The Property Council has welcomed the recent release of some one million 2010 land valuations across 23 Queensland local government areas.
Intensive negotiations between the Property Council of Australia, Shopping Centre Council of Australia and the Queensland Government recently resulted in agreement on major amendments to the Valuation of Land and Other Legislation Amendment Bill 2010 – and will now see land valuations issued on the ‘unimproved value’ basis for the last time in Queensland.
Property Council of Australia Queensland Executive Director Steve Greenwood said that “Valuations for commercial and industrial property in Brisbane and on the Gold Coast seem to reflect the downward market movements following the fall-out of the global financial crisis, and this would accord with the industry’s expectations in these areas.
“It is pleasing to see that recent action by the Property Council has resulted in a fairer outcome for Queensland’s property industry.
“As expected, those local government areas that have not been revalued for four or five years will see increases reflecting the period of economic prosperity leading up to the global economic downturn”.
Mr Greenwood urged those land owners intending to object against the valuation issued to them to note the very significant changes to the 2010 objections and appeal process.
“Property owners should be aware that objections must now be lodged within 45 days of the valuation being issued, with significant changes to the objections and appeal process that restrict land owners’ rights.
“However, we are pleased that the Government has committed to a full review of the State’s valuation system in time for the 2011 round of valuations, and we look forward to working with the Queensland Government on the proposed ‘site valuation’ methodology.
“This engagement will be vital if the Government is to move past this short-term arrangement and put in place a new valuation system that is modern and reinstates Queensland’s competitiveness”, Mr Greenwood said.