WHAT YOUR PROPERTY IS WORTH IN LATEST LAND VALUATIONS:
PARRAMATTA Park is solidifying its reputation as an increasingly sought-after location in the Cairns property market.
Median land values in the small inner-city suburb, which has a population of 3508, escalated by almost 20 per cent over the past three years.
Values across several suburbs close to the CBD have shot up by more than 19 per cent after the latest round of analysis by the state’s valuation service.
Median residential land values at Parramatta Park increased by 19.6 per cent from $185,000 to $221,250 between 2016 and 2019, with ValuerGeneral Neil Bray attributing sharp increases across a number of suburbs to “demand for well-located residential land within the city”.
Cairns City land values shot up by 19.5 per cent to $260,000, while Cairns North land values increased by 19 per cent to $235,000.
Median land values at Edge Hill and Whitfield rose by more than 15 per cent, to $305,000. Cairns’ most expensive land can be found at Ellis Beach, with a median value of $405,000, but the northern beaches suburb had only a 5.2 per cent value rise.
Parramatta Park homeowner Ian Haynes said his confidence had been buoyed by the discovery regional areas were defying the metro downward market trend.
“A positive sign. You look at the market in Sydney, it is all coming down, so it good to see the regionals holding their own,” he said.
Land at the tiny pocket of East Russell, near Babinda, was the biggest mover in the 2019 land audit, jumping 29.2 per cent to $155,000.
“The rural residential and rural markets have generally increased, and some areas like Kanimbla, reflected moderate increases in median values due to demand for well-located residential land within the city,” Mr Bray said.
The Valuer-General indicated land valuations were used by councils to determine what to charge in rates, however Cairns Regional Council confirmed new land values would “not have a significant effect on council rates overall”.
Mayor Bob Manning said the new land values would be taken into consideration but would not dictate a rate rise. “Each time land values change across the region, we respond by adjusting the rate in the dollar accordingly,” he said.
See the full list of Cairns land values at cairnspost.com.au