Property Report: Rural Market Wraps up 2020-21 Season
The Country’s Rowena Duncum is joined by PGG Wrightson’s General Manager for Rural Real Estate Peter Newbold to take a look at the rural property market this month.
The 2020-21 rural real estate season has come to an end. Newbold notes that it has been the best year recently, especially with all sectors selling robust and values are up and there has been some promising movement in the dairy sector.
Duncum queries who the most active buyers are this past season. Newbold highlights that usually it is someone from the rural community, but now there are a lot of new entrance buyers in the market which hasn’t been seen for some time.
Farmers who are looking at putting their properties on the market have been driven by retirement, family succession, the banks are cooperative, and the current positive market place. Newbold adds that if you are looking at selling, then now would be a really good time.
Overseas investment office regulations are still impacting the rural real estate market, particularly with properties over the $13 million mark.
Duncum queries if issues around labor are influencing property buyers decisions. Newbold notes that there is more to the day-to-day operation of a farm than some people realize.
Newbold highlights that the rural industry is a wonderful community to be involved with.
Click the play button for the full interview.