RURAL property values in the Hunter Valley are running hot, in both the agriculture and lifestyle markets.
Commercial agriculture dominates in the upper Hunter while lifestyle is more of a feature at the lower end of the valley, particularly around wine country near Cessnock.
Director in charge of sales and marketing for Landmark at Scone, Gavin Beard, said strong cattle and sheep prices were among the factors driving the market in his area.
“There is a lot of property for sale and there are a lot of buyers”, he said.
“Anything that comes up has been snapped up.
“It’s the first time for a long time that there is a few bob to be made (in farming)”.
He said the market included a lot of local producers looking to expand.
However there was also interest from city money being invested in agricultural land, as well as off-shore investment from places such as the United States, Asia , Russia and England, Mr Beard said.
“Our country must look to be as good value as any in the world”.
Our country must look to be as good value as any in the world.
– Gavin Beard
Prices had been high, but without any large scale jumps.
He said, however, one of the biggest problems was in managing the high expectations of sellers.
Shelly Jurd, a director and rural sales specialist with Jurds Real Estate at Cessnock, said few properties in the area were big enough to run livestock, so the lifestyle and weekender market was the dominating force there.
“Prices have been strong, more so in some areas than others”, she said.
The company’s territory includes the lower Hunter and extends to districts north of the river such as Dungog and Gresford.
Ms Jurd said the greatest growth had been where the Hunter Expressway provided easy access from Sydney and other areas, notably Pokolbin in the middle of wine country.
“There has been a big surge in the weekender market – something where the owners can do Airbnb, or use the property for themselves”. She said in the vineyard areas values were unlikely to fall below one million dollars.
Recent prices overall had ranged from $880,000 for a two hectare block with a two bedroom house on it, up to “millions of dollars”.
Ms Jurd said rising equity among Sydney home owners because of high property values there.
SOURCE: The Land
POSTED: 6 August 2017
AUTHOR: Alan Dick
@Jurds Real Estate – Cessnock and Hunter Valley Wine Country Property Experts – the place to buy, sell and lease property in Cessnock and the Hunter Region.