Properties like the recently listed Havana North north-west of Wee Waa have benefited from recent rain. Photo: Moree Real Estate

WITH recent substantial rain across large parts of eastern Australia, the northern New South Wales property market is showing signs of gaining momentum either side of the Christmas/New Year break.

As detailed in Friday’s story about post-rain property prospects in southern Queensland, the rain has  created summer-cropping opportunities not present one month ago.

Paul Kelly, Moree Real Estate

Recent rain has delivered mixed fortunes for farmers across the Moree district, damaging winter-crop quality at the start of harvest while providing a strong start for summer planting, according to Moree Real Estate agent Paul Kelly.

“In a three-week period, most people have received between 100mm and 200mm across the district.”

“Unfortunately for some, the rain fell at the start of harvest which has downgraded the quality of the winter crop currently being harvested.”

On the flip side, Mr Kelly said the rain has created favourable conditions for summer crops, including dryland cotton and sorghum.

“The rain is affecting some farmers badly and some positively.

“Typically, weather events hit halfway, a third, or two-thirds through harvest, but this one hit right at the start.

“However, the recent rain has given the summer crop season an amazing start and there will be a lot more summer crop going in.”

Despite the mixed impact on farming, Mr Kelly does not expect the rain to affect property sales volumes in the short term, and he anticipates a busy run-up to Christmas.

“Rain is mostly viewed positively and I am anticipating a busy period until Christmas.

“In the long term, it will do the market a lot of good.

“It will help with property presentation and inject some summer crop cash flow that was unexpected.”

Nutrien Harcourts Narrabri, James Thomas

Harvest rain has reduced grain quality across the Narrabri region but created opportunities for summer cropping, according to Nutrien Harcourts agent James Thomas.

Mr Thomas said more rain had fallen during harvest than during the growing season, with falls ranging from 60mm to 200mm across the broader region.

“Grain has been downgraded, while chickpeas and canola have shelled out.

“However, the silver lining is it has enabled significant summer crops, such as dryland cotton, to be planted.”

Mr Thomas said most properties earmarked for sale this year had been listed in spring.

“Fallow land available for summer cropping could prompt some farmers to bring forward their selling plans.”

Mr Thomas said demand has eased.

“Interest remains below previous years’ levels, with the market returning to its core buyers.

“There is always demand for good places, but generally there has been a levelling off in demand and value.”

Mr Thomas said interest rates are likely to have a greater influence on the property market than short-term seasonal conditions, with selling decisions often driven by strategic and tax considerations.

“At the end of the day, people sell properties for a strategic reason.

“If people were considering selling next year, they will still sell regardless.”

“There is often a lot of tax planning that gets done beforehand around the timing of when a place is taken to market, so they are not going to disrupt those plans based on what the seasons are doing.”

Andrew Starr, Ray White Rural Armidale

October rain has lifted New England’s grazing prospects and could encourage more rural property transactions, although Ray White Rural’s Andrew Starr does not expect it to drive capital growth.

Mr Starr said most people across the region have received 100-150mm during October, with the best three consecutive weeks of rainfall in at least 18 months.

The rain followed what he described as an unprecedented tough stretch from February, when the rain stopped, through to October.

Despite the improved seasonal outlook, Mr Starr described property prices as a flat line.

“I don’t expect rain alone to generate capital growth, but it could lift buyer activity and lead to more transactions.

“Spring and autumn are usually the region’s peak selling seasons, but listings have been limited this spring due to seasonal conditions, with well-organised sellers holding off until autumn.”

Mr Starr expects sellers to feel more confident about opening their farms to inspections once properties look closer to their usual condition in an average season.

Mr Starr said farmers are planting summer crops at a rapid pace.

“The main downside to the rain is for grain growers preparing to harvest, while summer cropping activity is forging ahead.”

Michael Corcoran, LAWD Tamworth

Recent rain has lifted seasonal confidence across northern New South Wales, with LAWD’s Michael Corcoran anticipating more rural property listings ahead of Christmas and a stronger autumn selling season.

Over the past fortnight, Tamworth has received 100mm of rain, Tenterfield up to 200mm, and the Walgett area 150mm.

“The falls have freshened up the season and bolstered confidence in feed availability through summer, Christmas and into the new year.

“However, producers still need more rain to generate runoff and fill dams.”

In southern NSW, a strong season has already brought a substantial number of properties to market.

Mr Corcoran expects more listings in northern NSW between now and Christmas, with others likely to launch in the first quarter of next year.

“The timing of first-quarter campaigns will depend on how the summer season develops.”

Mr Corcoran said the next six months will show how the improved spring season influences the New England property market.

“The region has missed favourable conditions during the past three springs, disrupting the traditional spring selling period.”

“Rain has fallen outside those spring periods, so the region has not been in drought throughout that time.

“Instead, vendors have brought properties to market outside the usual spring window when seasonal conditions allowed.”

Following a period of limited listings, Mr Corcoran is anticipating a stronger autumn selling season.

“Some vendors have held off selling until conditions improved, aiming to present their properties at their best.

“Several properties have already come forward.

“While time is running short to complete a campaign before Christmas, some are expected to be offered by private treaty.”

Mr Corcoran said buyers remain active across northern New South Wales but are seeking value, mindful of current interest rates and their likely direction.

“If the numbers do not stack up on a property, buyers are prepared to move on to the next opportunity.”

“Quality properties are still selling, while B and C grade properties are proving harder to move.”

Grain Central: Get our free news straight to your inbox – Click here