA took the rare step of setting a 10 per cent limit on the annual growth in banks’ housing investor loan portfolios.

The measure has rocked the mortgage market in recent years, prompting banks to jack up interest rates for housing investors, and demand borrowers stump up bigger deposits.

But on Thursday, APRA chairman Wayne Byres said it was prepared to remove the measure because there had been an improvement in lending standards and a slowdown in credit growth.

“The temporary benchmark on investor loan growth has served its purpose. Lending growth has moderated, standards have been lifted and oversight has improved,” Mr Byres

Even so, the regulator will retain a separate 2017 policy that requires banks to limit their new interest-only lending to less than 30 per cent of all new home loan approvals.

APRA also said there was “more to do” in improving other aspects of banks’ lending, including how they assessed borrowers’ expenses, their existing debts, and the approval of loans that fell outside of banks’ formal lending policies.

APRA said it expected banks to introduce limits on the proportion of new lending that could be done at “very high” debt-to-income levels.

“In the current environment, APRA supervisors will continue to closely monitor any changes in lending standards,” Mr Byres said.

“The benchmark on interest-only lending will also continue to apply. APRA will consider the need for further changes to its approach as conditions evolve, in consultation with the other members of the Council of Financial Regulators.”

Source: brisbaneinvestor.com.au

Continue Reading

Make Your Super Work

smsf property investment smsf borrowing

Positive Cashflow Property

duplex designs, dual occupancy homes

Property Investment Advice

investment property calculator successin property

Trending