Conversely, the greatest gains were made in the western suburbs. Mudegeeraba came in on top with a 19% gain, followed by 18% in Tallai, 14% in Oxenford and 11% each in Helensvale and Nerang. Elanora also saw significant gains, up 15%.

You can view a full breakdown of values here on the Department of Environment & Resource Management website.

It remains to be seen what effect these valuations will have on Council rates.иконииконописikoniбългарски икони

This reduction will likely see continuing loss of construction jobs on the Gold Coast.  Fortunately, there are several major projects, including a major refurbishment of both Jupiter’s Casino and Pacific Fair – as well as Potter Group’s Main Place project slated to get underway over the next 18 months

Rather than pay a dividend to shareholders, the company is looking to the long-term and has elected to continue buying back shares, with plans to purchase another 20% of its own stock in the near future.

Highlights include:

• Funding of $26.5 million to continue the delivery of Council’s 2009-11 $90 million economic stimulus package.
• $13.3 million to continue the four-year $111.6 million community infrastructure program.
• An allocation of $53.6 million as part of a total commitment of $120 million for the rapid transit system.
• A major program for road network improvements, including major roadworks of $35.3 million, road reseals of $17.5 million and bikeways of $4.3 million.
• A major program for parks and recreation including major open space development of $5.5 million, tree planting of $1.0 million, park asset renewal of $3.3 million and major sporting areas of $3.1 million.
• A major redevelopment of the Surfers Paradise foreshore, at a cost of $13.4 million, which will revitalise the heart of Surfers Paradise.
• $31.9 million capital investment into waste management services and facilities designed  to ensure long term sustainability. This includes: $8.6 million for remedial and closure works at Suntown Landfill, $2.5 million for recycling and drop-off centre at Molendinar, $2 million for new waste transfer station at Reedy Creek, and $1.5 million for upgrade of Helensvale WTS.
• $7.7 million in community support through grants, subsidies, donations, concessions and rebates.

For greater details, refer to the Gold Coast City Council website.

Despite the falls, APM have indicated that they expect to see price growth later in 2010.

It was not doom and gloom however, Coomera and Ormeau – outer land-rich suburbs recorded gains of 20% and 15% each.  Ten other, similarly categorised suburbs recorded single-digit growth, with the remainder of the Gold Coast static or falling in the last two years.

Despite the turbulent market of the past eighteen months, the new valuations are expected to push the average land value in some coastal suburbs, including Mermaid Beach and Surfers Paradise over the $1m mark. Suburbs like Robina and Coomera are also expected to show strong growth.

Used to calculate Council Rates, ratepayers will likely see an increase in their annual bills, with the new valuations expected to come into force June 30 2010.

Mermaid Beach, which includes ‘Millionaire’s Row’ Hedges Avenue experienced a 26% fall over the same period, to come in 2nd on the Gold Coast at $1.08m.

The decision leaves the door open for further cuts later this year should the economic situation worsen.