Wellington Point land valuation increases by 21 per cent

WELLINGTION Point and Ormiston residents have been left reeling after receiving hikes in land valuations of up to 21 per cent this week.

WELLINGTION Point and Ormiston residents have been left reeling after receiving hikes in land valuations of up to 21 per cent this week.

WELLINGTION Point and Ormiston residents are in for a surprise, with hikes in land valuations of up to 21 per cent this week.

The two suburbs received the highest increases in valuations of the city's 22 residential localities, compared with a city-wide increase in residential land valuations of 14.6 per cent.

Ormiston and Wellington Point reflected increases in median values due to demand for affordable residential land with the median value in Ormiston rising from $295,000 to $355,000, the highest median mainland value.

Across the city, all land valuations, including commercial, industrial, units and rural properties, experienced a 10.8 per cent rise in valuations.

The city's median land valuation rose from $240,000 to $275,000 over the year.

The shock spike came after last year’s valuation in which the city-wide increase was 2.2 per cent over two years.

Mainland median values increased between 9.9 and 21.4 per cent while most bay island values remained unchanged.

Point Lookout had the highest median land value of $435,000, which remained unchanged. 

Mount Cotton's median land value had a minor increase to $235,000. Coochiemudlo Island's median land value increased to $122,000 while the median value on Russell Island remained at $17,400.

Birkdale land valuations rose, on average, 16.7 while Victoria Point, Thornlands, Capalaba and Redland Bay all faced increases of more than 15 per cent.

Island areas of Amity, Dunwich, Karragarra, Lamb, Macleay, Perulpa, Point Lookout and Russell Island, experienced no change in land valuations, with Sheldon the only mainland suburb to post no change.

This year there were 876 more residential properties included in the city's valuations.

The Valuer-General Department sent notices to the city's 59,546 properties showing valuations calculated on October 1, 2015.

Mr Bray said the valuations would take effect on June 30.

"It is important that landowners realise that valuation notices are not rate notices," he said.

"Rates are set by local governments under the Local Government Act 2009 when they determine their annual budgets.

"The setting of rates is based on a number of factors – valuations are only one of those factors."

Mr Bray said landowners who believed their valuation was incorrect and could provide information to support this, could lodge their objection online at www.dnrm.qld.gov.au or at the address shown at the top of their valuation notice by 3 May 2016.

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