The Valuer-General’s property market movement report (available here) has some comments to make on land valuations in the Cassowary Coast region (as well as other areas). …
“The residential market in the Cassowary Coast has been variable throughout the region since the last annual valuation in 2012 with market movements in a few locations. The impacts of the global economic factors and Cyclone Yasi linger and together with a general oversupply of residential land in the Island Coast strip, prices are tending to continue to fall.
Residential values have generally held steady in the towns of Innisfail, Cardwell and the smaller coastal and hinterland communities. The localities of Tully, Mission Beach, Wongaling Beach, South Mission Beach and waterfront lands within Port Hinchinbrook recorded minor reductions while Silkwood recorded a moderate decrease.
Commercial, industrial and multi-unit lands generally remained static within Innisfail, whilst Tully and the Island Coast region recorded minor reductions.”
Median residential land valuations have fallen by 2.6%, rural-res by 3.4%, commercial and primary production by 1.3% in CCRC.
Loose Change has also posted on valuation changes in the Cairns and Douglas areas. (Thanks to Mark’s post for alerting us to the report)