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Rural property in demand
20 Dec 2004
Sales of rural holdings surged to more than $8.3 billion in 2003/04, with changes in the ownership of cattle stations in northern Australia and buoyant sales of “lifestyle” properties with reasonable proximity to cities and regional centres behind the boom. A study of the rural market by Elders Real Estate shows sales volume and the average sale price both jumped by nearly 20 per cent during 2004. Elders found that more than $4.6 billion worth of broadacre property changed hands in 2003/04, with 9,973 sales at an average price of $609,900. The average price of broadacre property sold in Queensland increased by 41 per cent over three years. Prices in South Australia increased by 14 per cent. Lifestyle rural sales, or properties of less than 40 hectares, totalled $2.26 billion in 2003-04 with 5,583 sales at an average price of $405,000.
Financial Review, 20/12/04
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