Demand for acreage lots pushes up property prices
A GROWING demand for acreage is said to have driven surges in valuations in two Sunshine Coast hinterland towns.
The Valuer-General has released annual valuation figures for 100,000 Sunshine Coast properties.
Residential property values in Peachester have jumped by 18.4% and 25% in Cooroy.
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Properties in Caloundra and surrounds from Currimundi to Meridan Plains recorded an average increase of about 10%, with Golden Beach at 15.1%.
The average residential land valuation increase in the Sunshine Coast Council area was 4.8% and in Noosa it was 5%, both well down from Brisbane at 9.9%, the Gold Coast at 14.4%, and Moreton Bay and Redland Shire values at 10.3% and 10.8%.
Yandina values increased by 14.4% while neighbouring North Arm flatlined with no increase.
Pomona values leapt 10.7% while Cooran values went up only half.
Peachester's values jumped by more than 18%, but the nearby towns of Beerwah and Beerburrum and Glasshouse did not budge.
The average value of residential land in Peachester increased from $190,000 in 2014 to $225,000 last year, according to the figures.
Denise Pinwill, a Peachester resident and real estate agent with First National Real Estate Beerwah, said Peachester was becoming more popular.
"When I started in real estate 15 years ago, people didn't seem to know where Peachester was," Mrs Pinwill said.
"A lot of people coming from the west drive through Peachester and Beerwah to the Coast to holiday," she said.
"A lot of people are noticing it and realising it's a good position - an hour to Brisbane and half an hour to the Coast. It's close to good schools and retirement villages."
Mrs Pinwill said the rise in values was due to many larger rural properties changing hands for the first time in 20 or 30 years.
She said farmers ready to move on were finding buyers willing to a pay decent prices for properties that would earn them income.
Murray Brown, of Hinternoosa Realty, said Cooroy's valuations would have been heavily influenced by higher sale prices.
"Not only have prices gone up but people are buying more expensive land," Mr Brown said.
"People want more elbow room, a greater distance from their neighbours," he said.
"They want to have a little hobby farm or somewhere they can grow a few vegies or have a pony for the kids."
Ray White Caloundra principal Andrew Garland said Caloundra's growth
was a "catch up" after it lagged behind other Coast areas.
Valuer-General Neil Bray said residential values had risen in most localities in
the Sunshine Coast and Noosa council areas but values had not changed so much for commercial, industrial and multi-unit properties.
Mr Bray said valuation increases did not necessarily mean that property rates would increase as these were set by local councils.
Landowners who disagree with their valuations have until May 3 to object.