NSW's north west and New England region continues to rise in value despite drought: HTW rural
An increase in interest has been driving values upward in NSW’s north west and the New England region, according to the latest rural report from valuation firm Herron Todd White.
The regions long-term drought conditions have seemingly not reduced the appetite for prospective buyers.
The recent sale of Pandora, 14 kilometres south of Walcha, shows the demand from neighbours looking to expand – One of the biggest sale drivers in the region.
The property recently sold at auction for $4.65 million.
This represented a value of $9699 per hectare ($3927 per acre), which was well above the local average.
Since July 2019 there have been just under 20 sales of properties in excess of 200 hectares throughout the Walcha, Uralla, Armidale and Uralla shires, with some additional sales yet to be settled.
The HTW report found that, whilst the number of overall sales is lower compared to the previous financial year, the median price per hectare continues to rise.
“We feel this is a combination of the increased demand from local landholders and neighbours expanding and the lack of listings leading to increased competition,” the firm concluded.
“It is too early to predict what impact [COVID-19] will have on the rural market and our team will continue to monitor the rural market and report any relevant observations on the rural sector and market over the next six to 12 months.”
The full Herron Todd White 'Month-in-Review' for April can be read here.
Note regarding COVID-19:
This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.
This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.
