Rural property market can survive COVID-19 agents say

The booming rural property market could be just as strong on the other side of coronavirus, agents say.

The rural property market has been booming this year.

THE rural and regional property market could still be in a strong position at the other end of the coronavirus pandemic, according to some agents.

It comes as demand for rural properties has been so strong this year some agents have reported that they were short of listings and were seeing up to 70 inquiries for properties on the market.

Ray White Rural Victoria general manager Jason Hellyer said while the coronavirus had clearly stymied the market, he could see sales for regional land being strong after its demise.

“My personal view is that once we get beyond this, and the reality is that we will, it is going to be good for regional Victoria and regional Australia in general,” Mr Hellyer said.

“Prior to this we were having a good period regionally and closing transactions for 2020 were looking exceptionally good.

“This has clearly stymied things a little bit but we can’t see why, when we get past this, that the number of transactions and people looking at purchasing in regional Victoria won’t be even stronger than it was before.

“Anecdotally, people are looking for an alternative lifestyle outside metropolitan Melbourne.”

Charles Stewart and Co’s Nick Adamson echoed the same sentiments.

“In times like this most look to the property market and agricultural land has become fashionable in recent years,” Mr Adamson said.

“The dollar is at an all-time low and interest rates have flattened which could be appealing to a global market

“If commodity prices come off like the share market has it won’t be as positive but prices have been a record high.

“Agriculture could be galvanised in this situation”.