A RURAL property specialist is tipping that more rural and farming properties will come on the market this year as sellers become emboldened by the good seasonal conditions.
Peter Hawkins, director of Pat Rice & Hawkins, said the potential supply of properties had built up despite the good spring rains favouring sales. ''Many vendors were reluctant to actively place their properties on the market for sale,'' he said.
The outlook is also looking better for lifestyle and hobby farms, which are typically 100 kilometres or 1½ hours' drive from the city. Mr Hawkins said demand for lifestyle properties tended to track the trend of Melbourne residential property prices.
''As the residential property market in Melbourne's inner and established residential areas has been softer, this has certainly been reflected in lifestyle property interest and values,'' he said.
''I would expect a market improvement here by mid-year that would flow on to the lifestyle market in the preferred middle-distance areas of the Yarra Valley, Mornington Peninsula, Macedon and Geelong districts.''
Pat Rice & Hawkins sold more than $19 million worth of properties last year. One of the biggest deals was the $7 million achieved for Reynella Park at Tinamba in Gippsland, which is judged as one of the finest premium dairy farm properties in the Maffra irrigation district. Mr Hawkins said it regularly rated in the top 10 per cent of dairy farms in independent benchmarking studies.
The 325-hectare farm milks more than 800 cows and has a massive water supply. It was sold on a going concern basis, which included livestock, machinery and equipment, the land, water rights and the three houses, to experienced dairy interests from interstate.
Another big auction sale was Morebringer on the Riverina Highway at Howlong in New South Wales, which went for $4,375,000 to established farming interests from the Coleambally district.
Morebringer includes 526 hectares, extensive water resources, 2.5 kilometres of direct frontage on the Murray River, and a historic homestead that has the original section dating back to 1880, set in an established garden.
Other big sales by Pat Rice & Hawkins included:
■Merrigans, a 126-hectare farm at Swanpool, near Benalla, that sells its own wine and includes a homestead built in 1905, sold for more than $1.2 million.
■110 Sheffield Road, Neerim South, in West Gippsland, a 116-hectare cattle and dairy farm held in five titles, which sold for an undisclosed price before auction.
■Lochinvar at Glenrowan, a 46.5-hectare grazing or horse property with a historic home ($740,000).
■Briglen at Buckley near Geelong, a 40.5-hectare property with established horse facilities (more than $600,000).
■Roseville at Molesworth, 61.5 hectares with extensive frontage to both the Goulburn River and the Goulburn Valley Highway ($885,000).
■Amby Hills at Merton, an equestrian and grazing property of 31.6 hectares ($540,000).
■Woodsyde at Macedon, 85 hectares close to Gisborne ($1.5 million).
■Barfold Views, 93 hectares at Barfold via Kyneton with a residence and park-like pastures ($1.5 million).
■Ghin Ghin Ridge at Yea, with a house on 75 hectares with expansive views and a two-kilometre frontage to the Goulburn River, sold for $1.5 million.
