According to Neil Bray, Valuer-General of Queensland, the state has seen continued signs of strength in select areas of the state.
This is even considering the advice from Queensland Treasury that dwelling investment has entered a recovery phase after a decline of 4.8 per cent during 2017-18.
“While approvals and construction have declined, the substantial amount of work remaining in the pipeline indicates dwelling investment is headed for a ‘soft landing’ compared with previous housing cycles,” the advice from the state Treasury read.
Land values in the Brisbane area rose by 6.8 per cent, with residential land rising between 5 to 15 per cent since the last valuation in 2017.
Although there are variations in market movements in residential land, it is considered to be the largest market sector in all of Brisbane according to the Valuer-General’s report, seeing approximately 304,000 valuations, with a rise of 7.1 per cent.
In the whole area, 126 suburbs saw their value rise by 15 per cent, with 16 rising by more than 15 per cent, while 37 suburbs saw values hold steady.
Auchenflower, Woolloongabba, Milton and Paddington were amongst the inner-city suburbs with the largest median value rises with the latter seeing its land value rise to $740,000.
Carseldine, Boondall, Rocklea, Sinnamon Park, Jindalee and Kenmore were amongst other well-preforming suburbs.
The Redland City Council area saw Greater Brisbane’s market and land values improve since it was last valued in 2016.
Many surrounding suburbs of Brisbane have had an increase in market and land values. These suburbs include: Alexandra Hills, Logan, Woodridge, Kingston, Jimboomba, Ripley, South Ripley, Karalee, Camira, Caboolture, Redcliffe Peninsula, Woodford and Dayboro.
These continuous signs of growth are predicted to continue throughout 2019.