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Rural property price set for a downturn
25 Jul 2005
Real estate analysts LJ Hooker said in their Property Market Monitor that changes in the world economy and the continuing drought will bring an end to the boom in rural property prices. The report, produced in conjunction with BIS Shrapnel, predicted farm incomes could be slashed by up to a third over the coming year, driving down property values. Average land values for broadacre farms increased by more than 50 per cent in real terms over the past three years. The biggest winners were beef pastoral farms in northern Australia along with high-rainfall zone property along the coastline. Farms' values in pastoral zones have been pushing $50 per hectare and properties in the high-rainfall zone almost $2000 per hectare.
Financial Review 25/07/05
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