Rural, residential and business sales soaring in Cobar

Rural, residential and business sales soaring in Cobar

Investors, local and first home buyers have been keeping Cobar’s real estate agents busy over the past few months with rural, residential and business sales all soaring.

David Russell, principal and co-owner of Landmark Russell (Nutrien Harcourts), has been working in the stock and station industry since 1979, and said sales over the past few months, particularly in the rural sector, have been as busy as he can remember.

“We’ve already sold something like 30 properties for the financial year,” David told The Cobar Weekly yesterday.

Among those sold, a number have been owned for many years by local families and include ‘Florida’, ‘Nimagee Station’ and ‘Stanifords’.

David said he was pleased to see a large number being sold for record prices.

He said many listed properties are also selling before they get to auction.

David attributes the current run on rural sales to a seasonal improvement and “very attractive low interest rates”.

He currently has a 132,000 acre property listed in the south of the shire which he expects will make in excess of $20 million.

“I’ve already had eight or nine inspections on it,” David said.

He said buyers are getting good value for money in grazing country at the moment.

“The way the dorper and the goat industry markets are at the moment it’s extremely strong and our country looks  good,” he said.

David said their residential and commercial sales are also going well.

Tracey Kings from Red Earth Real Estate said she’s predominantly been kept busy over the past few months by first home buyers.

Many are taking advantage of the NSW Government’s First Home Buyers Assistance Scheme which may allow them to get a concessional rate of transfer duty or even an exemption from paying it altogether.

Tracey said the majority of her sales have been in the $100,000 to $200,000 price range.

“I’ve had a lot of interest. I think in the last couple of weeks, I’ve sold seven (or had offers made for seven houses).

“I think it’s going to continue for awhile,” Tracey predicted.