Mildura rural property weathers the storm of COVID-19: HTW Rural

The Mildura region has yet to see a reduction in local buyer demand, but sales volumes are expected to stay low for the next few months, according to the latest rural report from valuation firm Herron Todd White.

Rural industries will most likely wait to see what the medium-term outlook will be on the operation of domestic and export markets, say HTW’s Shane Noonan and Graeme Whyte.

“While Australian agriculture appears to be weathering the COVID-19 period, the main concern is how quickly the global and national economies will recover from the pandemic.”

The long-term continuation of border closures or travel restrictions may have some detrimental impact on sale activity and value levels.

A farming family of Victoria’s Wimmera region recently purchased a grazing holding just over the border in South Australia but are now unable to enter the state and access their property.

According to the report, positive seasonal conditions and forecasts in the Murray Darling Basin are likely to see the temporary water market remain around current levels in the short term.

Recent sales in the region include an 82 ha table grape property in the Euston area and a large dryland cropping holding northeast of Mildura.

Each of these sales show rates per hectare above pre-COVID-19 levels.

The full Herron Todd White 'Month-in-Review' for September can be read here.