Texas tycoons pocket $18 million thanks to booming regional property market

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Real estate agents say low interest rates and a shortage of properties are driving up both demand and prices, with buyers interested in everything from two-bedroom units to acreage blocks and multi-million-dollar grazing allotments.

The coronavirus pandemic may have changed the way real estate agents operate, but it certainly hasn't done anything to dampen the market in the New South Wales Riverina.

"We've had dryland farming property east of Cootamundra make well in excess of $6,000 an acre, country west of Ganmain with 20-inch rainfall and less make $3,000 an acre, and I've also negotiated river country west of Wagga Wagga at $6,000 an acre.Mr McGilvray said low interest rates, high commodity prices and a shortage of farming properties up for sale had created a "perfect storm" and driven the market up.

Gundagai-based selling agent Abb McAlister has seen strong demand for high rainfall grazing properties. "Which is excellent, we don't get a lot of overseas inquiry about grazing country. They are more after the broad acre stuff out west and the big acres," Mr McAlister said.All types of properties are selling in record time at above average prices across the Riverina.

John Mooney, director of John Mooney Real Estate in Wagga Wagga, said the residential market was also booming, with properties — including rentals — being snapped up in record time.

 

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