Land in Redland City has dropped in value across the board by 6.7 per cent.
The valuations, a snapshot of land values on October 1, 2011, include a 4.9 per cent drop in the value of residential properties.
Hardest hit were parts of North Stradbroke Island and the bay islands, where the median valuation on Russell Island fell a whopping 31.9 per cent to $24,500.
Residential land values in Redland City fell mainly as a result of declines in waterfront and bay island land values since the previous median value set in October 2010.
The figures, released on Wednesday by the Department of Environment and Resource Management, came after last year’s 7 per cent rise in the value of mainland residential land.
<#start#>
Location Movement (%) Median new value
All of Redland City Council -4%$242500
Alexandra Hills 0%$205000
Amity -4.76%$300000
Birkdale 0%$263000
Capalaba 0%$225000
Cleveland -8.06%$285000
Coochiemudlo Island -20%$146000
Dunwich -4.44%$215000
Lamb Island -19.79%$38500
Macleay Island -20.45%$35000
Mount Cotton -1.19%$207500
Ormiston -5.19%$292500
Point Lookout -17.8%$485000
Redland Bay -10.19%$242500
Russell Island -31.94%$24500
Thorneside 0%$265000
Thornlands -5.8%$260000
Victoria Point -10.38%$237500
Wellington Point -5.26%$270000
<#end#>
This year, not one of the 23 recorded Redland residential suburbs, where land valuations are recorded, experienced a rise in valuations.
The median value of land on Russell Island is now $24,500, down from $36,000 at the 2010 valuation and Coochiuemudlo Island recorded a fall in valuation of 20 per cent.
Land on Lamb Island dropped 19.8 per cent in value bringing the average value of a residential block of land on the island to $38,500, down from $48,000 in the 2010 valuation.
Stradbroke Island land values recorded small reductions at Dunwich and Amity Point with moderate declines at the higher-valued Point Lookout.
Valuer-General Neil Bray said despite the city-wide fall of 6.9 per cent, which included an 8per cent slump in the average commercial property value, non-waterfront residential land retained its value.
That was evident with five suburbs - Alexandra Hills, Birkdale, Capalaba Sheldon and Thorneside - all recording neutral land valuations.
Mr Bray said median land value in Victoria Point fell approximately 10 per cent, which he said was consistent with the softening market for higher-valued lands.
He said the fall in land value on Russell Island was consistent with reduced demand for bay island lands which have limited access and limited development potential.
Reductions in land values of about 10 per cent were recorded in the investor-driven commercial, industrial and multi-unit sectors in Cleveland and Capalaba.
Residential units land also fell in value by about 10 per cent but residential rural lands recorded little to no change.
The fall in valuations does not mean Redland City Council rates will fall by 4.9 per cent.
When there is a fall in valuations across the board, the council usually increases its rate-in-the-dollar by the same amount to the valuation fall to neutralise valuation changes.
However, suburbs with drops larger than the city-wide fall, such as Redland Bay, could expect a lower general rates.
But council general rates are also affected by other factors not related to valuation changes.
Redland City CEO Gary Stevenson said rates were set on a range of factors including land valuations and "it is too early to speculate on how these valuations will impact on the rates for 2012-2013".
"Council’s budget and rates for 2012-13 will be determined and agreed by the newly elected council following the council elections on the 28 April."
