QLD Landvalue notices

Haven't got any yet.

Don't care. I am not in a hurry to calculate how much our rates and land tax have increased!!!

 

yes same here 20% for mine. WTF ??

 

This is mighty crucial (contrary to whatever people might generally tell you).

A land valuation is a big part of your house value as per determined by the auto valuation software. An auto valuation is always a starting point for agents/buyers/banks and it's hard to override even if it's ridiculously different to what you might believe is the real value of the house.

Other than busy auction markets where buyers are willing to pay much higher than desktop valuations, your final sale price will be pegged to the auto val number.

I have seen seemingly similar houses on similar blocks with significant price differences because auto val model priced them differently for god knows why and sometimes it can be a lucky draw more than anything.

Expect the house valuation (RP data) to go up by a corresponding amount in 3-4 months.

 

Thanks for the explanation . Much appreciated .

 

Mighty non-crucial except for council rates and land tax..
Agents and buyers never make mention of the UCV, because its vastly different to the land value and has even less correlation to the property value. Not sure why a bank would be interested either?

 

qld state is neck deep in debt and deficit, miners are not bringing in enough dosh, so best way is to increase taxes.

Inflation also seems to be creeping in quite quickly now, probably due torapidly increasing energy bills. Hope MT manages to work something out with the GAS guys this week.

 

My notices haven't arrived yet. Does anyone know if the website is open where you can check your values, like last year?

 

Moreton Bay Region +5% increase
2015 to 2016 Valuation

 

You couldn’t be further from the truth. Not correct at all @standtall - a statutory valuation is for ratings and taxing purposes only and has no bearing on the sales price or the price of Moreton Bay Bugs at the fish market.

 

You can search by address here:
https://valuations.dnrm.qld.gov.au/listings/OnlineValuationRollSearch?action=init

 

Ok, thanks.

So, with these increasing land values, will the 600K threshold increase?

 

Qld government counting their land tax dollars!!

 

It actually is big part of the algorithm. Someone I know very closely has a full time job comparing software valuation services for multimillion dollar annual contracts and there's absolutely no reason it wouldn't be part of the calculation based on what they tell me. Valuation models are like Google search algo, they will use lots of variables but place government sources on top of everything.

All arbitrary valuation models have to be pegged to a uniform set of data such as land valuations which in turn use some form of software valuation to begin with so lot of chicken and egg story too.

The trouble is that whatever is the valuation number, there will be multiple parties who won't agree with it like agents for example would go from completely rubbishing the whole system to setting it as a big excuse for their inability to get a better price - all in a day's work!!

 

Yep. I got 10% in MBRC area. And Redlands isn't included in the
https://valuations.dnrm.qld.gov.au/listings/OnlineValuationRollSearch?action=init
Link. (I guess they do things differently in Queensland)....
Suspect it might be a 10% increase too?
Not good for land tax....

 

Up 15% for 2x BCC properties
Up 30% for a Logan property (2 years since last valuation)

Why isn't this reflected in CG growth though? I would've thought land values lag price growth.

 

I wouldn't count on it

In my case I'm still under the threshold but will be exceeding it alot sooner than I had anticipated

 

@standtall - I will agree to disagree. In my 5 weeks in the industry and the 10 minutes that I have spent with valuers locked in dark rooms discussing the dark art over a pint of pale ale, nothing has ever leaned towards the use of statistical valuation models used for one purpose being analysed and repurposed or used as a valid basis of comparison for another form of modelling.

What you friend is analysing is how well do bulk valuations for a statutory purpose of analysing land value regardless of inprovements as at 31 December each third year adjusted by the effect of wind direction on the speed of a swallow crossing the Straits of Gibraltar on a bike compare with the outputs of modelling based on sales of properties which have most recently settled where there may not have been thorough comparative analysis of those sales to ensure homogeneity of the sample.

 

I have looking for a good example of 'verbal diarrhoea' for my English class. I have finally found one.

 

@kierank - I try.

 

Yes interesting question.

So while one would think these land vals are based on CG in an area (and probably are to a degree) they perhaps factor other things too? Ie my PPOR in Browns Stains is 18% increase, of which this suburb noted in the Valuers report, and seems to even indicate why, ie 'centrally located etc', developed into a major hub etc. So perhaps these govco land vals take all this into consideration? Just like property markets do. Or do they're land vals come from the property market?

As standtall mentions, RE data and Evals seem to use this info to a degree, it seems quite possible that substantial increases in certain areas perhaps could have a flow on effect to the property market in general? Ie if auto vals go up, then the perception/value of that market goes up. There would no doubt a delay in this, but has anyone compared data historically on this?