Rural properties are in short supply in the Tablelands
FAR Northern farms have become a sought-after commodity during the COVID-19 crisis with rural properties rapidly snapped up across the Tablelands.
Tablelands.com and Malanda Real Estate principal Darren Hithersay said his office was so busy it was “running out of rural land” and searching for new listings to satisfy requests from buyers prompted by the pandemic to make a lifestyle change.
“We have always been busy when it comes to rural land, but it has been a little overwhelming since C19,” he said.
“We currently have properties under contract – including one by people from Western Australia – and are getting inquiries from Cairns, Townsville and Brisbane with many people deciding life is too short and it’s time to make a change.
“Buyers are motivated by the climate up here, they want to know if the property has water on it, and most don’t worry if the house is a bit old as they can fix it up.”
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Mr Hithersay said the value of rural properties on the Tablelands had risen with a lack of farms for sale coming onto the market driving the current boom.
“Prices are going up for sure and that’s mainly because of supply and demand,” he said.
“I try not to do the sales pitch, but am telling buyers they need to act if they don’t want to miss out.”
A recent Rural Bank report revealed the median price of farmland in north Queensland increased by 3.5 per cent in 2019 with a 13.5 per cent rise across Australia.
WHAT IT’S WORTH
The median price for farmland in north Queensland was $8947/ha, compared to $4650 across the state. That increased “notably” on the Tablelands and Cassowary Coast while slipping in Douglas and Charters Towers.
The post Real estate: Why rural land is hot across Far North appeared first on realestate.com.au.