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Drought stricken properties plummet in value

IF they haven't suffered enough, drought-hit farmers are now being told their properties are losing value.

The latest findings from Queensland's Valuer-General Neil Bray covered 41 council areas.

He found land in rural outposts including Boulia, Barcoo, Burke, Carpentaria, Croydon, Etheridge and Goodiwindi have fallen by up to 20% less.

Bundaberg, Gold Coast, Toowoomba, and Gladstone are unaffected by the changes.

The changes could have an impact on property rates, although these state valuations form only a part of the information used by councils to calculate charges.

Mr Bray said "the combined effects of the ongoing drought, global economic factors, changes in bank lending policies, the high Australian dollar, the overseas livestock trade ban, lower commodity prices and rising costs have made potential purchasers cautious," he said.

To lodge an objection, visit www.bit.do/DNRM or telephone 1300 664 217 before May 12.

Topics:  drought properties value


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