Central Western Queensland rural property market strengthened significantly: HTW rural

Central Western Queensland rural property market strengthened significantly: HTW rural
Central Western Queensland rural property market strengthened significantly: HTW rural

The rural property market in central western Queensland has strengthened significantly in 2019 as drought affected producers from the Northern Territory, central Queensland and New South Wales have competed to secure the limited numbers of well grassed properties for sale, according to the latest Herron Todd White (HTW) report. 

The report suggests sales activity has generally been confined to areas from Longreach to west of Winton, with values increasing by up to 25% on levels seen from 2010 to 2018.

The Blackall and Barcaldine area had its run in 2018, but dry conditions in this region have seen the market focused further west, where good rainfall totals have seen a large number of well grassed properties hit the market.

Sales data has seen nearly 40 properties sell in 2019 to date, up from around 20 in 2018.

"While the majority of purchasers have been chasing grass, in some cases they are bringing forward expansion plans due to current drought pressures," the valuation firm said. 

"Most are looking at a longer-term investment, not a short-term quick fix."

Sheep producers, principally from New South Wales, have also been active in the region for the first time in nearly 30 years.

"The increase in values has been due to the strong demand and limited properties for sale, but is also riding on the back of significant land value increases in the eastern half of Queensland, coupled with low interest rates," the valuation firm added. 

Some producers are also securing land rather than pay very high agistment rates which is extremely limited, preferring to pay off their own property rather than someone else’s.

Demand is still evident, at this late stage of the year, with two properties in the Winton district recently going under contract and market attention now focused on the smaller scale, reportedly well grassed Aramac property, Caber Feidh (pictured below), which sold in early November at auction. 

Central Western Queensland rural property market strengthened significantly: HTW rural

Tags: 
Queensland Rural Property

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