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."