SALES of regional and rural properties throughout Australia raked in billions in the past year.
While capital city property markets often get most of the attention, the latest Landmark Harcourts Benchmark report revealed properties outside those areas were also pulling in the big bucks.
And Landmark Harcourts general manager, Mark Brooke, believed the current status should continue throughout the rest of the year.
In the year to November $50.7 billion worth of regional real estate was sold in 122,772 transactions.
PROPERTY MARKET FINALLY OVER THE HUMP
PROPERTY MARKET NOT HEADED FOR COLLAPSE
The value of those sales lifted by 5.1 per cent on the previous year.
Mr Brooke said there was continued interest from overseas buyers to invest in regional property and land.
He said the rural industry sector had benefited from consistently high beef and sheep commodity prices and the lower Australian dollar.
“The rural and regional marketplace demonstrates a continuation of improved investor confidence,” he said.
The total number of sales in regional areas grew over the year in New South Wales which was up by 6.1 per cent, Victoria, up 0.2 per cent and Tasmania which was up by 2.1 per cent.
Sales dropped in Queensland by 6.1 per cent, South Australia by 1.3 per cent, Western Australia by 7.8 per cent.
The biggest falls were in the Northern Territory where sales dropped by a massive 23.6 per cent.
Excluding residential houses, there were 28,477 rural property sales over the year with a total value of $16.1 billion.
While only a relatively small state, New South Wales accounted for the largest value of sales of residential houses and agricultural properties.
There were 51,407 transactions worth a total of $24.1 billion.
Throughout regional Victoria there were 31,006 sales worth a total of $11.2 billion.
In Queensland there were 19,084 properties sold worth $7.6 billion while in South Australia there were 6618 sales recorded worth $2.3 billion.
Regional areas of Western Australia recorded 8026 sales worth $3.6 billion and in Tasmania 5916 properties sold for $1.7 billion.
The Northern Territory only had 714 sales worth $349.8 million.
“Transactions are pretty static in the rural space,’’ Mr Brooke said.
“Albeit values are up, what that tells me is that what we know to be the case is a continual consolidation of rural property in Australia.
“We have the same number of transactions for greater value generally speaking because the properties are larger.
“People are getting more money but also properties are larger so there is a compounding effect there and that has been continuing probably for 30 years and that will continue to be the case.
“Generally speaking I think it’s going to be a reasonable year,’’ he said.