Central and Western NSW rural market maintains reasonable levels of interest: HTW

Central and Western NSW rural market maintains reasonable levels of interest: HTW
Central and Western NSW rural market maintains reasonable levels of interest: HTW

The rural property market in the Central West of New South Wales continues to maintain reasonable levels of interest, according to the latest Herron Todd White (HTW) rural report.

Listings have been somewhat subdued for 2019 due mostly to the drought and sub-optimal presentation factor, the valuation firm said.

However, the report notes any properties that have been marketed realistically have been selling with the appetite to purchase still strong.

"A very active rural agent indicated recently that sales are still relatively strong on the back of limited listings," said the report.

"They indicated that 12 months ago there might have been ten to 12 interested parties in a listing, now that number is five or six.

"This validates that the market is still active and orderly marketed and well-priced properties are moving at satisfactory rates."

The Western Division of the state in the more marginal area’s sales have definitely slowed, with very limited transactions occurring. The drought has a very big hold on a large area and paddock feed stocks are all but exhausted. Stock have been sold down and that will continue as no one is confident of a break in the season.

"Even goats are struggling for feed especially tagged animals behind wire. We recently valued a medium sized station in far west New South Wales with full goat fencing and saw only four kangaroos on a one- hour driving inspection and they were under trees near water points and weak,

"While these drought conditions continue there will be limited offerings of property in the western areas of New South Wales. Our observations and discussions with agents indicate that when the season breaks properly there will be numerous offerings of property and plenty of choice for purchasers. This would normally facilitate a flattening of rates and we expect that will happen.

"Overall, so far the drought has had some slowing of transactions and little effect on values and overall interest in rural property, however we are now in March and the early fodder crops and canola planting is not happening. Major rain events need to occur in the very short-term as no one can afford another tough winter with no crop or pasture growing rainfall events."

The major factor now and until there is a break in the season is cash flow and the confidence to service debt.

Central and Western NSW rural market maintains reasonable levels of interest: HTW

Asherton, a 103 acre rural property in Central West of New South Wales is on the market with a price guide over $1.2 million (pictured above).

Located at 75 Ridge Road O'Connell Via, Bathurst, the soft rolling open grazing has been fenced into 7 internal paddocks and a central laneway.

Each paddock has a concrete water trough which is supplied from a solar equipped bore and header tank.

The freshly renovated homestead comes with five bedrooms, open plan kitchen, dining and lounge room, large family room and low maintenance garden. 

Central and Western NSW rural market maintains reasonable levels of interest: HTW

A vineyard situated in the West of Orange has recently been sold for $1.2 million (pictured above).

At an altitude of 800 metres, the property at Lot 19 Bradleys Road, Orange sits on 50 fertile acres of volcanic soil, 32 of which are carrying well-established vines, of mostly red varieties.

The property is favoured with a reliable and plentiful irrigation bore supported by a 40-meg licence allowing for the expansion of multiple agricultural development.

Tags: 
NSW Central West

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