THE Rural and lifestyle property market flinched slightly in the early and mid part of 2019 but soon came charging back when the government won the unwinnable election and the aftermath of the Banking Royal Commission was behind us.
Lifestyle properties within a short drive to the coast have been snapped up quickly with most exceeding expectations.
Broader acreage properties that are more farming opportunities than lifestyle choices, are also in high demand as the rural sector kicks along with strong, lamb, beef and wool prices.
Richardson Real Estate sales manager Matt Poustie says that they have had some incredible sale results in 2019 across the Geelong, Surf Coast, Bellarine and Greater Geelong areas including both lifestyle and residential properties.
“Some notable results include a record-breaking land sale in Teesdale for over $20,000,000; 2-20 Allens Road Portarlington for $4,500,000; 70 Walter Road Barrabool for $2,100,000; 2145 Hendy Main Road Freshwater Creek for $1,540,000 and the complete sell out of the 55 lot subdivision at Hinterland Moriac,” Mr Poustie said.
“With strong buyer activity over the past Spring, with many buyers on our database still searching for a suitable property, we do envisage a strong year of sales ahead.
“The consistent rain in 2019 did assist with the pre-sale presentation of properties, so we hope that this continues after the conclusion of Summer.”
Charles Stewart & Co has sold a record volume of rural real estate in Western Victoria in the past three months according to managing director Michael Stewart.
“We have been experiencing the best selling season in the company’s history and in many cases achieving record sale prices,” Mr Stewart said.
“The result is an increase of more than 70 per cent on our previous highest annual total real estate turnover.
“Never before has the company handled the number of significant and varied properties throughout Western Victoria than it has in the past year.
“A number of factors contributed to the outstanding selling season, including widespread local and international recognition that our region was one of the most versatile, productive, reliable and secure areas in Australia.
“This has combined with particularly favourable agricultural commodity prices, and current low interest rates to create strong demand for rural property.
“What we’re noticing about the buyers we’re attracting is a significant number of them are established farming enterprises looking to expand their businesses.
“This is great for the region because it reflects the optimism and confidence of farmers in this part of Victoria,” Mr Stewart said.
Rural & Lifestyle Property sales manager for RT Edgar Real Estate Bellarine, Peter Lindeman, reports strong buying enquiry numbers throughout 2019, particularly for properties worth between $1 and $2.5 million.
“We have had some standout sales of rural lifestyle properties on the Bellarine Peninsular this year including a sale price of $2,500,000.00 for 75 hectares of bare land with improved pasture on the Queenscliff – Portarlington Road,” Mr Lindeman said.
“Another sale of note was a recently renovated home on 1.8 hectares situated in Blackgate Road Freshwater Creek which sold for $1,750,000.00.
“As far as broader acreage goes, large scale rural properties worth tens of millions of dollars have traded throughout Victoria.
“The number of mixed farms on the market, particularly in the Western District, is at a level not seen for the past decade.
“We are seeing buying enquiry up significantly,” Mr Lindeman said.
“Fuelling buyer interest are record low interest rates and buyers and vendors are more aligned to the current market.
“Properties under $1.5 million are still the strongest segment in the rural lifestyle market especially around Drysdale, Wallington, Ceres, Barrabool, Gnarwarre, Freshwater Creek, Mount Duneed, Moriac and even the areas of Gherang, Wensleydale, Winchelsea and Inverleigh.
“With the results of the Banking Royal Commission and banks signalling that the days of routinely following the Reserve Bank’s moves on interest rates may be over, has caused some uncertainty, however there is definitely more confidence since the Federal election.
“Recognition by the Federal Government that agriculture will play a significant role in Australia’s growth over the next decade and beyond has also contributed to improved confidence in the rural property market.”