The report, which valued 27 local government areas in Queensland, found Redland City’s median land valuations experienced an overall 0.5 per cent drop across the board.
The valuations, a snapshot of land values on October 1, 2012, include a 0.5 per cent drop in residential property values and a 1.7 per cent drop in commercial property values.
The report blamed the decrease in the city’s overall land values on a slump in property values on North Stradbroke Island and the bay islands.
However, land classified as farming businesses fared the worst with a 9.2 per cent fall in valuations.
Other locations and land types generally did not change.
Although the valuations were done in October, the new valuations will take effect on June 30 for local government rating, state land tax and state land rental purposes.