107 Ocean View Drive, Bowen offers magnificent ocean views and could be all yours for $799,000The drop in value of local properties has been somewhat offset however by a 12.5 per cent boost to land values in Airlie Beach. Queensland Valuer-General Neil Bray said valuation changes varied across the region.“Residential values have risen slightly in Cannonvale, with some slight to minor reductions in Bowen and Proserpine, minor increases in Airlie Beach and significant falls in Collinsville and Scottville,” Mr Bray said.“Some localities, such as Collinsville and Scottville, reflected significant decreases in median values due to a downturn in the coal mining industry with the median value of residential land in Collinsville falling from $21,000 to $9500.” View of Bowen Harbour, North Queensland. iStockIF owning a weekender is on your bucket list, cast your eyes towards the Whitsundays.Property valuations across Bowen and Collinsville have dropped to a record low in annual valuation figures released by the Department of Natural Resources and Mines this month.While valuations have only fallen by an average of 1.5 per cent across the Whitsunday region, Collinsville and Scottville land values have been slashed by over half after they were similarly cut last year.Bowen land value also dropped by 12.4 per cent. This five-bedroom home at43 Pelican Street, Collinsville is the perfect project for a motivated renovatorLand owners who object to their land valuations can register their concerns with the department until May 8.While the overall drop in values may have left some property owners in a perilous position, Housing Industry Association Regional Director North Queensland Robert Harding said the drop in values was an opportunity for buyers and builders looking to invest in the region.“The largest cost of building is the land component as well as government taxes,” he said.“Whenever we see land values drop, it generally benefits our building industry as everything that goes into building becomes more affordable so this drop is certainly welcomed by all of us.” Looking for a tree change? This Collinsville property onNormanby Road comes with 400 breeders and a four-bedroom homestead.“The movement in valuations reflect the diversity in our Whitsunday Region’s economy — some areas have seen significant improvement while other areas are still doing it tough,” Cr Willcox said.“It is like a patchwork in movement in the land valuations, even at a suburb level, some streets have increased, while others have decreased.“If the property owners dispute the valuations provided for 30 June 2017, they must object to the State Government, not council.” Are you looking for a weekender with plenty of room for a boat? Than94 Herbert Street, Bowen should be on your `must-inspect’ list.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020The new land valuations will be used by Whitsunday Regional Council to generate general rates for 2017/18.Movement in land valuations will impact on the individual rate assessment, as well as the total rate revenue that council receives through rate notices.In stressing that valuations were set by the Queensland Government, Mayor Andrew Willcox encouraged locals to review their new valuation and challenge it if they had concerns.