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Rural price boom near peak
11 May 2006
The surge in rural and regional property values may have peaked. The biggest rises have been in so-called sea change and tree-change areas, districts within commuting distance of major cities. A study by National Australia Bank's agribusiness division said prices should come off the boil in the next year but Australia would have to fall into "a very big hole" for property to turn into a bad investment. The report used NSW as a case study, showing extraordinary rises in some bush property values in recent years. The biggest rise was in the Yass district in the southern tablelands near Canberra, with prices rising a 320 per cent since 2002. Over the last four years, prices have increased 196 per cent around Mudgee, 140 per cent at Bourke, 137 per cent at Parkes, 108 per cent at Walcha.
Financial Review, 11/05/06
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