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Broad acre property booms in SA & WA
9 Jan 2006
NSW’s share of national rural property market has fallen from 42 per cent in 2002 to 27 per cent last year as drought took its toll on rural broad acre real estate. Rationalisation in the pastoral and cropping sectors drove rural property sales up 34 per cent to $11.2 billion in 2005. The number of broadacre sales in Western Australia almost doubled last year to 2404, just behind NSW’s figure which fell 25 per cent from 2004. The average sale price in WA jumped 66 per cent to $1.2 million, and in South Australia the average price rose 82 per cent to $743,985.
Financial Review, 09/01/06
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