FARM MARKET ‘STEADY’
As we come to the end of the financial year, Peter Druitt, Director of stock and station and real estate agents Peter Druitt & Co, thought it might be worthwhile re-capping what happened to the rural property market in the year just past for the Mudgee/Gulgong/Rylstone area.
‘From a perspective of our own business, we submitted six significant rural holdings to auction during the course of the year, in all parts of the district’ said Peter.’ These properties included ‘Northaven’ at Rylstone, ‘Hillview’ at Goolma, ‘Harley Hill’ at Bylong, ‘The Lagoon’ at Gulgong, ‘Riama’ at Ilford and ‘Cossington Creek’ at Coolah. The final result has been that all these properties have been sold, and as none were mortgagee or forced sales this surely dispels the myths being put around that the market is ‘dead’, or that there are no buyers out there.’
‘On the other hand, some of these sales have been quite protracted and a long negotiation, and all have been what might be called fair market value, rather than astronomical prices, so nor could we say we are in a boom period. I would suggest that the rural market in our area is currently in an equilibrium state, with the two forces of supply and demand fairly well balanced.’
‘Looking at where the buyers for these properties have come from, once again we have a fairly balanced situation. Of the six, three were landholders that already had country in the area, two were Sydney buyers and one was a corporation. There has been a tendency in this area to overlook the importance of the local buyer, but the past year has shown once again what an important part of our market they are.’
‘We have several rural properties coming up for sale over the next few months, so it will be interesting to see where the market goes from here. My best guess is that we are going to see more of the same.’
Should you wish to discuss the rural market in any more detail, or have some questions about your own particular situation, please give Peter a call on 0428 634 376 at any time.