Torres Shire LGA valuation overview
Overview of 2024 land valuation
For the Torres Shire local government area (LGA), the revaluation included 750 properties, with a total value of $236,195,600, an overall increase of 11 per cent since the last valuation issued in 2020.
Property market changes within the Torres Shire LGA are being driven by:
- the shortage of accommodation, combined with the high costs of construction
- a continuation of substantial building development on Thursday Island, primarily for government purposes following and during the COVID period.
Total value by land use
| Land type | Value | Percentage of total land value |
|---|---|---|
| Commercial | $36,009,000 | 15.2% |
| Industrial | $13,701,900 | 5.8% |
| Primary Production | $1,453,000 | 0.6% |
| Single Unit Residential | $132,228,500 | 56% |
| Multi-Unit Residential | $37,225,000 | 15.8% |
| Rural Residential | $15,391,100 | 6.5% |
| Other | $187,100 | 0.1% |
| LGA total | $236,195,600 | 100% |
Note: The sum of percentages may not equal 100% due to rounding.
Residential land
There has been a slight to minor increase in median values within the residential market sectors of the Torres Shire LGA since the last valuation. The overall median value for residential land in the Torres Shire LGA is $230,000, an increase of 9.5 per cent.
The table below shows the changes in median value of residential land in the Torres Shire LGA. The table includes localities with a minimum of 50 properties as residential land use.
| Locality | Previous median value (as at 1 October 2019) | New median value (as at 1 October 2023) | Change in median value | Number of properties |
|---|---|---|---|---|
| Thursday Island | $245,000 | $270,000 | 10.2% | 379 |
| Wasaga | $146,000 | $152,500 | 4.5% | 93 |
Explanatory notes
- The residential market within all towns within the Torres Shire LGA, including Thursday Island and Wasaga, has shown a minor increase in land value.
Rural residential land
The table below shows the changes in median value for rural residential land in the Torres Shire LGA.
| Previous median value (at 1 October 2019) | New median value (at 1 October 2023) | Change in median value | Number of properties |
|---|---|---|---|
| $165,000 | $225,000 | 36.4% | 56 |
Explanatory notes
- The rural residential market throughout the Torres Shire LGA has generally experienced significant increases in land value on the Prince of Wales Island communities, remote island sites, and the mainland sites due to those sites being perceived as more affordable than lands on Thursday Island or Horn Island.
Other land uses
The table below shows the total value of land uses (other than residential and rural residential land) in the Torres Shire LGA.
| Land use category | Previous total land value (at 1 October 2019) | New total land value (at 1 October 2023) | Change in total land value | Number of properties |
|---|---|---|---|---|
| Commercial | $32,815,500 | $36,009,000 | 9.7% | 70 |
| Industrial | $12,371,000 | $13,701,900 | 10.8% | 31 |
| Primary Production | $1,115,000 | $1,453,000 | 30.3% | 4 |
| Multi-Unit Residential | $33,848,000 | $37,225,000 | 10% | 71 |
| Other | $171,600 | $187,100 | 9% | 2 |
Explanatory notes
- Commercial, industrial, and multi-unit land values have generally mirrored what has occurred within the wider Torres Shire residential markets, recording minor increases overall.
- The majority of the primary production lands on outer islands recorded a significant increase to valuations.
More information
To view the valuation roll display listing for the Torres Shire LGA, you can:
- see land valuations online
- visit the Torres Shire Council Office, 68 Douglas Street, Thursday Island during business hours until 30 June 2024.