Just because there’s a roaring drought is no reason to postpone the sale of a well-presented property, according to agents with experience.
Graham Lowe, from Brand Territory, Ray White Rural’s advertising agency, says presentation is critical, but vendors selling the right article need not worry about buyer interest – even when the place is in the grip of a big dry.
Most astute investors of rural properties knew that while it may be difficult at the moment it won’t always be so, and if they didn’t buy now there may not be another opportunity, said Mr Lowe.
In fact, buyer enthusiasm can be so strong that an auction with a critical mass of bidders will give a result sometimes above expectations.
“We help create that competition among prospective buyers so they may be forced to pay more in a market serviced with such a limited supply,” Mr Lowe says.
“But we find buyers looking for a long-term asset will be happy with their price, provided they are buying quality.
“People can be reluctant to sell during dry times, but when they do they can find themselves selling for more than they expected.
At Coonabarraran the magnificent property “Carlton’ went under the hammer through agent Chris Korff, Ray White Rural Coonabarabran. At auction there were 10 registered bidders and it sold for $1.6 million - well above the vendor’s expectations. The neighbour was the successful buyer and ended up paying more than he expected, as he was pushed by other bidders from outside the area.
Carlton was well promoted at the time, using on-ground and aerial drone photography to help present the package in print and video.
“Sellers may be reluctant to present to market, but if there are not a lot of other properties available, and this one is presented well, then we will get inquiries,” Mr Lowe says.
Of course there’s no point selling a place in an unrealistic manner.
“Carlton was clearly dry and we didn't try to hide that,” he says. “But we also made sure that we showed how well it performs during dry times – even better when it’s not!
“We don’t shirk from showing a place as it really looks. You can’t set up potential buyers from disappointment. If you promise something that doesn’t present in reality then you set yourself up to fail.”
Meanwhile, Frank Power, Ray White Rural Dubbo, is proud of the way his office handled the sale of “Balgowan” in late June delivering the owners a strong result at $3.76 million.
“The property achieved a solid price, around $1100/acre,” he said. “This was on the back of strong marketing both online and in print.”
“Balgowan” is capable of quality production, with soils ranging from heavy dark loam to strong red and light.
“There is no doubt this is a stand-alone property,” Mr Power says. “But we find even in these dry times that there are still inquiries from genuine buyers.”
Mr Power notes there has been a shortage of properties on the market in recent years, partly as a result of a sustainable on-farm income.
“People may still be feeding livestock, but the quality of a good property stands out and sells well despite the season,” he says.