2016 for Brisbane City Council DNRME Act 2009 Published on ...Market Survey Report . 2016 for Brisbane City Council . Thursday, 25 October 2018 )LOH$ 3DJH RI Published on DNRME Disclosure

Market Survey Report 2016 for Brisbane City Council

Thursday, 25 October 2018

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This publication has been compiled by State Valuation Services, Department of Natural Resources, Mines and Energy. © State of Queensland, 2018 The Queensland Government supports and encourages the dissemination and exchange of its information. The copyright in this publication is licensed under a Creative Commons Attribution 4.0 International (CC BY 4.0) licence. Under this licence you are free, without having to seek our permission, to use this publication in accordance with the licence terms.

You must keep intact the copyright notice and attribute the State of Queensland as the source of the publication. Note: Some content in this publication may have different licence terms as indicated. For more information on this licence, visit https://creativecommons.org/licenses/by/4.0/. The information contained herein is subject to change without notice. The Queensland Government shall not be liable for technical or other errors or omissions contained herein. The reader/user accepts all risks and responsibility for losses, damages, costs and other consequences resulting directly or indirectly from using this information.


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Table of contents No table of contents entries found.


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Market Survey Report 2

Brief Overview Local Authority Statistics Amount No. of Valuations 334,990 Existing Total Amount($) 189,283,243,153 New Total Amount($) 200,817,023,527 Overall Factor Change 1.061 No of Sales(all sectors) 17,018

Summary of Impacts Land Use No. of

Valuations Current Total Value

Factor Range

Overall Factor

Proposed Total Value

Single Unit Residential

298,986 $129,237,991,724 1.000-1.300

1.078 $139,307,710,206

Rural Residential

8,798 $5,672,356,800 1.000-1.200

1.083 $6,144,264,235

Multi-unit Residential

13,905 $23,209,427,015 1.000-1.250

1.045 $24,243,744,752

Commercial 6,651 $20,156,531,488 1.000-1.100

0.998 $20,106,385,488

Industrial 6,529 $10,909,293,626 1.000-1.200

1.000 $10,912,824,846

Primary Production

121 $97,642,500 1.000-1.200

1.046 $102,094,000

Overall Factor Movement Percentage


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Proposed Valuation Amount Changes Land Use LT

0.8 0.8-0.9

0.9-1.0

1.0 1.0-1.1 1.1-1.2 1.2-1.3 GT 1.3

Single Unit Residential

0 1,595,749,417 4,387,997,224 4,538,392,715 617,785,950

Rural Residential

0 44,115,075 34,975,250 365,354,180


0 84,988,250 561,027,673 274,825,400

Commercial 0 219,000 55,000 Industrial 0 609,750 4,100 Primary Production

0 277,500 2,467,500 552,000

Affected Properties by Proposed Valuation Amount Changes Land Use LT 0.8 0.8-0.9 0.9-1.0 1.0 1.0-1.1 1.1-1.2 1.2-1.3 GT 1.3 Single Unit Residential

100822 60459 89338 44290 4077

Rural Residential

2464 3738 574 2022


6678 1094 4766 1367

Commercial 6646 4 1 Industrial 6523 4 1 1 Primary Production

83 1 34 3


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Area Allocation, Certifications & Approval Area Allocation based on factor input

Valuer Area of Responsibility Daniel Clancy 01:101,01:102,01:103,01:104,01:105,01:106,01:107,01:108,01:109,01:110,01:11

1,01:112,01:113,01:130,01:140,01:201,01:202,01:203,01:204,01:205,01:206,01:240,01:601,03:101,03:102,03:103,03:104,03:130,03:201,03:202,03:203,03:204,03:240,07:101,07:102,07:103,07:104,07:105,07:106,07:107,07:108,07:

Ross Cranstoun 09:101,09:102,09:103,09:104,09:106,09:107,09:108,09:201,09:202,09:203,09:204,09:205,09:605,16:101,16:102,16:103,16:104,16:105,16:106,16:107,16:108,16:109,16:110,16:111,16:112,16:113,16:114,16:115,16:130,16:131,16:132,16:133,16:201,16:202,16:203,16:204,16:501,16:605

Peter Danaher 10:407,10:408,10:410,18:157,18:202,18:309,18:501 Benjamin Hart 15:101,15:102,15:103,15:104,15:105,15:107,15:108,15:109,15:201,15:202,15:20

3,15:205,15:207,15:208,15:209,15:307,15:309,15:311,15:312,15:313,15:314,15:404,15:600,15:601

Adam Hewson 17:101,17:102,17:103,17:104,17:105,17:106,17:107,17:130,17:131,17:132,17:201,18:130,18:140,18:150,18:151,18:152,18:153,18:154,18:155,18:156,18:158,18:159,18:160,18:161,18:162,18:163,18:164,18:165,18:201,18:203,18:204,18:240

Angela Ives 02:101,02:102,02:103,02:104,02:105,02:106,02:107,02:108,02:109,02:110,02:111,02:130,02:201,02:202,02:203,02:204,02:205,02:206,02:240,02:501,02:601,02:605,06:101,06:102,06:103,06:104,06:105,06:130,06:201,06:202,06:203,06:204,06:240,06:501,06:605,10:110,10:111,10:112,10:114,10:115,10:116

Scott Lanchester 01:310,01:311,01:312,01:351,01:353,01:420,01:421,01:423,01:424,02:302,02:310,02:312,02:351,02:353,02:423,02:425,02:427,03:301,03:310,03:353,03:424,05:301,05:302,05:307,05:308,05:353,05:424,05:430,06:302,06:305,06:310,06:351,06:353,06:362,06:425,06:426,06:440,07:312,07:351,07:352,07:353,07:

Jennifer Manners 08:101,08:102,08:103,08:104,08:105,08:106,08:107,08:108,08:110,08:201,08:202,08:203,08:204,08:205,08:601,08:602,09:105,10:113,10:117,10:118,10:119,10:120,10:130,10:131,10:140,10:201,10:202,10:203,10:204,10:205,10:206,10:240,10:501,10:502,10:603,10:605,11:101,11:102,11:103,11:104,11:105,11:

Elizabeth McNabb 04:101,04:103,04:104,04:105,04:106,04:107,04:201,04:202,04:203,04:204,04:205,04:206,04:207,04:211,04:212,04:213,04:214,04:215,04:216,04:217,04:301,04:302,04:303,04:304,04:305,04:306,04:402,04:405,04:406,04:600,04:603

Sonja Shah 20:173 Yi Wang 05:101,05:102,05:103,05:104,05:105,05:106,05:130,05:140,05:201,05:202,05:20

3,05:204,05:205,05:206,05:207,05:208,05:209,05:240,05:602,05:605,10:101,10:102,10:103,10:104,10:105,10:106,10:107,10:108,10:109,12:101,12:102,12:103,12:104,12:105,12:106,12:107,12:108,12:201,12:202,12:203,12:204,14:

Kelly Wickham 20:130,20:140,20:150,20:151,20:152,20:153,20:154,20:155,20:156,20:157,20:158,20:159,20:160,20:161,20:162,20:163,20:164,20:165,20:166,20:168,20:170,20:171,20:172,20:173,20:174,20:175,20:176,20:177,20:178,20:179,20:201,20:202,20:203,20:204,20:205,20:206,20:207,20:209,20:210,20:211,20:212,20:

Certification by Valuers

I, Daniel Clancy, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. ..................................


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Daniel Clancy Friday, 21 September 2018 I, Ross Cranstoun, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Ross Cranstoun Friday, 21 September 2018 I, Peter Danaher, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Peter Danaher Friday, 21 September 2018 I, Benjamin Hart, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Benjamin Hart Friday, 21 September 2018 I, Adam Hewson, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Adam Hewson Friday, 21 September 2018 I, Angela Ives, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Angela Ives Friday, 21 September 2018 I, Scott Lanchester, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Scott Lanchester Friday, 21 September 2018 I, Jennifer Manners, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Jennifer Manners Friday, 21 September 2018 I, Elizabeth McNabb, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Elizabeth McNabb Friday, 21 September 2018 I, Sonja Shah, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. ..................................


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Sonja Shah Friday, 21 September 2018 I, Yi Wang, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Yi Wang Friday, 21 September 2018 I, Kelly Wickham, being a registered valuer, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. Kelly Wickham Friday, 21 September 2018

Principal Valuer Endorsement I, ***VALUER NAME****, being the Principal Valuer responsible for all the valuations in BRISBANE CITY, do hereby certify that in my allocated area I have completed the market survey in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the project plan have been completed. .................................. ***VALUER NAME**** Friday, 21 September 2018

Area Manager Approval I, ***VALUER NAME****, being the Area Manager responsible for BRISBANE CITY, do hereby certify the market survey has been completed by the above valuers in accordance with the requirements of Section 74 of the Land Valuation Act 2010' and that all mandatory steps of the program plan have been completed. The market survey has been formulated based on the best available information at the time of its preparation. It does not purport to be, and should not be interpreted as comprehensively or definitively representing any revaluation undertaken by the Valuer-General under the Act. .................................. ***VALUER NAME**** Friday, 21 September 2018


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Single Unit Residential Sales and Impacts on Value

Sales and Analysed Sales Statistics SALES ANALYSED SALES (application rate %) No or

$ All Vac,Dem Median

Factor(V,D) Vacant Sales Basic(90-100%) 1 1 1.05 Vacant Median Support(under 90%) 1 0 Non Vacant Sales Against(over 100%) 1 1 1.05 Non Vacant Median Available 3

Valuation Impact Statistics Number of Valuations

298,986

Total Current Valuation

$129,237,991,724 Total Predicted Valuation

$139,307,710,206

Current Median Value $390,000 Predicted Median Value

$425,000

Min Factor 1.00 Max Factor 1.30 Overall Factor 1.078

Brisbane Residential Market Report The Brisbane residential market is struggling to remain firm. According to property industry analysts such as Tim Lawless of RP Data, the Brisbane city dwelling values have increased by 8.3% over the financial year which is lower than what was recorded over the previous two financial years when capital city dwelling values were 9.8% higher over 2014/15 and 10.1% higher in 2013/14.


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JLL Residential Market Survey July 2016 records that the Brisbane Median House price is $525,000. Numbers of houses listed for sale in July 2016 area up 1.5% from July 2015. Brisbane clearance rates have decreased to 42.2% (51.8% this time last year), with the number sold at auction down 21.7% compared to this time last year. BIS Shrapnel predict the median house price in Brisbane will rise 7 per cent by June 2019. As inner city suburbs become less affordable Brisbane’s middle to outer ring suburbs such as Banyo and Darra are remain reasonably priced with entry level prices typically $550,000 to $650,000. Typically, suburbs within 10 kilometres from the Brisbane CBD are showing growth and there is an overall feel that buyer interest is good. Factor range: Typically the proposed changes range from nil increase up to 10% increase. Some larger increase, up to 30%, are proposed for specific localities to improve relativity.

Balmoral 1000/01 The Balmoral Division comprises inner eastern suburbs within 3 to 10 radial kilometres of the Brisbane CBD. This includes the suburbs of Norman Park, Hawthorne, Bulimba, Balmoral, Morningside, Cannon Hill, Murarrie and Tingalpa. A total of 14 vacant, demolition, or lightly improved single unit residential (SUR) sales have been analysed thusfar within the Division for the 2016 revaluation. Sales include:- 6 vacant sales, 1 demolition sale and 7 improved sale. Up-zoning around the DC1 - District Centre precinct of the River gateway neighbourhood plan with adjoining LMR3 - Low medium density residential close to the Cannon Hill retail key activity hub has also resulted in extensive mixed use development approvals for 6-storeys with 192% GFA rates. Early factor increases for this precinct indicate up to 1.60 subject to ongoing QSAS analysis. All sales shall undergo further analysis in the lead-up to the 2016 revaluation implementation program. Overall factor ranges across Balmoral SUR and MUR properties show 1.00 to 1.10 relative to the 2016 revaluation period. Manual changes shall also be applied where necessary.

Belmont 1000/02 The Belmont Division is within 8 to 12 radial kilometres from the Brisbane Central Business District (CBD) and within the Residential South Sector. It comprises fourteen residential SMA's ranging from rural homesite to standard allotment sizes. Comprising of the following suburbs or partial suburbs:- Seven Hills, Norman Park, Camp Hill, Carina Heights, Mount Gravatt East, Mainsfield, Holland Park, Tingalpa, Carina, Carindale, Wakerley, Gumdale, Belmont, Ransome and Chandler. There are 52 vacant analysed sales to date, within the division. The bulk of the sales within the Division are from developer sales.

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Sales indicate a rewrite to a 20 per cent increase across the Division with some manual adjustments. Recommendations AVLU 150 Factor 1.00 to 1.20 across the residential SMA's.

Coorparoo 1000/03 The Coorparoo Division is one of the inner most Divisions within the Residential South Sector. It comprises four residential SMA`s ranging from large sites with superior city views, to low-lying sites on small 145m2 size allotments. Divisional suburbs include Coorparoo, Norman Park, Greenslopes, and parts of Camp Hill and Holland Park. A total of 7 vacant sales have been analysed thus far within the Division for the 2016 revaluation. Sales include:- All sales shall undergo further analysis in the lead-up to the 2016 revaluation implementation program. Overall factor ranges across Coorparoo SUR and MUR properties show 1.05 to 1.10 relative to the 2016 revaluation period. Manual changes shall also be applied where necessary.

South Brisbane 1000/04 The South Brisbane Division comprises of six residential Sub Market Area`s which correspond with the suburbs of West End, Highgate Hill & South Brisbane, Dutton Park, Woolloongabba, Kangaroo Point and East Brisbane. All suburbs are all within a 3km radius the Brisbane GPO and are well connected by roads and public transport. These SMA`s contain sites with a variety of features including large sites with excellent city views, to the low-lying sites on a standard sized allotments. This market has continued to remain active over the last three years. The high levels residential amenities and access to the city drives and sustain strong demand for inner city property. Parts of the division entails river views with immediate proximity to lifestyle precincts containing shops and restaurants. There are 16 sales so far of vacant, demolition or lightly improved sales, for the 2016 revaluation; 1 of these are vacant sales, 1 is demolition and the remaining are lightly improved sales. All sites range in size and shape. The vacant and lightly improved sales throughout all suburbs have established a basis on which to review values with sales supporting a steady market from the previous 2015 site values. This division still holds strong demand, due to its close proximity to the city. Value Changes could range from 0 - 5% across the inner city market. Recommendation: SMA 101 - West End - Factor 1

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SMA 103 - Highgate Hill & South Brisbane - Factor 1 SMA 104 - Dutton Park - Factor 1 SMA 105 - Woolloongabba - Factor 1 SMA 106 - East Brisbane - Factor 1 SMA 107 - Kangaroo Point - Factor 1

Stephens 1000/05 The Stephens Division is within 6kms from the Brisbane CBD and one of the inner most Divisions within the Residential South Sector. It comprises of six residential SMA`s ranging from large river front properties, to low-lying flood affected properties on standard lot sizes. Comprising of the following suburbs or partial suburbs: - Mount Gravatt, Yeronga, Tennyson, Holland Park West, Moorooka, Annerley, Tarragindi, Greenslopes and Yeerongpilly. There are 10 vacant analysed sales to date, within the division which is up in number from previous valuation year and in price. The bulk of sales within the Division are from small lot developments approximately 350m² - 405m² in size. This is an established division and properties are tightly held due to proximity to the city. Sales indicate a rewrite to 10% increase across the division with some isolated manual adjustments of a 20% increase to maintain relatively. Recommendations AVLU 150 Factor 1.00 to 1.15 across the six residential SMA`s

Tingalpa 1000/06 The Tingalpa Division is within 8 to 14 radial kilometres from the Brisbane Central Business District and within the Residential South Sector. It comprises seven residential SMA's raning from rural homesites to standard allotment sizes. Comprising teh following suburbs or partial suburbs: - Mount Gravatt East, Upper Mount Gravatt, Mansfield, Wishart, Eight Mile Plains, Mackenzie, Rochedale, Burbank and Tingalpa . There are 65 vacant analysed sales to date, within the division. The bulk of the sales within the Division are from developer sales. Sales indicate a rewrite to a 30 per cent increase across the Division with some manual adjustments. Recommendations AVLU 150 Factor 1.00 to 1.30 across the residential SMA's.

Wynnum 1000/07 The Wynnum Division is situated in the Brisbane Bayside area and comprises 11 residential SMA’s spread across the suburbs of Manly, Manly West, Wynnum, Wynnum West, Lota, Hemmant as well parts of Tingalpa.

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A total of 15 vacant, demolition, or lightly improved single unit residential (SUR) sales have been analysed thus far within the Division for the 2016 revaluation. All sales shall undergo further analysis in the lead-up to the 2016 revaluation implementation program. Overall factor ranges across Wynnum SUR and MUR properties show 1.0 to 1.05 relative to the 2016 revaluation period. Manual changes shall also be applied where necessary.

Hamilton 1000/08 In the suburbs of Hamilton, Ascot, Clayfield, Hendra and Albion which comprise the division of Hamilton, 157 single residential properties sold since 1 October 2015. Of these sales only 4 are vacant land or sites for demolition, they range in price from $675,000 to $1,900,0000. Since the last revaluation date 99 properties sold for over $1,000,000. Analysed sales to date support little or no change to the existing values with a small number of exceptions. It is proposed to rewrite current site values for the 2016 revaluation. Recommendation: AVLU 150 - For most of the Division values will be rewritten.

Ithaca 1000/09 There have been seven vacant sales of residential land since 1/10/2015 ranging in size from 329m2 – 603m2 demonstrating sales prices from $419,000 to $750,000 in the Ithaca Division. Sales (including improved sales) throughout the Division will continue to be monitored to assess market trends. Analysis of the above sales indicate a factor of 1.00 overall for most of the Ithaca Division while there will be site valuation increases of 5% around Bardon and 10% for parts of Red Hill. A review of improved sales throughout the Division during the same period supports the valuation levels of the vacant land sales. Recommendation: Residential land – Proposed factors show no change to existing values in most of Ithaca Division but with moderate manual changes within some parts. The vacant land sales evidence suggests the market to be generally stable in this area. Recommend factor overall of 1.00 with manual changes. SMA 102 will have a factor of 1.05 and SMA 106 will hace a factor of 1.10.

Kedron 1000/10 From October 2015 to July 2016 there were over 260 analysed residential sales in the Kedron division, more than 95% were vacant land sales. Similarly to the previous period, the newer suburbs of Fitzgibbon, Bridgeman Downs and within the new Estate situated within Taigum recorded the majority of the sales. Overall sales within the other suburbs of the Kedron Division have remained relatively steady. Overall the volume of vacant sales has increased compared to 2015. There were 82 vacant land sales in Fitzgibbon, all of which have occurred within the UDLA Fitzgibbon

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Chase with no sales occurring in the older parts of Fitzgibbon. Majority of sales within Fitzgibbon were allotments less than 300m² with sales achieving prices from $105,000 to $292,000, reflecting factors range from 1.0 to 1.3 depending on the size of the allotment. It is recommended to manually value this SMA. Majority of the 99 vacant land sales within Bridgeman Downs came from developer sales through either infill development sites or new residential estates reflecting a factor 1.0. The 26 sales in Taigum have all occurred within a new subdivision. Majority of the sales show a factor 1.05, however sales of larger allotments around 700m² show a factor 1.15. Recommendation: For most of the division it is anticipated that values will remain static with an overall factor of 1.0 with the exception of Bald Hill 10% increase, Carseldine 10-20% increase, Fitzgibbon 10-30% increase, Taigum 5-15% increase, Zillmere 10% increase, Geebung 10-20% increase, Aspley 5% increase, Everton Park 20% increase and Chermside 20% increase.

Sandgate 1000/11 25 vacant/lightly improved properties have been analysed for the 2016 market survey. Sales range in size from 385m2 –1100 with sale prices from $225,000 to $600,000. After analysis, the above sales support an increase in the single residential values in the order of 10%, with the exception of Moreton Island; values show no increase on the island at this stage. Recommendation: 10% increase.

Taringa 1000/12 Taringa Division is within 6kms west of the Brisbane CBD and comprises of 8 residential SMA’s ranging from river front properties, elevated city view properties to low-lying flood affected properties on varying topography and lot sizes. Consisting of the following suburbs or partial suburbs: - Taringa, St Lucia, Indooroopilly and Chapel Hill. Overall the residential market has been static. There are very limited activities in both land market & improved property market, number of sales has seen a decreasing across inner city suburbs but not in selling price. There have been 6 vacant analysed sales to date which is slightly lower in number from the

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previous valuation year which had 8 vacant sales. The sales indicate a rewrite to 10% increase across the division. Some manual adjustments of 20% increase will be required to maintain relativity. Recommendations AVLU 150 Factor 1.00 to 1.10 across the eight residential SMA`s.

Toombul 1000/13 26 sales of vacant/lightly improved properties have been analysed for the 2016 single unit residential market survey. They typically range in size from 405m2 to 809m2. Sale prices tend to fall between $290,000 and $590,000. After analysis, the above sales indicate a change of 0% to 20% increase across the Division. Largest increases are in Banyo and Northgate East. Recommendation: Approximately half the Division will be rewritten, the balance will increase between 5% and 20%

Toowong 1000/14 The Toowong Division is 4kms from west of the Brisbane CBD comprising of 6 residential SMA’s ranging from river front properties, elevated city view properties, traditional pre-1946 dwellings and flood affected properties. Encompassing the following suburbs; Milton, Auchenflower, Toowong, Paddington and Bardon. There has been 3 vacant analysed sale to date within is slightly higher than previous years which had only 1 vacant sales. Lightly improved sales have been analysed supporting the vacant sales. This is an established division and properties are tightly held due to proximity to the city and amenities. Vacant land within the Toowong division is rare with large portions of the division being subject to the Brisbane City Council Traditional Building Overlay. Sales indicate a rewrite to 10% increase across the division with some isolated manual adjustments of a 20% increase to improve relatively. Recommendation: AVLU 150 Factor 1.00 to 1.1 across the six residential SMA`s

Brisbane 1000/15 The Brisbane Division comprises of eight residential Sub Market Area`s which correspond with the suburbs of Petrie Terrace, Spring Hill, Fortitude Valley, New Farm, Newstead/Teneriffe and Bowen Hills, Herston and parts of Kangaroo Point. All suburbs are all within a 3km radius the Brisbane GPO and are well connected by roads and public transport. These SMA`s contains sites with a variety of features including sites with land areas less 300m2, sites with extensive city and river views and sites located on the riverfront and in low-lying area affected by flooding. This market has continued to remain active over the last three years. The high levels residential amenity,

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the city and river views and vistas, the proximity to lifestyle precincts containing shops and restaurants all equate to a sustained and strong demand for inner city property. There has been a total of 32 residential sales of vacant land, demolition and lightly improved sites. Petrie Terrace and New farm recorded the highest number of sales (12) followed by Kangaroo Point( 6) and Spring Hill (5). Out of the eight submarket areas Bowen Hills and Herston are lagging behind others in the number of transactions. The strong High Density development activity happening around Newstead, Fortitude Valley and Spring Hill is helping the surrounding low density living by providing more amenities and bringing improved connectivity within the precincts. Though the residential market is remaining active the increases in values appears to have slowed. There is only minor movement with sales showing a maximum of 5-10% increases from existing values. However small parcels less than 300m2 within Spring Hill , Petrie Terrace and Kangaroo Point showing a rise up to 20% owing to better affordability levels. New farm area has been identified with relativity issues which will show some increases as well as decreases up to 30%. This division still holds strong demand including low-lying flood affected sites, due to its close proximity to the city. A small number of properties will need to be manually adjusted, to maintain a relativity of values across the inner city market. Overall the value changes could range from 5%to 10%. Recommendation: SMA 101 New Farm - Factor 1 SMA 102 Newstead/Teneriffe - Factor 1 SMA 103 Bowen Hills - Factor 1 SMA 104 Spring Hill - Factor 1 SMA 105 Fortitude Valley - Factor 1 SMA 107 Kangaroo Point - Factor 1 SMA 108 Herston - Factor 1 SMA 109 Petrie Terrace - Factor 1

Enoggera 1000/16 There have been a number of sales of vacant residential land in the Enoggera Division since 1/10/2015 ranging in size from 340 m2 to 1467 m2 demonstrating sales prices from $289,000 to $562,000. Sales (including improved sales) throughout the Division will continue to be reviewed and assessed as part of the market monitoring process. After analysis, the sales evidence indicates a factor of 1.00 for most of the Division, with some areas of the suburb of Keperra showing a slight increase of 5%. The other location to show an increase is part of the suburb of Upper Kedron where an increase of 10% is more appropriate. Ferny Grove had a few vacant land sales in one small estate which showed a n increase of 10% but that is not indicative of the

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surrounding SMA101. A review of the improved sales indicates the existing level of value is more appropriate. Recommendation: Residential land – Most properties within the Dicision will have their values unchanged but with some manual adjustment as required. Recommendation: Most properties will remain at 2015 levels with a factor of 1.0, whilst manual adjustments will be made in certain localities. There will be increases of 5% in SMA 103 and 10% in SMA113.

Moggill 1000/17 The Moggill Division is between 8 and 26kms from the Brisbane CBD and one of the outer Divisions within the Residential North Sector. It comprises of 7 residential SMA`s ranging from large river front properties, to low-lying flood affected properties on standard lot sizes. Comprising of the following suburbs or partial suburbs: - Kholo; Upper Brookfield; Mount Crosby; Lake Manchester; Anstead; Pullenvale; Brookfield; Pinjarra Hills; Kenmore; Kenmore Hills; Chapel Hill; Fig Tree Pocket; Karana Downs; Moggill; Bellbowrie; Indooroopilly; Chuwar. There are 28 vacant analysed sales to date, within the division which is similar to the previous year. The bulk of sales within the Division are from lots over 500 square metres. This is an expanding division with active subdivisions. Sales indicate a rewrite of 5% to 10% increase across the division. Recommendations AVLU 150 Factor 1.00 to 1.10 across the seven residential SMA`s

Sherwood 1000/18 The Sherwood Division is between 7 and 18kms from the Brisbane CBD and one of the outer Divisions within the Residential South Sector. It comprises of 15 residential SMA`s ranging from large river front properties, to low-lying flood affected properties on standard lot sizes. Comprising of the following suburbs or partial suburbs: - Chelmer; Corinda; Graceville; Sherwood; Oxley; Seventeen Mile Rocks; Jindalee; Westlake; Riverhills; Middle Park; Wacol; Darra; Jamboree Heights; Sinnamon Park; Sumner; Mount Ommaney. There are 39 vacant analysed sales to date, within the division which is up in number from previous valuation year due to two new development sites coming online. The bulk of sales within the Division are from small lot developments approximately 405m² - 620m² in size. This is an established division and properties are tightly held due to proximity to the city. Sales indicate an increase of up to 10% to certain parts of the division with Oxley being a standout suburb with sales indicating an increase of around 15%. Recommendations AVLU 150 Factor 1.00 to 1.15 across the fifteen residential SMA`s

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Windsor 1000/19 25 sales of vacant/lightly improved properties have been analysed for the purpose of the 2016 single residential market survey. The sales typically range in size from 405m2 to 785m2. Sale prices range $430,000 to $770,000. After analysis, the majority of sales indicate an increase in value to most suburbs in the order of 10% to 30%. Larger increases will be adopted parts of Newmarket, Windsor and Wilston, up to 50% in some cases. Greater increases will also apply to site values less than $300,000. Recommendation: For most of the division it is anticipated that values will change by at least 10%.

Yeerongpilly 1000/20 The Yerongpilly Division is approximately 9 to 28 kilometres south west of Brisbane Central Business District. This division spans over 31 suburbs from Moorooka being the closest to CBD and as far south as Larapinta, and west to Wacol. Since 1/10/2015 there has been a total of 281 vacant, demolition, or lightly improved single unit residential (SUR) sales that have been analysed to date within the Division for the 2015 revaluation. There are 236 land sales of 300m² - 599m² lots, 36 land sales of 600m² - 999m² lots and 10 lots greater than 1000m² The majority of vacant land sales occurred in the new development areas such as Doolandella, Heathwood, Richlands, Kuraby, Drewvale and Stretton and some scattered vacant land sales located in the more established areas. Sales prices range from $200,000 to $970,000. Areas of Doolandella, Drewvale and Heathwood with some areas of Kuraby, Sunnybank, Sunnybank Hills, Salisbury and Coopers Plains were at the lower end of the sales range ranging $200,000 - $398,000. Areas of Stretton, Sunnybank and parts of Sunnybank and Sunnybank Hills were at the upper end of the sales range ranging $400,000 - $960,000. There is still activity in the Yerongpilly division where lots of approximately 800m² - 1000m² lots are being subdivided into smaller lots. These smallers lots range from 400m² to 500m² with sale prices ranging from $320,000 to $520,000. Similar to the previous year. Much of this activity has been occurring in areas but not limited to Coopers Plains, Sunnybank, Macgregor, Eight Mile Plains, Rocklea, Mount Gravatt, Moorooka and Salisbury. Sales indicate a rewrite to 10% increase across the division with some isolated manual adjustments to improve relatively. Runcorn may increase to 25%. Thus far, recommendation to apply a factor 1.00 to 1.10 to the majority of the SMA's with the exception of Runcorn with a factor of 1.25. All sales shall undergo further analysis in the lead-up to the 2016 revaluation implementation program.

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Rural Residential Sales and Impacts on Value



Factor(V,D) Vacant Sales Basic(90-100%) Vacant Median Support(under 90%) Non Vacant Sales Against(over 100%) Non Vacant Median Available


8,798



$6,144,264,235


$651,000


Brisbane Rural Home Sites Overall the range and factors throughout Brisbane rural residential has remained similar to last revaluation, with very few sales occurring. Most divisions will remain at 1.0, however Moggill, Sherwood, and Yeerongpilly divisions show increases up to 1.05 , and Belmont and Tingalpa divisions will have increases up to 1.10.

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AVLU 151 – Overall Factor 1.0 to 1.10

Brisbane North Rural Homesite AVLU 151,183,184,185 Overall the range and factors for north side rural residential has remained similar to last revaluation, with very few sales occurring. Most divisions will remain at 1.0 with Moggill division showing up to 1.05 increase. AVLU 151 – Overall Factor 1.0 to 1.05

Kedron 1000/10 Rural Home Site property market is realitively small in Kedron Division with a total of 570 properties which are all allocated in SMA130 and 131. The typical range of site value is from $250,000 to $5,300,000 for land size between 0.1686Ha and 61.0Ha which covers the majority of AVLU151 properties in Kedron. The larger blocks are mainly located within the suburbs of Bridgeman Downs, Carseldine and McDowall. The site values range from $305,000 to $5,300,000. Recommendation: Sales indicate a rewrite across the division. Factor 1.0.

Sandgate 1000/11 There have been no sales of rural homeistes since 1/10/2015. Historically, rural home site values in Sandgate Division have been aligned with Kedron and Toombul Divisions. Recommendation: Proposed values will show no change from 1/10/2015. Factor 1.0 is recommended.

Toombul 1000/13 There have been no sales of AVLU 151 since 1/10/2015 Historically, rural homesite values in Toombul Division have been aligned with Kedron and Sandgate Divisions. No sales have occurred in Kedron or Sandgate Division. Recommendation: Factor 1.00 recommended

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Enoggera 1000/16 There have been no sales of vacant rural home sites since 1/10/2014 in Enoggera Division. However there have been two sales of lightly improved large home sites in Upper Kedron and The Gap which indicate no change in value which is in keeping with what is happening with smaller residential values nearby. There will need to be some manual adjustments to rural home site values in some locations to improve relativity. Rural home site values in Enoggera Division will continue be reviewed to assess their relativity with nearby smaller residential site values. Sales of improved rural home sites indicate that current site values are generally appropriate with some manual changes. Recommendation: A review of the rural home site values and smaller residential values in relevant surrounding locations indicate a factor of 1.0 is appropriate.

Moggill 1000/17 The Moggill Division has three rural home site SMA ranging from smaller 4,000sqm sites to 20 hectare sites. There are 7 vacant analysed sales to date, within the division which is down in number from previous valuation year. The bulk of sales within the Division are from small lot developments approximately 1 – 4 hectares in size. Growth in this market was not as strong as expected last year. The sales in the area indicate that a reduction within in the SMA of 130 of up to 5% may be required to align the values with the current market. Recommendations AVLU 151 Factor 1.00 to 0.95 across the three SMA`s

Brisbane South Rural Home Site AVLU 151,183,184,185 Rural Residential land has, to date, shown little market activity with very few sales. However there will be some small changes of up to 1.15 to Rural Residential Land across the south. Balmoral Division: AVLU 151 Factor 1.0 Belmont Division AVLU 151 Factor 1.0 Coorparoo Division: AVLU 151 Factor 1.05 Stephens Division:

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AVLU 151 Factor 1.05 Sherwood Division: AVLU 151 Factor 1.05 Tingalpa Division AVLU 151 Factor 1.05 Yeerongpilly Division AVLU 151, a factor of 1.05 Wynnum Division AVLU 151 Factor 1.0 Overall the Brisbane South Rural Residential Sector shows a factor of 1.0 to 1.10

Balmoral 1000/01 There have been no vacant rural home site sales in Balmoral Division relevant to the period of 2016 market survey Recommendation A factor of 1.05.

Belmont 1000/02 The Belmont Division has no vacant rural homesite anlaysed sales to date. Recommendations AVLU 151 Factor 1.00.

Tingalpa 1000/06 The Tingalpa Division has no vacant rural homesite anlaysed sales to date. Recommendations AVLU 151 Factor 1.00.

Wynnum 1000/07 There has only been no vacant rural homesite sales within the Wynnum Division.

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Recommendation A factor of 1.05 is recommended with some minor adjustments to maintain relativity.

Sherwood 1000/18 The relativity is reasonable for the AVLU 151 lands. There are a total of approximately 60 large Residential sites in the Sherwood Division. The only grouping of large residential sites is in Oxley directly north of Ipswich Road (Portal St/Douglas St). The remaining sites are scattered throughout the division. The typical range of site values at Oxley is from $390,000 - $600,000 for land size between 3,500m2 - $7,500m2 which covers the majority of AVLU151 properties in Sherwood. All relativity appears to be consistent and correct. Recommendation: A factor of 1.00 is recommended with some minor adjustments to maintain relativity.

Yeerongpilly 1000/20 Rural Home Site property market is realitively small in Yeerongpilly Division with a total of 1192 properties which are all allocated in SMA130. The relativity is viewed as generally reasonable for the AVLU 151 lands in this division. The typical range of site value is from $700,000 to $1,200,000 for land size between 1.0 Ha and 3.0Ha which covers the majority of AVLU151 properties in Yeerongpilly, and the site values are generally over $1.0 million for the larger blocks. The smaller blocks (


Multi-unit Residential Sales and Impacts on Value





13,905



$24,243,744,752


$1,023,000


Multi Unit/Englobo Brisbane The property research group CoreLogic RP Data estimates 44,500 units will be completed in Brisbane over the next two years, sparking fears of oversupply. It is likely some of the proposed developments will not eventuate because it had become harder for developers to secure finance. Tighter lending standards are likely to curb the number of developments that proceed beyond approval stages.

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Brisbane’s growing unit vacancy rate hit 3.8 per cent at the end of last year according to Domain Group data, showing excess rental stock is emerging. JLL Brisbane Apartment Market Report for February 2016 report that approximately 21,045 apartments are either under construction or being marketed and are expected to complete during 2016-2020 within Inner Brisbane. The Inner North and Inner South Precincts continue to be the focal point of residential development in Brisbane, making up 43% and 31% respectively of supply currently under construction or being marketed. In the JLL report the development site market is described as follows: "Demand for development sites has begun to ease as the cycle progresses and the number of available premium development sites reduces. However, interest from Melbourne and Sydney based developers has increased as their own local markets become increasingly competitive. They target sites with development approval for around 100-150 apartments with the intention to proceed with the project as soon as possible. Local developers have begun shifting their attention to smaller development sites with potential to build owner occupier targeted product. For example Spyre Group Australia recently purchased 55 Oxlade Drive in New Farm for $7.2m. Foreign capital has continued to circle the Brisbane Inner City market, however foreign interest has not been as strong as that experienced in Sydney and Melbourne. Foreign groups have not been willing to compromise on site quality in order to gain exposure to the Brisbane Market. As a result, they are willing to wait longer to find the ideal site which suites their requirements. Examples include R&F settling on the 16,823m² site at 25 Donkin Street, West End for $82.5m during 4Q15, the largest ever site sale in Inner Brisbane. And Lei Shing Hong agreeing to purchase the Mercedes-Benz dealership site at 365 Wickham Street in Fortitude Valley for $43m." On the back on the large increases to development site values in 2015, increases are modest. Recommendations of 10 to 25% are typical. Little change is expected in those inner suburban medium to high density areas where the where developer interest may have peaked. General overall factor for multi unit across Brisbane is 1.0 to 1.25.

Balmoral 1000/01 During the period relevant to this current market survey, multi unit development activity in this Division has been robust. There are 4 sales analysed as suitable for the review of existing levels of value. Sales range in price from $1,296/m2 to $1,528/m2 for LMR site's within the division. To date there have been no riverfront sites sold for multi unit development. There is strong evidence to increase multi unit values by 5% in Bulimba & Hawthorne. Other parts of the division support a 0-5% increase, these suburbs are Norman Park, Morningside and Cannon Hill. Multi unit sales in Tingalpa and Murarrie maintain existing levels of value.

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Large multi unit site will follow the market increase of 5%. Large sites will be reviewed in the context of the increases applied to the smaller surrounding multi unit properties. Recommendation: Overall 5-10% increases within some manuals to correct relativity.

Belmont 1000/02 The Belmount Division multi-unit development sites has continued to remain strong since the release of Brisbane City Council City Plan 2014 and the up zoning of properties. The Division has six SMA's. Overall, the multi-unit market continues to show strong demand for ripe development sites. Sales indicate a rewrite to twenty per cent increase across the multi-unit with some manual adjustments of a ffifty per cent increase to improve relativity. Recommendations AVLU 250 Factor 1.00 to 1.20

Coorparoo 1000/03 The market for Multi-unit sites, within the Coorparoo Division has increased slightly within the last 12 months. There has been 5 multi-unit sales to date to form a basis for the 2016 revaluation. There are five Multi-Unit SMA`s within the Coorparoo Division. The Coorparoo division is showing sales of AVLU 250, with a rate of $977/m2 – $1,149/m2 (Site area). Overall, there is minor demand for multi-units sites within this division. The sales show a factor range of 1.10 - 1.25. Some manual adjustments up to a factor of 1.25 is recommended to keep relativity in-line. Recommendation: SMA 201 - Camp Hill - Factor 1.10 SMA 202 - Coorparoo - Factor 1.10 SMA 203 - Greenslopes - Factor 1.10 SMA 204 - Holland Park - Factor 1.10 Large Multi-Unit/Englobo:- No large Multi-Unit or Englobo sales within the division to utilise for the 2016 revaluation. Recommendation: Overall a factor of 1.1 for all SMA's.

South Brisbane 1000/04 The South Brisbane Division has seven multi-unit residential SMA's and comprises the suburbs of West End, Highgate Hill, South Brisbane and Woolloongabba. All suburbs are all within a 3km radius the Brisbane GPO and are well connected by roads and public transport.

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The multi-residential across South Brisbane in 2015-16 has thus far has remained steady, with a number of transactions reflecting increases in values in Woolloongabba. Given the complexities of the area, factors would not be appropriate, with some areas seeing minimal increases, with other up to approximately 50% increases.

Stephens 1000/05 The market activity for multi-unit development sites within the Stephens Division has been static since 1/10/2015 to date. There have been 7 multi-unit sales to date ranging from $700/m² to $1,100/m² for Low to Medium Density zoned property, which are at similar level comparing with previous year’s rates for below 4000m². Whilst there is no sales of over 4000m² for Low to Medium Density zoned properties. Overall, the multi-unit market continues to show some demand for ripe development sites. Sales indicate a rewrite to 10% increase across the multi-unit with some manual adjustments to improve relativity.

Tingalpa 1000/06 The Tingalpa Division multi-unit development sites has continued to remain strong since the release of Brisbane City Council City Plan 2014 and the up zoning of properties. The Division has four SMA's. Overall, the multi-unit market continues to show strong demand for ripe development sites. Sales indicate a rewrite to twenty per cent increase across the multi-unit with some manual adjustments of a ffifty per cent increase to improve relativity. Recommendations AVLU 250 Factor 1.00 to 1.20

Wynnum 1000/07 There has been no sales of multi unit redevelopment sites within the Wynnum division for the 2016 revaluation. A 5% increase is recommended which is in-line with the residential sales. Recommendation A factor of 1.05 with some manual adjustments to be made where required.

Hamilton 1000/08 Seven sales of multi unit development sites have been analysed to date. Most of which support little or no change to existing values. Current values range from $1200/M2 in Clayfield to $1800/m2 in Albion. It is not proposed to increase these values. A few sales have highlighted some areas in need of 10% increase to b

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Ithaca 1000/09 There has only been one sale of multi-unit land since 1/10/2014 in Ithaca Division and that shows an increase of 10%. Sales and approvals will be continued to be monitored for evidence of multi-unit site value in Ithaca Division. It is proposed to increase the current MUL site values by 10% throughout the Division mainly to improve relativity with the SUR site values. Some manual adjustment may be required to attain proper relativity with the SUR values. Recommendation: A general factor increase in Ithaca Division of 1.1 with manual changes as required.

Kedron 1000/10 The latest sales of multi-unit development land support the existing site values with an overall increase of 10%. Sales range in price from $600/m2 to $1,500/m2 over the Kedron Division. Sales Development sites for Multi Unit have taken place in Aspley, Boondall, Bracken Ridge, Bridgeman Downs, Carseldine, Chermisde, Everton Park, Kedron, McDowall, Stafford, Taigum and Zillmere. The sales show no change to a slight increase in the Kedron Division demonstrating an overall slight increase over the Kedron Division of 10%. It has been identifed that the sales within the 'Chermside Centre Neighorhood Plan - Residential South Precinct' have demonstrated an increase of 25% due to the change of density permitted through this Precinct. Recommendation : Overall Factor 1.10 to 1.25 for the multi-unit within the Kedron division.

Sandgate 1000/11 There are no sales to indicate a change to mulit unit properties across the Sandgate Division. Existing values will remain unchanged. Recommendation: Factor 1.0 recommended

Taringa 1000/12 Multi-unit activity continues to remain strong on the back of changes to the Brisbane City Plan 2014 up zoning areas. There have been 4 multi-unit sales to date ranging from $1,100/m² to $1600/m² for Low to Medium Density zoned properties, which are quite static comparing with the same period last year. Sales of higher density zoned properties are limited within the Taringa Division to date. Overall, the multi-unit market continues to show strong demand for ripe development sites. Sales indicate a rewrite across the multi-unit with some manual adjustments to maintain relativity.

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Toombul 1000/13 There have been 25 sales of land suitable for multi-unit development relevant to the 2015 market survey for Toombul Division. Sizesranges from 607-1300sqm. Properties are located in Low Medium, Medium Density, High Density, MP3 and MP2 zoned areas. Sale prices typically range between $850/m2 for a LMR2 site to $1600/m2 for good quality LMR2 site in Clayfield. The multiunit values in the Division remain solid, recommended increases are typically 10% to 20% This is due to the new City Plan zoning changes and the recent local neighbourhood plan earmarking the area as a high density transit oriented development. The changes allow higher buildings and higher density developments. Increases to values will adopt $800 tp $1500/m2 in most parts of the division.

Toowong 1000/14 The multi-unit market is buoyant in particular localities of the Division, particularly Toowong and Milton. This is dues to the Brisbane City Plan 2014 zoning changes and the recent local neighbourhood plan earmarking the area as a high density transit oriented development. The changes to the town plan allow for higher buildings and great density developments. Multi-unit development within this division is to date the strongest within the Toowong-Auchenflower Neighbourhood Plan. There have been 5 multi-unit sales since 1/10/2015 on various zones and lot sizes. Rates of $1,150/m² for Low to Medium Density zoned properties. Similar rates to previous years for Low to Medium Density zoned properties. Sales for higher density zoned properties are where most of the market activity is occurring. Rates of $2,500/m² to $3,950/m² are up from previous year’s rates for Medium to High Density Residential and Major Centre zoned properties. Overall, the multi-unit market continues to show strong demand for ripe development sites. A larger number of mixed use developments are occurring. Sales indicate a rewrite to 10% increase across the multi-unit with some manual adjustments for improved relativity and changes in zoning.

Brisbane 1000/15 The Brisbane Division contains nine multi-unit residential Sub Market Area`s comprises of the suburbs of Petrie Terrace, Spring Hill, Fortitude Valley, New Farm, Newstead/Teneriffe and Bowen Hills, Herston, Kangaroo Point and East Brisbane. All suburbs are all within a 3km radius the Brisbane GPO and are well connected by roads and public transport. Multi -Unit development activity within Brisbane division has eased in most of the inner city submarket areas. However Kangaroo Point continues to attract new projects. There are 6 multi-unit sales so far within the Brisbane division and the value changes in Spring Hill ,Bowen Hills are showing between 0% to 10% .Kangaroo Pont sales showing larger increases from 30% to 50%.

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Enoggera 1000/16 There have been four sales for multi unit development since 1/10/2014 in Enoggera Division. Three of the sales in the suburbs of Alderley and Mitchelton show an increase of 10%. The other sale in Gaythorne shows an increase of 25% but this is due to local relativity needing adjustment and is not indicative of site value increase in that SMA. It is proposed to increase values of multi unit developed land by 10% throughout Enoggera Division partly because of the sales evidence but also to improve relativity with values of single unit sites. Manual adjustments will need to be made in some locations as evidenced by the Gaythorne sale mentioned above. Recommendation:- Multi unit site values – Factor 1.1 recommended with some manual changes.

Moggill 1000/17 There were no sales of multi-unit development site within the Moggill Division within the last 12 months. Recommendations AVLU 250 Factor 1.00.

Sherwood 1000/18 The market activity for multi-unit development sites within the Sherwood Division has continued to remain strong within the last 12 months. There have been 4 multi-unit sales to date ranging from $800/m² to $1,400/m² for Low for Medium Density zoned property. Overall, the multi-unit market continues to show strong demand for development sites especially in the Sherwood SMA of 204. Sales indicate a rewrite in the Sherwood SMA of 20% to improve relativity on properties which have recently changed from single unit dwelling to multi unit sites. Recommendations AVLU 250 Factor 1.00 - 1.20

Windsor 1000/19 10 sales analysed in Windsor Division for the 2016 multi-unit market survey. Size ranges from 700m -3200 sqm, properties are classified in a Low Medium, Medium, High Density Residential and other classifications under specific City Plan Neighbourhood Plans. Sale prices range in price from $1100/m2 LMR2 site on Albion Rd, Windsor to $2000/m2 for High Density Res at Lutwyche. The recommended increases range between 10% and 20%, with some site values remaining at 2015 levels. The multi unit market in Windsor Division has slowed. Primarily due to the large number of developments under construction in close proximity to the CBD, Recommend a 10% increase to most multi unit site values in the Windsor Division.

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Yeeronpilly 1000/20 Sales of land for englobo and multi unit development during the relevant period are limited but greater in numbers than the 2014 revaluation period. There has been a total of 11 sales of land since 1 October 2015 analysed for englobo and multi unit uses. This has been a 37.6% increase in the volume of sales compared to the previous year. Out of the 11 sales, 7 have been analysed as englobo sites and 4 have been analysed as multi unit sites. Sale price ranges between $997,000 - $3,182,000.These sales have occurred in Coopers Plains, Calamvale, Sunnybank and Macgregor. From the sales available, sales ranges on a rate per square metre for englobo sites vary between around $295 per square metre and multi unit sites range between $700 to $900 per square metre. The up-zoning from LMR to MDR in areas such as Coopers Plains, Macgregor, Mount Gravatt, Sunnybank has reflected in the volume of sales in these areas in 2015 and remains relatively active 2016. Many areas such as but not limited to Calamvale, Eight Mile Plains, Inala, Richlands, Doolandella have a zoning of Emerging Community being developed into multi unit sites. Sales indicate a rewrite to 10% increase across the division with some isolated manual adjustments to improve relatively in areas. Recomendations: Englobo sites - an overall factor of 1.0 Multi unit sites - a factor between 1.00 and 1.10 to the majority of the SMA's with manual adjustments to some pockets within the division. Large Multi Unit sites - an overall factor of 1.00 with manual adjustments to some areas. All sales shall undergo further analysis in the lead-up to the 2016 revaluation implementation program.

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Commercial Sales and Impacts on Value





6,651



$20,106,385,488

Current Median Value $1,000,000 Predicted Median Value

$1,000,000


Brisbane CBD The Brisbane Central Business District (CBD) is located on a point, known as Gardens Point, on the northern bank of the Brisbane River. It is bounded by the Brisbane River to the east, south and west. To the north, the CBD is bounded by the inner city suburbs of Petrie Terrace (north-west), Spring Hill (north) and Fortitude Valley (north-east). The Brisbane CBD is an area density populated with various grades of commercial office buildings, a broad range of high density short and long term residential apartment

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buildings and a mix of low rise retail buildings and shopping centres centralised in a major retailing precinct encompassing the pedestrian-only Queen Street Mall. Notable activity between July 2015 and July 2016 include; • The property at 45 Charlotte Street, known as the festival car park, sold in March 2016 for $45m. The selling agent have reported that “this strong sale result reflects both the confidence in the Brisbane market from offshore groups and highly strategic location and uniqueness of the asset.” The property was purchased by the Australian-Chinese consortium behind Brisbane’s $2b Queens Wharf Casino project. The site is currently improved with the only standalone 9-storey car park with 412 parking bays in the CBD. • Two adjoining sites owned by Ross Neilson at 205 North Quay (2,052m2) and 30 Herschel Street (911m2) are currently being marketed For Sale by both CBRE & JLL, known as “The Quay.” The total land area is 2963m2 with EOI for a 50% to 100% interest closing by 4pm 21 July Thursday 2016. Describes as a once-a-in-generation waterfront development opportunity, flexible zoning allowing a combination of uses, never-to-be-built-out views, in close proximity to Queen’s Wharf Project. • The sale of 62 Ann Street, known as the Primary Industries Building, sold for $63m, which was purchased by QIC for $37m in 2013. The site includes a heritage listed building and shed. The site was purchased by Singaporean-listed property developer Wee Hur Holdings for redevelopment (short to medium term) into a single tower, commercial at podium levels and residential use above. The property is leased to the State of Queensland until April 2017. • Sales of Commercial Office/Retail Buildings include 1. 215 Adelaide Street sold for $224m in June 2015 2. 1 Eagle Street sold for $592m to Dexus Propety Group in June 2015 3. 45 Eagle Street sold for redevelopment for $43m in June 2015. 4. 201 Charlotte Street 81.5m in December 2015 5. 313 Adelaide Street sod for 125.4m in October 2015 6. 420 George Street of $20m in July 2015 7. 41 George Street sold for $159,800,000 in December 2015 8. 357 Turbot Street $108,088,234 in July 2015 It is recommended that for AVLU 350 (SMA 311) Factor 1 is applied and some manual adjustments for relativity.

Brisbane CBD Fringe The Brisbane CBD Fringe market is characterised by a mix of uses including various grade of commercial office accommodation, medium density short and long term residential accommodation as well as the retail and entertaining precincts including predominately Brunswick Street Mall in Fortitude Valley and Grey Street & Little Stanley Street in South Brisbane. For the urban renewal precinct areas of Fortitude Valley, South Brisbane, Newstead and Bowen Hills, development approvals and the construction of a number of commercial and multi-unit residential projects have commenced including a number of buildings in and around the Gasworks and precent to the south between Longland Street and Commercial Road, around the Emporium in Fortitude Valley and in the Urban Renewal precinct of Bowen Hills. Spring Hill has also seen a number of site purchaser for redevelopment, with the upcoming Draft Spring Hill Plan, set to increase densities considerably.

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Developers are still active, purchasing lightly improved properties for future redevelopment, predominantly in the Fortitude Valley, Bowen Hills, Newstead, Spring Hill and South Brisbane area. This is evidence of the continuing demand for these areas because of their proximity to the CBD, parklands, retail and town planning relaxations.The majority of development sites are being utilised for multi-unit residential development. South Brisbane has a demolition sale that obtained a commercial DA for 4 storey commercial building. Multi-unit development sites continue to drive the South Brisbane commercial market. Areas include Spring Hill, Fortitude Valley, South Brisbane, West End, Newstead and Bowen Hills Overall the outlook remains positive for the CBD Fringe market. It is recommended that for AVLU 350 Factor 1 is applied with some manual adjustments.

Commercial The Brisbane commercial market has been divided up into eight main geographical areas along the main transport routes out from the CBD. They consist of Sandgate Road, Gympie Road, Enoggera Road, Given Terrace, Moggill Road, Ipswich Road, Logan Road and Wynnum Road. It is noted the new Brisbane City Plan 2014 came into effect 30 June 2014. To date there have been approximately 101 commercial sales across Brisbane. Forty of these have transacted in the CBD or city fringe suburbs. As stated above it should be noted that the significant volume of multi-unit residential sales that have transacted within close proximity to commercial centres from 2015 has slowed, but prices paid indicate a stable market. The relevance of these multi-unit sales to the commercial market under the new City Plan seems appropriate given the several sales on commercial zoning which have indicated higher prices over and above the adjoining multi-unit zonings that have no potential for commercial. The Sandgate Road Precinct runs through the suburbs of Albion, Clayfield, Hamilton, Toombul, Nundah, Virginia, Deagon and Sandgate. Multiple sales of either full Mixed Use Residential (MUR) or mixed use redevelopment sites have transacted in and around the Nundah Village retail precinct including 1289 Sandgate Road Nundah, 6 Masefield Street Nundah and 31 Dover Street Albion. Gympie Road Precinct runs through the suburbs of Windsor, Lutwyche, Kedron, Chermside, Aspley, Taigum, and Bald Hills. Only a couple of development sales of either full Mixed Use Residential (MUR) or mixed use sites have transacted in and around the Lutwyche in contrast to many sales recorded in 2015. A multi-unit sale at 11-15 High Street, Lutwyche sold shows a very slight decrease in the existing Site Value. As across Brisbane the predominance of MUR sales, located close to commercial precincts, had slowed dramatically. Enoggera Road Precinct runs through the suburbs of Kelvin Grove, Newmarket, Gaythorne, Enoggera, Everton Park, Mitchelton, Keperra and Ferny Grove. No development sales have been recorded in 2016 to-date. Given Terrace Precinct includes the suburbs running along Waterworks Road and Given Terrace. These suburbs comprise Red Hill, Ashgrove, The Gap, Paddington and Bardon. No lightly improved or vacant commercial land sales have occurred during 2016 within this precinct. Moggill Road Precinct includes the suburbs of Milton, Toowong, Taringa, Indooroopilly and Kenmore. A Major Centre zoned sale at 45 High Street, Toowong sold with existing improvements and have lodged

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an application to redevelop the site. The initial analysis supports the current applied site values within the location. Ipswich Road Precinct includes the suburbs of Annerley, Yeerongpilly, Moorooka, Oxley, Mount Ommaney, Graceville and Sherwood. This precinct includes a large number of properties which were impacted by the January 2011 Flood Event. Sales in the last three years have seen the detrimental impact of the 2011 Flood event on sales activity and prices heavily diminish when compared to non-flood impacted property. Sales activity of commercial land is still subdued in this area. Only two improved sales have occurred within this precinct. Sales indicate that values in this precinct will remain unchanged. Logan Road Precinct includes the suburbs of Greenslopes, Holland Park, Mount Gravatt, Upper Mount Gravatt and Eight Mile Plains. No vacant or lightly improved sales have occurred in this precinct during the first half of 2016. Wynnum Road Precinct includes the suburbs of Coorparoo, Camp Hill, Carina, Carindale, Bulimba, Morningside, Cannon Hill, Tingalpa, Manly and Wynnum. Although there has been a lack of vacant or lightly improved commercial sales evidence since 1st October 2014, there has been some improvement in turnover of multi-unit development sales indicating the current site values are supported. Since the sale of 689 New Cleveland Road, Gumdale to be re-built as a petrol station several other petrol station sales have occurred such as 170 Bennetts Rd, Norman Park, which indicate that petrol stations are well supported at current levels or slightly undervalued in some locales. A review of petrol stations is required Brisbane-wide.

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Industrial Sales and Impacts on Value





6,529



$10,912,824,846


$850,000


Albion SMA 411 There are 222 properties in the SMA of Albion. The majority of these are smaller industrial properties, which are older in nature. The Northern portion of the SMA lies predominately on the Eastern side of the Southern end of Sandgate Road, following the curve of Breakfast Creek. The Eastern side of the SMA abuts Allan Border Field and Albion Park Raceway. There are a few properties at the Northern end of

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this SMA clustered off Dover and Burdett Streets. The Southern end of the SMA has the bulk of properties forming a cluster surrounding Hudson Rd in the suburb of Albion. This cluster is bounded by Sandgate Rd to the East and McDonald Rd to the West and extends up to Albion Rd to the North. There have been no sales within this SMA. Sales evidence from other Brisbane locations indicate a rewrite to the existing values.

Darra SMA 433 The SMA is comprised of over 450 properties being predominantly older-style sheds and new Industrial estates (Metro West Business and Technology Park at Seventeen Mile Rocks.) located to the north of the Ipswich Motorway (Sumner) The south and western regions of this SMA are still located in the division of Sherwood and borders the division of Yeerongpilly (literally across the road). This area takes in the western part of Wacol, Oxley and Darra and parts of Carole Park bordering Ipswich Proposed factor 1.0 with manual adjustments in some areas.

Eaglefarm East SMA 403 There are 372 properties in the SMA of Eagle Farm East spread over the suburbs of Eagle Farm and Hamilton. Geographically the Eagle Farm portion of the SMA contains the properties to the East of Southern Cross Way, bounded by Links Ave. Links Ave becomes Schneider Rd after the crossing of Eagle Farm Rd. The SMA’s Northern boundary is the Rail Line. The Hamilton portion of the SMA includes properties West of Southern Cross Way. The Southern section of the SMA comprises established industrial properties, while the Northern comprises the recently developed Australia Trade Coast Precinct. Eagle farm is considered to be one of the premium industrial precincts in Brisbane due to its proximity to the M1 and the port. Due to the developed and tightly held nature of this precinct and the sales from other areas of Brisbane, at this stage it is proposed to rewrite the industrial land in this precinct. Additionally, the view of the SVS that the older steel framed and metal clad improvements adding little value to the market may be starting to show with a number of older building being substantially refurbished or removed to make way for new buildings.

Eaglefarm North SMA 405 The SMA of Eagle Farm North consists of 152 properties. It is bounded by Southern Cross Way to the East and the Airport Rail Line to the North. Surrounding residential development lies to the West and South. The SMA is geographically located within the suburb of Hendra. There are 3 main streets of industrial development within this SMA being Nudgee Rd, Navigator Place and Hedley Ave.

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Due to the developed and tightly held nature of this precinct and the sales from other areas of Brisbane, at this stage it is proposed to rewrite the industrial land in this precinct. There is however some anecdotal evidence such as increasing rent levels, and increased vacant possession improved sales. Additionally, the view of the SVS that the older steel framed and metal clad improvements adding little value to the market may be starting to show with a number of older building being substantially refurbished or removed to make way for new buildings.

Eaglefarm West SMA 404 The SMA of Eagle Farm West contains 135 properties. It predominantly lies to the South West of Southern Cross Way extending down to the Brisbane River. The area near the river is covered by what was formally the UDLA development area and properties within this area are bound to certain restrictions of use in relation to this. Eagle farm is considered to be one of the premium industrial precincts in Brisbane due to its proximity to the M1 and the port. Due to the developed and tightly held nature of this precinct and sales in other locations of Brisbane a rewrite of existing values is proposed ta this stage.

East Brisbane SMA 424 East Brisbane industrial is contiguous with South Brisbane 1000/04`s Woolloongabba, Deshon St industrial area and spans the local government areas border of 1000/06 (Tingalpa) and 1000/03 (Coorparoo) and 1000/01 (Balmoral).. Although the Woolloongabba, Deshon St industrial area is showing possible increases largely due to sales of industrial along Logan Rd changing to Multi-unit use. The East Brisbane area separated by Norman Creek, is lower lying and generally considered slightly inferior. There has been one sale over Norman Creek in South Brisbane at 1027 Stanley St East indicating a rewrite of industrial values and improved, vacant possession sales would indicate no measureable increase or decrease in the market from the level of values already applied.

Eight Mile Plains SMA 426 Eight Mile Plains industrial is located in the Brisbane Technology Park estate and in two office park developments along Logan Road. "Brisbane Technology Park was primarily developed for high-end industrial uses such as the bio-med and aviation industries. There have been no recent vacant or development sales in this industrial area over the last 12 months. It is proposed to apply a factor of 1.0

Extractive SMA 440 There are 13 properties within this SMA. These properties are sited sporadically across the whole of the Brisbane Region. There are 3 quarries located at the Western end of the Division of Enoggera in the suburb of Keperra. There are 2 quarries located within the Division of Moggill at the Western end of the division, within the

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suburb of Kholo. The extractive industries located in Sherwoodm area are comprises land used by Boral. This area is currently under redevelopment from extractive to fully serviced and developed vacant Industrial land. The Southside extractive properties are generally located in the Rochedale and Mackenzie areas and consist mainly of land owned by Boral abutting the Gateway Motorway within the Division of Tingalpa. A further smaller area of extractive land located to the North West of the intersection of Wynnum Rd and the Gateway Motorway within the suburb of Tingalpa exists. The proposed factorfor all extractive properties is 1.0

Geebung Virginia SMA 407 There are 510 properties located within the SMA of Geebung Virginia. The majority of these are triangulated between Sandgate Rd at the East, the North Coast Railway to the West and Zillmere Road which forms the Northern boundary. There are two additional pockets of industrial properties within this SMA, one extending South from Radley St and the other surrounding the Southern termination of Bilsen Rd. There have been limited sales in this area which have analysed to a mixed bag of results. Given the variance within the sales evidence attention to this area is required. Some manual adjustments across the area may be required.

Heathwood Larapinta Parkinson SMA 431 This SMA incorporates the industrial estates at Heathwood, Larapinta, Parkinson and the more recent Berrinba development. A new industrial estate within Heathwood has recently been completed. A sale within this estate supports the current levels of value within this precinct. A rewrite of the existing levels of value is proposed.

Mansfield SMA 425 Mansfield industrial is located west of the intersection of Creek Rd, Newman Rd and Cavendish Roads at Mansfield and crosses the border of the local government areas of 1000/06 (Tingalpa) and 1000/02 (Belmont). Mansfield consists of mixed sized, generally older industrial buildings, some with commercial components and has been tightly held traditionally. This area was reviewed 1/10/2014 and still it is intended to apply a factor 1.

Milton Toowong SMA 413 There are 155 properties within the SMA of Milton Toowong. The portion of the SMA which is located

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within the division of Taringa has the bulk of properties clustered between Moggill Rd and the rail line West of Swann Rd. These is a cluster of properties between St Francis Theological College and Suncorp Stadium, with some outlying properties gathered into this SMA that lie within the division of Ithaca. The properties located within the division of Toowong are dispersed throughout the division. Some of these properties are in small clusters, however many are stand alone. A number of these properties have been rezoned allowing medium density multi-unit development. There have been no sales within this SMA. Sales evidence from other Brisbane locations indicate a rewrite to the existing values.

Myrtletown SMA 401 The SMA of Myrtletown consists of 251 properties. It is bounded by Luggage Point Waste Water Treatment Plant to the North terminating at the junction with Priors Rd to the South. The SMA geographically encompasses 3 main roads being Bancroft, Main Beach and Sandmere roads. Properties within this SMA are generally filled due to the low lying nature of the land. In 2015 a number of vacant sales occurred increasing the site values by 20 to 50%. Since this period the market has remained quiet with no development or vacant sales occurring. However, the location continues to progress with development of last years vacant sales. Proposed factor 1.0 to apply.

Newmarket SMA 412 There are 180 properties within the Newmarket SMA. Within the division of Ithaca these are predominately clustered around Bishop St, Kelvin Grove, with some outlying properties. Within the division of Enoggera the major concentration of properties are clustered around Pickering St East of South Pine Rd in the suburb of Alderley. The properties are in 4 major clusters within the division of Windsor. These clusters are adjacent to Lutwyche Rd and Newmarket Rd within the suburbs of Albion, Windsor, and Newmarket. Due to the developed and tightly held nature of this precinct and the sales from other areas of Brisbane, at this stage it is proposed to rewrite the industrial land in this precinct.

Northgate Banyo SMA 406 There are 506 properties within this SMA. The majority of these lie between the Gateway Motorway and the Shorncliffe Rail line, with smaller clusters along Nudgee Rd and the Western side of the train line. This is a well established industrial area, with some of the properties and improvements considered second tier. While this area still has good access to the Gateway Motorway and thus the M1, it is considered to be slightly less premium than Eagle Farm. There is a paucity of vacant sales in this SMA. Due to the developed and tightly held nature of this

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precinct and the sales from other areas of Brisbane, at this stage it is proposed to rewrite the industrial land in this precinct.

Pinkenba SMA 402 The SMA of Pinkenba consists of 289 properties. It incorporates Bulwer Island and the North Eastern portion Pinkenba surrounding the village of Pinkenba. It terminates at the Eastern end of Eagle Farm. Sites within this SMA are generally larger industrial in nature. In 2015 a number of vacant sales occurred increasing the site values by 20 to 50%. Since this period the market has remained quiet with no development or vacant sales occurring. However, the location continues to progress with development of last years vacant sales. Proposed factor 1.0 to apply.

Rocklea Beaudesert Road SMA 430 There are 1639 properties in the Rocklea-Beaudesert area. Geographically the SMA incorporates the established industrial suburbs of Acacia Ridge, Archerfield, Coopers Plains, Salisbury, Oxley, Moorooka and Rocklea. These industrial areas are characterised by older style sheds in established areas. This SMA caters for the full gamut of industrial uses from traditional smaller and larger sheds with hardstand storage and parking areas, through to service/retail industrial uses such as showroom and hardware outlets to full retail/display showrooms and sales yards. This SMA includes a large number of flood prone industrial properties within the suburbs of Rocklea and Coopers Plains. The department continues to monitor this market very closely. To date, flood allowances have proven satisfactory and should be continued. Development and Vacant sales number have dramatically reduced over the last year within this precinct. However the sales t

Documents

2016 for Brisbane City Council DNRME Act 2009 Published on ...Market Survey Report . 2016 for Brisbane City Council . Thursday, 25 October 2018 )LOH$ 3DJH RI Published on DNRME Disclosure