High demand for city’s hectares

High demand for city’s hectares
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HEALTHY CATTLE: High rainfall and good grass growth makes our local farmland attractive to buyers, including those interested in beef production. PHOTO: Kieren Tilly

LOCAL farmland would appear to be even hotter property than residential real estate in the municipality at the moment with both demand and prices on the rise.

According to the Rural Bank’s Australian Farmland Values 2020 report, while the number of total property transactions taking place was down over 20 per cent from 2018 to 2019 in the Rural City of Wangaratta, the compound annual growth rate (over five years) in dollars per hectare, was up over 10 per cent.

The Rural Bank says across Victoria in 2019, competition remained high for a reduced number of properties for sale, while a favourable cropping season and stronger livestock prices gave confidence to farm owners and put more money in their pockets, which allowed for new land purchases.

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