Valuation increases reflect demand for Redland properties
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The new residential land valuations for Redland City have risen 14.6 per cent in the latest State Government valuations released in March.
This is the biggest increase since the 35 percent increase in 2010 -- but the 2010 increase was high because at time valuations had not been carried out for six years.
Since 2010 each year the valuations had either decreased — or in 2105 increased by just 2.2 per cent.
So this year’s increase is a significant jump.. When you lump in the commercial, units and rural the increase this year, the increase is 10.8 per cent but it is 14.6 per cent on average for the normal single house property — which makes up 92 per cent of all the properties.
The biggest increases were at Ormiston 20.3 per cent and Wellington Point 21.4 per cent.
Other mainland suburbs had increases such as 9.4 percent for Cleveland, 14.6 percent for Alexandra Hills, 15.8 per cent for Capalaba 15.8 and 15.5 per cent for Redland Bay.
The highest median land value on the mainland was Ormiston at $355,000,
Point Lookout has highest median in the city at $435,000.
Compared with that the lowest is Russell Island with $17,400 for median valuation
of a block of land.
And all this doesn’t necessary mean that council rates will rise for everyone.
The normal practice is for Council to adjust the rate in the dollar — which is what determines your general rates — downward by the overall percentage increase in valuations.
They are, of course, other factors affecting council budgets and rates such as major projects or a decision to reduce spending.
But all things being equal, the general theory is that if your individual property valuation percentage change is higher than the average across the city, your rates will go up.
If you valuation is lower than the average, your general rates will go down.
But there are other council changes that could increase, such as water — which is a another story all together —- and an increasing source of revenue as the old property rates proportion of your total rates bill has declined over the years.
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