Property vendors have entered the new year with bated breath after last year's property sales reaching an all time high of $7000 a hectare.
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This was despite some sectors still having succumbed to the fall-out from the seesaw season and La Nina forecast frustration.
However, agents look forward to a more promising 2024, with improved seasons, bringing with it confidence which may woo potential sellers back into the market for autumn property offerings, says George Southwell of Ray White Rural Canberra/Yass.
Mr Southwell, who also features in a new online property segment called Prime Land that was launched today with The Land's senior journalist, Samantha Townsend, said another carrot for vendors into 2024 was the gradual return of foreign buyers who were regaining interest as diplomatic tensions eased with China.
![George Southwell, Ray White Rural Canberra/Yass, along with The Land senior journalist Samantha Townsend have launched Prime Land, which will be a monthly series "one-stop shop" for all the latest news on rural property market information. George Southwell, Ray White Rural Canberra/Yass, along with The Land senior journalist Samantha Townsend have launched Prime Land, which will be a monthly series "one-stop shop" for all the latest news on rural property market information.](/images/transform/v1/crop/frm/116415860/b8897d29-1a00-4ee5-9a3c-fbf42e2aba7e_rotated_180.jpg/r0_0_2016_1384_w1200_h678_fmax.jpg)
However, he said it was otherwise locals driving the bulk of sales so far this year as the property market saw enquiries and inspections double from November/December numbers. This is something George said was not exclusive to the rural market when talking to his city counterparts, it was the same story.
"The Reserve Bank's decision to hold interest rates was an important start for the year, however the new format of a speech immediately after their meeting has taken some of the increased confidence out of the rates staying on hold," George said.
"This new format is a little bit of a watch this space for now.
"Rates have not been the main driver though, the markets reaction to the weather forecast and lack of confidence is what needed fixing.
"It is exciting to see the tables turning and those waiting for the market to significantly drop on a per hectare rate should book in their waiting for a long time."
Despite weather and commodity related challenges in 2023, Mr Southwell said there was no shortage of highlights, including some big sales such as jewel on the Lachlan River, Jemalong, selling to Lawson Grains for $85 million through Danny Thomas at LAWD and also the Hay Plain's famous Gundaline that went under the hammer for $120m, also through LAWD, to Chinese firm, Zhejiang Sunrise Garment Group.
These are just some of the highlights from Prime Land, which will be a monthly series "one-stop shop" for all the latest news on rural property market information.
The new online look at rural property will feature what's hot, what's not, sales results and relevant industry issues and analysis.
It will also feature rural locations, such as the initial video kicking off at Narromine, where, in a sign that bodes well for the start to the 2024 season, featured plenty of green roadsides and busy tractors up the paddock.
"It is obvious that the rural property market is a vital discussion that many people have around the state," Mr Southwell said.
He also works alongside an economist who researches land sales across the state, and, combined with his on-the-ground experience and observations, will bring additional value to the readers of this new instalment to the 113-year-old masthead's market insights.
- Readers and agents can also contact Samantha Townsend with rural property market news and information at samantha.townsend@theland.com.au