THE Central Queensland rural property market continues to fire, driven by the strength of the cattle market and chickpea values.
Writing in HTW’s latest Month in Review, Rockhampton-based Herron Todd White valuer Michael Chaplain said the strength of the market in the first quarter of 2017 matched levels at the end of last year, confirmed by two strong sales of mixed farming and grazing blocks.
Rickyl, a 1511 hectare (3734 acre) property located 18km east of Capella, that is predominantly grazing; and Park View a 2075ha (2075 acre), 15km west of Springsure, mixed farming and grazing). Rickyl sold at auction for $3.1 million equating to $2052/ha which indicates a similar dollar a hectare rate as the dryland farming property Matilda Downs, which sold in January at a rate of $2054/ha.
Meanwhile, Park View sold at auction for $4.5m equating to $2169/ha. Both of these sales indicate a strengthening of values from sales of similar properties that occurred 12 to 24 months ago.
“As a general statement it appears that values for grazing and farming land (with similar land types) are level pegging,” Mr Chaplain said.
“The upcoming sales of two genuine breeder blocks, Galloway Plains (13,076ha at Calliope) and Develin Station (13,777ha at Marlborough) will be a good test of the demand for larger scale Central Queensland breeder country.”
Also creating plenty of interesting planned sale of Iffley, Deverill and Twenty Mile (41,529ha/102,620 acres) and the lease of Codrilla (12,700ha/31382 acres), which is being offered by CBRE as a whole or individual properties.
Another sale to watch is the coastal breeding block Balmoral at Yaamba, a 2507ha (6195 acre) property to be auctioned in Rockhampton on May 25.
Other upcoming sales include Native Bee (7127ha/17,610 acres) at Clermont, which will be auctioned by Hoch and Wilkinson in Clermont on May 16 and Wilga Downs (4133ha/10,214 acres) which will be auctioned by Maguires Real Estate on May 26.
“This is a thinly traded market, primarily due to lack supply rather than lack of demand.
“It will be interesting to see if the record weaner prices of late will have an influence on the value the market determines for these properties.”
Russell Lindsay, Ray White Rural, Emerald, said there was also little difference between freehold and leasehold land.
“If it will run cattle, people are interested,” Mr Lindsay said.