LAND valuations have spiralled upwards in Ipswich, leading to the threat of future council rates hikes.
More than 561,000 land valuations were issued for the South East, with Ipswich residential landowners receiving an average 35 percent hike in residential land values.
Ipswich showed an overall increase of 33 percent and a 28 percent increase in primary production land values.
New Chum posted a huge 130 percent increase in land valuation after one property rose in value from $34,500 to $80,000.
Augustine Heights recorded the highest median valuation of $430,000 for the suburb’s 1866 properties.
In Ipswich, 84,322 properties were revalued, and resulted in a significant increase in median values within the residential market.
Other big rises were experienced at Mount Forbes (up 101.2 percent), Barellan Point (up 57.4 percent) and Lower Mt Walker and Tivoli (up 51.4 percent).
Flooding also affected Ipswich valuations, with properties which were inundated last year experiencing slight to minor increases.
Continuing demand and affordability of property in the residential sector contributed to the uplift in land values, the state’s new Valuer-General Laura Dietrich said.
Ms Dietrich posted the valuations for 24 regions across the state, confirming rumours from February that valuation increases would be sizeable.
Continuing demand for property, a lift in confidence in the rural sector, and interstate migration and investment are among considerations attributed to the mounting values.
Ms Dietrich warned that councils and the Queensland Revenue Office might use the new data when calculating rates or land tax bills.
The total value for properties in Ipswich is now $30,430,057,000.
The new valuations will take effect from June 30 this year.
A call centre has been established for a 60-day period to answer any enquiries, on 1300 664 217.
