AgriCast Episode 16: December 6, 2024 | Rural markets react to rain, plus this week's property of the week - video Dailymotion

AgriCast

Darryl Langton from Nutrien Harcourts talks about Queensland’s rainfall, its effect on property sales, and introduces the $27.5 million Bonavista property.

Transcript

00:00Hi, welcome to AgriCast. We're taking a look at real estate and joining me is Darrell Langton

00:13from Nutrien Harcourt in Western Queensland. We've had some widespread rain, which is very

00:19exciting, particularly in Southern Queensland. What impact will that have on the property market

00:24for the rest of this year and into 2025? Yeah, substantial rainfall recorded

00:30right across Southern Queensland, west into the far southwest, so falls of 100mm to 200mm

00:37recorded. So in some of those areas, falls of 200mm, so getting quite close to half their annual

00:43rainfall average. So our country has really responded, lots of green grass,

00:48dams are full. It's brought some properties immediately to market, but I think a lot of

00:53larger scale properties that are going to go to full public marketing campaigns, such as auction

00:58campaigns, some of those campaigns and properties and sellers will wait until the new year.

01:03Interest rates are obviously another factor that's really playing into the property market at the

01:08moment. Do you think it's impacted investment in the rural property market in particular,

01:14and any predictions for next year? I think the rural property market interest rates are

01:19one of the components that might motivate someone to buy or sell, but there's a number of other

01:25aspects around that. So one is seasonal conditions, two is availability of credit,

01:30commodity markets, farm gate prices, things like the price of cattle and sheep and wheat

01:35and cotton and those things. So generationally, we're seeing interest rates still historically

01:41quite low levels. If you talk to some older farmers, 60, 70, 80 year age bracket,

01:47quite a lot of them will recount stories of when interest rates were 10 or 20%. So for interest

01:52rates, still in a range of 5, 6, 7, 8%. I think historically, it's quite comfortable territory

01:58for a lot of producers. Are we going to get an interest rate cut before Christmas? Probably

02:02looks pretty unlikely. I think we might see a cut, but maybe not immediately post Christmas,

02:07maybe perhaps the second quarter of next year. Do you have a rural property of the week for us

02:13that we can take a look at? This recent rain has allowed us to present a new property,

02:17and one of those is Bonavista at St. George. Really large scale property, just a bit bigger

02:22than 10,000 hectares, so about 24,000 odd acres in the old scale. Listed for sale at $27.5M.

02:30Soft red buffelgrass country on the bitumen. It's got lovely scale, so around about 1,200 breeders

02:36or 1,200 cows and calves and up to 2,000 backgrounders. Excellent facilities, lovely brick

02:42home, great set of cattle yards. It's got wonderful scale, so quality property in a very

02:48good region. Been very well developed by the current owners. Daryl Langton, thank you so

02:52much for joining us on Acrocast.

AgriCast Episode 16: December 6, 2024 | Rural markets react to rain, plus this week's property of the week

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