Massive jump for rural properties
Rural property sales have jumped nearly 20% for the year to May.
A report by agents Landmark Harcourts shows rural property sales were up 18% to more than $1.75 billion for the year to May, the Australian Financial Review has reported. The surge in property sales was due to rising property values, and came even as the total number of sales edged down during the period, the AFR reported.
While the majority of sales were for small properties under 40 hectares in size, the AFR said the highest price growth was seen in larger properties. The average price for properties over 1,000 hectares was up 16% in New South Wales, 19% in Victoria and 13% in Queensland. Properties between 100 and 1,000 hectares rose in value by 30% in South Australia, while properties over 1,000 hectares were up 37%.
Landmark Harcourts general manager Mark Brooke said the increase in value was driven by strong demand and lower listings.
“With positive market conditions, many are choosing to hold onto their properties rather than sell,” he said.
“For those property owners considering selling at any time in the near future, now is an excellent opportunity, with strong buyer demand and less competition creating ideal market conditions.”