Rural property sales across Australia have fallen, but prices are slowly crawling back, according to new data.
The latest Landmark Harcourts’ Benchmark Property Report shows that volumes for properties measuring over 40 hectares dropped in every state across Australia in 2013, except for a marginal increase in Queensland.
But while volumes were down some states recorded a resurgence in prices, especially Western Australia, which recorded a 30 per cent rise in price.
Victorian volumes were also down but prices were up by 4.5 per cent, according to franchise manager for Landmark Harcourts Victoria Jason Hellyer.
“The Victorian regional and rural real estate market is experiencing growth across all sectors. The ‘lifestyle’ sector in particular is clearly the strongest market segment with sales in the 4-40 hectares bracket up by 8.7 per cent this year,” he said.
Queensland was the only state to see increased sales volumes. However, prices were down by nine per cent, reflecting more realistic vendor expectations.