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Elders rural property update (RPU) draws on transactional data from every rural land sale in Australia. The results for this quarter showed areas that experienced a decline in values in the first half of the year are reverting to the average annual growth rates.
Additionally, since the last Elders RPU, seasonal conditions have remained the key driver of property values. While most states recorded value growth this quarter, South Australia saw a declined largely due to abnormally dry conditions. In contrast, Victoria and Tasmania recorded improvements in values and lift in sales volumes although transactional levels remain lower than normal.
“While values fluctuate from quarter to quarter, we continue to see rural property prices revert to their long-term trend. This reflects strong buyer confidence in the future of Australian agriculture as a stable, long-term investment.” – Mark Barber, General Manager, Farmland Agency and Water.
Read the full Quarter 3 2024 report.
Hungry for more? View previous Rural Property Update editions.
View previous editions here
