New South Wales farmland prices have risen despite an interest rate hike causing pain in the residential market.
"But I don't think these rates at the moment are going to cause any troubles and I think they are pretty manageable.""At the moment farm incomes and farm returns are high and well and truly covering the cost of funds," he said."The demand for grazing operations is being driven by the next generation coming back to the land, because it's worthwhile coming back, the agricultural sector is very strong and the future looks very bright," he said.
Mr Nolan agreed corporates were going out of the market as "they had ridden the capital growth game". The well-equipped property featured three residences, three sets of steel cattle yards, a shearing shed with steel sheep yards, four sets of steel sheep yards, a machinery shed, a hay shed and six silos.In contrast, Mr Nolan also sold 907 hectare property Bunnabukbuk at Adelong on the NSW South West Slopes for $13.2 million."Bunnabukbuk was basically bare with a set of basic cattle yards and basic shearing shed," Mr Nolan said.
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