Soggy holdings sell fast in tight spring market

Soggy holdings sell fast in tight spring market


Business
CBRE's Colin Medway has led 20 interested parties around "Innisvale", Canowindra. The property is 306ha and will be auctioned next Thursday.

CBRE's Colin Medway has led 20 interested parties around "Innisvale", Canowindra. The property is 306ha and will be auctioned next Thursday.

Aa

Where access is possible, sodden ground has forced rural property agents to get creative to make the most of the early spring market.

Aa

WHERE access is possible, sodden ground has forced rural property agents to get creative to make the most of the early spring market.

With rural listings tighter than previous years agents are keeping up with inspections with extra horsepower, including helicopters and all terrain vehicles. 

“I haven’t driven a ute into a paddock for four months now,” said CBRE head of rural transactions Colin Medway, Yass.

“I’ve got an ATV six-seater buggy which I’ve been using for inspections since the beginning of winter and for one property I’m marketing we’ve used a helicopter to show prospective clients.” 

At Forbes, where severe flooding has occurred, access to the bulk of listings has been completely cut off.

Elders agent Kim Watts, Forbes, has had to defer multiple auctions and inspections. 

Agents agreed rural listings were tight.

Mr Medway had found demand for properties below $4 million had been exceptional.

“We’re marketing a 306-hectare property, Innisvale, Canowindra, and have already led inspections for 20 different parties,” he said. 

Sydney-based rural property agent David Nolan, Webster Nolan Real Estate, who has “Buringa” and “Patrician”, on the go in Orange and “The Curragh” in Tenterfield, said the wet had made it difficult to get photographs and do inspections.

He said there was “no where near” the amount of rural properties on the market this year compared to recent years.

“Demand is very good. The market could definitely handle some more listings,” Mr Nolan said.

“I think farmers are happy with the season and the income they’re receiving. They’re getting good capital growth instead of putting their money in their bank and a lot of their children are coming back to the farm.”

Moree Real Estate agent Paul Kelly said the market was strong from Warialda to Walgett. 

“The market is up in this district 15 per cent since the start of the year.”

There, farmers were holding on.

“I’ve got plenty of buyers but there’s not enough sellers.”

In the Riverina it was a similar story.

“When something does pop up everyone’s quite enthusiastic to get a hold of it,” said Delta property’s Tim Corcoran, Bomen.

He said farmers expanding their operations were prepared to drive further for properties with scale.

“It doesn’t have to be over their back fence.”

Mr Corcoran reported hot demand for a unique 702ha cropping property, “Warrinn”, The Rock, ahead of its auction on November 4.

Aa

From the front page

Sponsored by