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What downturn? Rural land prices continue to soar with this vacant block in the New England region selling for over $2 million.
There’s no sign of a downturn on the rural property market after ‘North Myoora’, a 695 acre block with a shed, just six kilometers out of Manilla fetched $3395 per acre recently at auction.
The property runs along 1.8 kilometers of the Manilla River, some dual frontage and has irrigation potential.
Selling agent Paul Kelly from Moree Real Estate said it was a strong sale, won by a local farmer.
“We had six registered bidders and it was a local who has other property in the area that purchased the block,” he said.
The property sold for $2.35 million, which was much more than originally thought, showing the strength in the rural market at the moment.
“The selling price was a good 20 percent stronger than what we were originally thinking. It's a very tightly held area and that doesn’t look like shifting at the minute.”
Mr Kelly said they were yet to see any impact of the latest interest rate rise.
“We haven’t seen any change yet with the increase in interest rates,” he said.
