Heat in the central west and western New South Wales rural property market
There's heat in the rural property market in central west and western New South Wales according to Herron Todd White fuelled by of cheap interest rates, strong livestock and commodity values and reasonable seasonal conditions.
The analyst firm said there is a feeling that the market is approaching a plateau or ceiling however there is still strong enough enquiry on most saleable listings.
"We are still experiencing the strength of cheap interest rates, strong livestock and commodity values and reasonable seasonal conditions," HTW said.
"While all these factors continue, our forecast is for strong interest in rural property offerings, however if one or several of these factors falters, the current heat in the market will potentially cool.
"We don’t see discounts, only less interest at current levels.
"Winter crop planting is well underway with the majority of early sown wheat in (mostly sown dry) and still going in.
"Some canola has been planted however without any follow up rain the planting has stopped.
"Generally the area requires immediate rain for the autumn and winter period to be successful.
Property sales have slowed mostly on the back of insufficient listings and the seasonal decline.
"Another successful release of Stage 2 in the Cobbora Holdings property offerings saw the majority sold under the hammer with the balance in negotiation straight after the event."
One property, Bunnalma, 14R Nulla Road Dubbo, NSW is currently on the market for $1,200,000.
It is 90 percent arable and currently sown to a mix of established lucerne and oats.
