Big demand for rural property

Many auctions this spring have resulted in a sale either under the hammer or within days, and 'sold' signs are appearing on many properties marketed by registrations of interest.

This is despite the promise of a great season being diminished in many areas of the state.

Among those properties sold at auction include Sarnia and Karingal at Willalooka for $4.3 million in early September and last week, the 364.39 ha cropping property Ashmore Farm at Mintaro which sold in three lots for $2.326m.

The blue-ribbon sale of the season has been 56,093 ha Collinsville Station, north east of Burra plus the stud Merino flocks.

Landmark Harcourts real estate manager south east region Simon McIntyre acknowledged the seasonal conditions had taken a little confidence out of the market but said interest rates were still very low, and commodity prices still solid.

"The season hasn't finished up how we would have liked but transactions are still happening around vendors expectations. The market does require a little patience though," he said.

Mr McIntyre said there were fewer properties on the market than previous years which was contributing to the steady enquiry for those available, and some good auction sale results.

There has also been solid interest in several pastoral properties from locals and Vic and NSW buyers following the successful sale of Waterbag Station via Broken Hill in August. It attracted a huge number of enquiries and 16 property inspections.

* Full report in Stock Journal, October 30, 2014 issue.