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Property sales drop as drought persists
10 Dec 2007
Rural property sales slumped in spring as severe drought conditions slashed the winter crop. At some auctions clearance rates were less than 50 per cent and instead of six bidders there was only one. Rural property director for Colliers International, Chris Todd, said that smaller and middle-range properties (1215 to 4050 hectares) in particular had lost value. "These smaller properties are struggling to be viable with continued drought, and a drop in cattle prices, especially over the last eight weeks," he said. Agents say that properties aren't selling because they are over-priced compared with the return the land could bring but that higher rainfall areas have not been so badly affected by negative sentiment.
Financial Review, 10/12/2007
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