Property

Rural properties expected to soar as investors seek income

RURAL properties should become highly sought after over the coming months as investors turn to the Southern Downs as beef cattle prices soar.

While the latest Real Estate Institute of Queensland figures show a 10.8% drop in the median price to $290,000 for rural houses, Warwick Real Estate's Neil Carney expected income-producing properties to improve their value "significantly".

"The (median price) drop would be due to a lot of cheaper lifestyle blocks being sold," Mr Carney said.

"But there's been some fairly good rural sales occurring and there is demand at the moment for income-producing rural properties.

"The rural market will increase, particularly in the grain growing areas.

"With the high cattle prices combined with that, the rural incomes are on the increase and that makes people want to acquire more property and that will increase prices."

The Southern Downs' non-rural median sale price rose 3.8% to $245,000.

Warwick's April to June median house price was $254,000.

This was slightly higher than the year-on-year annual sale price of $242,500.

Stanthorpe's quarterly median was not recorded due to low sales, but its year-on-year annual median sits at $241,250.

A total of 68 houses and no units changed hands in the three months to June 30 in Warwick and Stanthorpe, while 33 rural properties sold across the Southern Downs.

Warwick recorded 41 non-rural sales and Stanthorpe had 16.

Mr Carney said he hoped the Downs would benefit from Ipswich's booming market rather than suffer on the coat-tails of Toowoomba where houses remained listed for an average 65 days and investors were dropping rental prices.

"Here sales are happening within 30 days," he said of the town market.

"It is still a buyer's market and it is going to remain that way for some time.

"Toowoomba market is starting to decline but Ipswich is close to a peak and usually when Ipswich gets to a peak we have a ripple effect from that - that's a glimmer of hope.

"But the benefit from Ipswich coming forward in price may be negated by the slowing of Toowoomba." - ARM NEWSDESK

Topics:  housing, investors, reiq, rural properties



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