Brisbane Land Valuation +20% in a year

Discussion in 'Property Market Economics' started by evalord, 7th Mar, 2019.

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  1. evalord

    evalord Well-Known Member

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    My land valuation just went up by 20% in a year from $510,000 to $610,000.
    Old 1980s house, no renovation, 2/1/2 (carport), 405m2 land, Paddington QLD

    This effectively puts me over the land tax threshold. Surely this can't be normal. How can I contest this?

    Edit:

    Checked few nearby streets, my whole neighbourhood went up by 20%....
     
    Last edited: 7th Mar, 2019
  2. Trainee

    Trainee Well-Known Member

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    this is your land valuation, not council rates?
     
  3. evalord

    evalord Well-Known Member

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    Ops... my bad, changed the title
     
  4. standtall

    standtall Well-Known Member

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    Mine went up around 10% which is fair increase after 3 years.

    There are surely going to be properties in Brisbane now where just land valuation component now may be even higher than total value of the property. A neighbour's land valuation came at $610K in Mansfield and he will gladly sell the house for $600k+.
     
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  5. Tonibell

    Tonibell Well-Known Member

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    Mine at Enoggera has gone down 15% from $940K to $810K.

    Convinces me that it was wrong last time.
     
  6. mues

    mues Well-Known Member

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    1 of mine did the same in vic. And i have a actual paid valuation done at the same time pricing it at 200k less than the council listed. I actually challenged it, they did an assessment and nothing came of it. Then i made a complaint to the council, and nothing came of it.

    so good luck, they are oxygen thieves.
     
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  7. Propertunity

    Propertunity Well-Known Member

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    It's called Capital Growth

    I'd have hoped that Capital Growth would be a normal part of investing in RE. This is a good thing

    There is an appeals process normally outlined in the letter they send out.
    Appealing your land valuation
    Online Form 3: Fill out your appeal against the Valuer-General’s decision on objection | Your rights, crime and the law | Queensland Government
     
  8. mues

    mues Well-Known Member

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    capital gains on council paperwork dont increase sale price, only rates and fees.
     
  9. Propertunity

    Propertunity Well-Known Member

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    All the same, according to re.com "The median sales price for houses in Paddington, QLD in the last year was $1,082,500 based on 98 home sales. Compared to the same period five years ago, the median house sales price for houses increased 24.4%".
     
  10. Yann

    Yann Well-Known Member

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    Hi there, you can appeal to contest the increase directly online on the state gov website. However you will need to provide factual evidence to appeal, including supporting AND verifiable data.

    In my case on the Gold Coast, half the street had a big increase two years ago, and a much lower increase for the other half of the street. My house was the one the "fence" (first one with the big increase between the two halves of the street). I appealed to this to align my valuation down to the other half of the street. My appeal was accepted and my valuation updated (reduced by ~$40k). I was happy. Then the following year, they played catch-up and all houses in the street were aligned to the same high value (and they baked in another increase as well, so up ~$40k + $20k). Appeal would not work anymore as no more discrepancies in valuation data, I just need to feel rich but poorer and remain happy.

    Good luck with your situation.
     
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  11. kierank

    kierank Well-Known Member

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  12. Noobieboy

    Noobieboy Well-Known Member

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    Havent you seen the report Link to Source

    Land values in the Brisbane City Council area have increased by 6.8 per cent overall since the last valuation issued in 2017. The industrial market has been the strongest performer with buoyant market conditions since the last annual valuation. Strong demand for industrial sites, together with limited supply, has resulted in increasing site values. Overall, the total industrial land value across the City increased by 17.5 per cent.

    Inner City suburbs with the largest increases in median value included Auchenflower, Woolloongabba, Milton and Paddington. The new median value for residential land in Paddington has risen to $740,000.
     
  13. aushousingcrash

    aushousingcrash Well-Known Member

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    Punch in your land value into a TAS or SA calculator to make you feel better. Sell up and buy in NT. QLD lvt free threshold is extremely generous
     
  14. ttn

    ttn Well-Known Member

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    My next door neighbour land is bigger than my land by 30m2 as well as the frontage. 2016 land valuation was the same for the two properties. Now my land is valued > $30K than their one
    Not happy Jan :(
     
  15. gman65

    gman65 Well-Known Member

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    Yep, they're coming in hard!

    BCC needs some more pen pushers it seems...
     
  16. Skinman

    Skinman Well-Known Member

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    I think the last review was 2 or 3 years ago so although it’s a big jump it’s not an annual one. Unfortunately it’s land value so nothing to do with the improvements on the land (e.g the house).

    As others have mentioned it’s to be expected with growth which overall is a good thing. QLD thresholds are pretty generous but let’s hope they also get reviewed and increased at some point.

    Cheers
     
  17. albanga

    albanga Well-Known Member

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    I finished building my PPOR in Melbourne and the council tried 700k improvements.
    My build is of the highest quality but we are talking a 3/2/2 townhouse.

    Got it down to 800k valuation even though it’s worth 1mil.
    Just have to know what to say and be nice to them. Most people tend to go off their rocker about stuff and get nowhere!
     
  18. willair

    willair Well-Known Member Premium Member

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    Most of the annual land valuations came in yesterday for Brisbane,even Rocklea went up from 185k too 237k the others one went up 97k , just more land tax to pay..But it is a good sign Brisbane over the next few years may well see the same growth ..imho..
     
  19. Kangabanga

    Kangabanga Well-Known Member

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    Valuation on mine down bayside brisbane was flat, same as last year. But then past years it had already gone up >20% from 430k to 530k. Fair assessment as property sales have really slowed down in our area since last year. Stuff taking 2 weeks to sell now taking 2 months...
     
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  20. Tifoso

    Tifoso Well-Known Member

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    Just remember it will be calculated over 3 year rolling average so if an investment, you won't pay land tax for probably 3 years.

    Mine are spread across bayside (wynnum manly lota) and western suburbs (oxley sherwood etc), bayside 9.4% average, western suburbs average 13%. Through some act of pure luck, or largest rateable property (land val 1.1m) did not change where literally every other property surrounding us went up by 15%. I will not be contesting :D Shhhhhh
     
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