Real Estate
3 April, 2024
Land valued at $4.97B
Somerset Regional Council has received the release of official State land valuations for Somerset, showing an increase of 54% bringing the total land values in the region to $4.97 billion.
Somerset Mayor Jason Wendt said the region had never seen a land valuation increase so significant.
“Somerset was only one of five council areas in South East Queensland that has been assessed by the State valuers this year and to have an increase of 54% in Somerset is telling in terms of what is happening in our region,” Cr Wendt said.
“Somerset is a great place to live, and buyers are coming to our area in significant numbers to discover our lakes, rivers, Brisbane Valley Rail Trail and friendly communities.
“Soaring land values are a silver lining for our community, where many people have been hit hard by the economic impacts of natural disasters.
“We are working hard to get economic activity happening across Somerset by building major infrastructure that the community needs and attracting government funding into the local economy where we can.”
Cr Wendt said Council was also working hard on managing its costs.
“We are working hard on managing our costs so that these record land valuation increases do not mean record rises in overall rates in our first budget which will be adopted in July,” Cr Wendt said.
“We pride ourselves on our affordable rates and effective services and we intend to stick to that philosophy. “Anyone who does not think their new State land valuation is correct should lodge their objection through the Department of Resources.”
The other South East Queensland council areas where the State Government issued new valuations for this year are the major coastal councils of Gold Coast, Moreton Bay, Sunshine Coast and Redland City.
Details about the State land valuations are available at resources.qld.gov.au
