Somerset Regional LGA valuation overview
Overview of 2024 land valuation
For Somerset Regional local government area (LGA), the revaluation included 12,113 properties, with a total value of $4,970,764,700, an overall increase of 54 per cent since the last valuation issued in 2022.
Property market changes within Somerset Regional LGA are being driven by:
- strong demand for grazing properties
- interstate buyers and investors attracted by a lower price point compared to Ipswich and Brisbane, with an increased willingness to commute or work from home.
Total value by land use
| Land type | Value | Percentage of total land value |
|---|---|---|
| Commercial | $90,069,000 | 1.8% |
| Industrial | $28,899,000 | 0.6% |
| Primary Production | $1,857,594,500 | 37.4% |
| Single Unit Residential | $835,217,000 | 16.8% |
| Multi-Unit Residential | $9,898,500 | 0.2% |
| Rural Residential | $2,086,312,400 | 42% |
| Other | $62,774,300 | 1.3% |
| LGA total | $4,970,764,700 | 100% |
Note: The sum of percentages may not equal 100% due to rounding.
Residential land
There have been some significant increases in median values within the residential market sectors of Somerset Regional LGA since the last valuation. The overall median value for residential land in Somerset Regional LGA is $185,000, an increase of 51.6 per cent.
The table below shows the changes in median value of residential land in Somerset Regional LGA. The table includes localities with a minimum of 50 properties as residential land use.
| Locality | Previous median value (as at 1 October 2021) | New median value (as at 1 October 2023) | Change in median value | Number of properties |
|---|---|---|---|---|
| Coominya | $74,000 | $104,000 | 40.5% | 68 |
| Esk | $104,000 | $167,500 | 61.1% | 464 |
| Fernvale | $144,500 | $222,500 | 54% | 872 |
| Kilcoy | $150,000 | $218,750 | 45.8% | 704 |
| Linville | $72,000 | $111,000 | 54.2% | 75 |
| Lowood | $104,000 | $149,000 | 43.3% | 1,083 |
| Minden | $150,000 | $210,000 | 40% | 53 |
| Moore | $70,000 | $88,000 | 25.7% | 126 |
| Somerset Dam | $173,750 | $272,500 | 56.8% | 114 |
| Toogoolawah | $81,000 | $144,000 | 77.8% | 469 |
| Woolmar | $172,500 | $235,000 | 36.2% | 138 |
Explanatory notes
- The residential market within all towns in Somerset Regional LGA increased in value.
- Strong increases were region wide and driven by the rural lifestyle, ease of commuting to major employment hubs of Ipswich and Brisbane which is augmented by the growing practice of working from home.
Rural residential land
The table below shows the changes in median value for rural residential land in Somerset Regional LGA.
| Previous median value (at 1 October 2021) | New median value (at 1 October 2023) | Change in median value | Number of properties |
|---|---|---|---|
| $225,000 | $315,000 | 40% | 5,936 |
Explanatory notes
- The rural residential market throughout Somerset Regional LGA significantly increased in value.
- Strong increases were region wide but were greater in the south of the region.
- Similar to the residential market, value growth was driven by proximity to the major employment hubs of Brisbane and Ipswich and the rural lifestyle.
Other land uses
The table below shows the total value of land uses (other than residential and rural residential land) in Somerset Regional LGA.
| Land use category | Previous total land value (at 1 October 2021) | New total land value (at 1 October 2023) | Change in total land value | Number of properties |
|---|---|---|---|---|
| Commercial | $63,425,500 | $90,069,000 | 42% | 242 |
| Industrial | $22,148,000 | $28,899,000 | 30.5% | 73 |
| Primary Production | $1,071,103,000 | $1,857,594,500 | 73.4% | 1,382 |
| Multi-Unit Residential | $6,938,500 | $9,898,500 | 42.7% | 27 |
| Other | $25,744,500 | $62,774,300 | 143.8% | 77 |
Explanatory notes
- The commercial land market throughout Somerset Regional LGA increased significantly in value. This was due to increased confidence in the market and growth in other property sectors within the region.
- The industrial land market throughout the Somerset region increased significantly in value due to the limited sales and value growth in other property sectors within the region.
- The primary production land throughout Somerset increased significantly in value, driven mostly by high beef prices. Demand was strong for larger-sized grazing properties, resulting in the gap closing on economies of scale with smaller properties. Arable properties also increased in value but to a lesser extent.
- The multi-unit residential land market throughout the Somerset region increased significantly in line with the general residential market. The Somerset multi-unit residential land market is relatively small.
- ‘Other’ land use is predominantly represented by land suitable for subdivision (englobo). This market increased significantly throughout Somerset Regional LGA due to the strong demand for residential home sites and an increase in confidence of residential house and land developers.
More information
To view the valuation roll display listing for Somerset Regional LGA, you can:
- see land valuations online
- until 30 June 2024, during business hours visit the Somerset Regional Council Office, 2 Redbank Street, Esk.