WESTERN AUSTRALIA MARKET UPDATE

With demand for quality property far exceeding supply, vendors have been achieving record prices in the Mid West of Western Australia.

In particular, broadacre grain producing properties have led the surge in land prices in the last Spring/Summer selling season. Underpinned by a run of excellent seasons, good commodity prices and low interest rates, buyers have entered the market with confidence. There is also an increase in corporate buying activity throughout the region, prompting potential sellers to test the market. Smaller parcels of land that may not be of interest to such buyers, are keenly sourced by family owned enterprises keen to expand. These strong sales results have occurred in all districts of the Mid West, regardless of the rainfall zones.

With significant interest throughout the region in both the gas and renewable energy sectors, landholders are reluctant to take their property to the market (particularly in the northern and eastern districts), seemingly happy to watch how this space unfolds.

Being located in a Mediterranean climate, the Midwest has a typical May to September growing season, with stored moisture from irregular summer rainfall particularly important. The 2024 season has so far provided a mixed bag, with only a few districts receiving any summer rainfall. At the time of writing, most of the medium rainfall zone has received average winter falls thus far, with crops and pasture having good potential. However the low rainfall zone (less than 325mm) has very little soil moisture available. In some cases germination has been poor and many crops are under stress.

With the traditional Spring selling season approaching, expect quality properties to continue to be a prime target to astute investors and existing agricultural enterprises.

Proximity to the regional centre of Geraldton and all its amenities, plus a coastal lifestyle, makes the Mid West an attractive region to live, work and invest. Our marketplace has seen strong enquiry due to its diverse sectors, including residential, semi-rural properties, agricultural and commercial opportunities.

Having extensive local knowledge of the local markets, the backing of a network that runs deep throughout the region, a client first mentality, and a strong understanding of how to best represent their seller’s property, the team at Elders Real Estate in Geraldton expect to continue to achieve outstanding results.

Courtney Keeffe

Rural Sales Specialist WA 0429 625 007 courtney.keeffe@elders.com.au