Reliable rainfall country a real attraction for buyers

Reliable rainfall country a real attraction for buyers

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GRAZING DEMAND: Interstate buyers are competing with local and regional buyers in the search for property in the more reliable rainfall areas of south west Victoria.

GRAZING DEMAND: Interstate buyers are competing with local and regional buyers in the search for property in the more reliable rainfall areas of south west Victoria.

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Buyers from across the spectrum and from interstate as well as local are pushing land prices higher, with no end in sight.

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Property sales in Victoria's west and south-west have seen a continued surge in demand and consequent rise in prices.

The recent sales follow on the back of a great spring in 2019 and follow-up through summer and into autumn 2020.

Charles Stewart & Co Warrnambool branch manager and real estate consultant Nick Adamson said demand was the driver for land values heading higher.

It had been a perfect storm in the region with commodities and the season at current high levels.

Wool, grain, beef and sheep were at high levels and dairy had improved.

He said the company had sold three dairy farms over summer with two going to beef and one as an ongoing dairy operation.

He said the demand for dairy farms was picking up with a milk price around $7 a kilogram milk solids.

Mr Adamson said there was still demand coming from interstate.

"We thought it might have dropped off a little with the rain, but that hasn't happened at this stage," he said.

The property market was "certainly in a situation" where demand from interstate, around the state and locally exceeded supply.

"There is more demand than supply, we have largely sold out of listings," he said.

March to June, "before the onset of cold weather", was probably the second busiest season of selling.

Mr Adamson said the appetite for high-rainfall western district cropping land was extremely strong.

He said demand was across the board including corporate inquiry, but that was matched by regional family operators.

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