News

Market boosts rural growth in region

LAND UP: Good land valuations for North Burnett may not last under current climate.
LAND UP: Good land valuations for North Burnett may not last under current climate. Mike Knott

FARMING land value in the North Burnett has increased as a result of good commodity prices in the region and a growing grazing market.

However, while last year was a good year for producers, this year has not been so kind.

Brett Allen, owner of Monto Property, said good prices for beef and cattle would not last long under the current drought conditions, and land value would eventually fall.

"We've had an increase in farm value because of good commodity prices, but with the drought declaration, those benefits won't mean much," Mr Allen said.

Though there was a reprieve this week with major rainfall sweeping the area, it may not be enough.

According to the Valuer-General's 2017 Property Market Movement Report, farm land values increased by 8.9% to a total price of $573,921,500.

Ray White Rural Mundubbera principal Janelle Duffin said the biggest sales in the area over the past year had come from large rural holdings.

"They're true rural properties that we're seeing sell, and that's relating to the improved beef prices across the region," Mrs Duffin said.

She was more optimistic about the situation.

"Regardless of the dry times, we're still seeing properties changing hands, we're still seeing people looking for blocks," she said.

"If a grazing property does still have good grass on it, that's more attractive to buyers.

"Most people are in it for the long haul and they recognise that the drought will eventually break."

According to the report, which was compiled from real estate data from the past 12 months, urban, retail and residential markets have seen a decline, though Mundubbera and Gayndah remained static.

Meanwhile, other fronts look less hopeful, with a drop of 6.1% to $38,500 for residential, multi-unit prices dropping 4.6% to $733,000, and commercial and industrial land dropping 3.2% and 1.4% respectively.

Mrs Duffin said movement in the area of first home buyers was something the region needed to see more of.

"We have a lot of young people renting and I think they can probably pay off a good home for the money they're paying in rent."

Topics:  farming land valuations north burnett rural



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