Structural changes in the mining workforce has been identified as a contributing factor in the big drop of Mount Isa land values in the 2020 annual land valuations released this week
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Valuer-General Neil Bray said the valuations reflected land values on 1 October 2019 and showed Mount Isa City had decreased by 44 per cent overall since the last valuation in 2016.
"Residential values have fallen in Mount Isa, while commercial and industrial land have also decreased in value," Mr Bray said.
"The rural market has increased in value over a four year period since the last annual valuation was undertaken.
"Some localities such as Pioneer reflected large decreases in median values due to a lack of demand for vacant land with the median value of residential land in Pioneer decreasing from $82,000 to $20,000."
Other factors in the drop include structural changes in the mining workforce which has placed stress on the housing market, and when combined with high construction costs, have created a lack of demand for vacant land.
Rural land values have continued to grow on the back of land owners' expectations that conditions in agriculture have and will continue to improve, despite the recent prolonged drought conditions.
Demand is increasing for low cost breeding country to facilitate herd build up and turnoff options for adult cattle. When compared to prices paid elsewhere, the North West Highlands, and Gulf grazing lands are increasingly seen as an attractive proposition.
Landowners can access the latest valuation data using the Find your annual valuation online search available on the Land Valuations website: www.qld.gov.au/landvaluation.
Landowners who believe their valuation was incorrect and can provide supporting information, can lodge their objection online or at the address shown at the top of their valuation notice by May 5.
The valuation listing for Mount Isa can be viewed at Council office 23 West St until June 2.
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
