LAND valuations across Redland City rose, on average, 2.2 per cent in the two years from October 1, 2012.
Queensland's Valuer-General today released the annual land valuations for 58,670 properties taken on October 1, 2014.
Residential values on the mainland rose, commercial and industrial land experienced minor increases and rural residential and primary production markets remained static.
Large increases in property valuations in Cleveland were tempered by little or no increase in property valuations for land further away from the bay, such as Mount Cotton.
Cleveland experienced a 14 per cent increase in valuations, the highest across the city, bringing the bayside suburb’s median property valuation to $325,000.
The 658 properties at Point Lookout, on North Stradbroke Island, had the city’s highest mean value of $440,000, a figure that did not change over the two-year valuation period.
Russell Island’s 6642 properties had the lowest median valuation of $17,400, a drop of 15 per cent since 2012.
Softer demand for island properties resulted in a moderate reduction in their land values.
There were no changes in valuations to properties in Alexandra Hills, Amity Point, Dunwich, Lamb Island, Mount Cotton, Ormiston, Redland Bay, Sheldon and Victoria Point.
Karragarra Island’s 239 properties experienced a 13.7 per cent decrease in valuations, slightly less than the other islands in the southern bay.
In Redland Bay, the median property valuation for the suburb’s 4753 properties was $242,500.
Wellington Point’s 4082 properties had a 1.8 per cent increase bringing the median valuation to $280,000, the same median valuation for Thorneside, which had a 5.7 per cent increase.
There was no change to the land valuations for the city’s 2589 rural-residential properties in Sheldon, Capalaba and Thornlands, which held their median valuation of $475,000 over the two years.
Multi-unit residential properties experienced a 0.6 per cent increase with median valuations rising from $736million to $741million.
The median valuation for the city’s 169 industrial properties rose 8.8 per cent to $136million. Commercial properties rose 1.4 per cent and rural properties experienced no change in median valuation.
Mr Bray said it was important landowners realised valuation notices were not rate notices.
Rates are set under the Local Government Act 2009 and determined by local government authorities.
Landowners who believed their valuation was incorrect, and could provide information to support this, could lodge their objection online with the Department of Natural Resources and Mines before May 4.
