Source – The Courier Mail
Land values in some Brisbane suburbs have risen dramatically in last 12 months, with growth of up to a third in a single year, according to the latest Department of Natural Resources land valuation figures released yesterday.
Brisbane’s outer suburbs showed the biggest gains, with Gumdale, sitting some 14km east of the city centre showing the highest growth rate of 30.1%. It’s median land value is now $475,000.
Another suburb on the rise was Seven Hills, where the madian land value went up by 25.5% due to increasing demand for property in the popular suburb close to the city.
However not all Brisbane suburbs were on the rise, with 46 suburbs showing no change in valuations over 12 months. Only one suburb, Hendra, recorded a drop in land values, with prices down by 1.6% to a median value of $610,000.
Throughout the state, the suburb with the highest growth was Thornborough in Mareeba in far north QLD, where land values increasd by 466.7% to $10,200 from an extremely low base of $1,800. The worst performer in the state was Roma, which showed a 56% drop to $66,000.