Farms in Queensland are expected to hold their value, according to the latest projections since Cyclone Debbie wreaked havoc to Australia’s east coastline.
Cane, fruit and vegetable farmers in the Proserpine region and Lockyer Valley were hit hardest by the devastating weather over the past week, it has been reported.
Although much of the damage has yet to be assessed due to flooding, valuers expect the industry has survived the worst.
“As a general rule, climatic instability and extreme weather events, which were previously rare events, have become an inherent problem and won’t impact on property values,” veteran rural valuer Sam Paton told the AFR.
“There won’t be a negative effect in terms of the big picture. Buyers know the weather is an inherent issue and that cyclones are always a threat.”
He added that the banks, as a general rule, would bend over backwards, to help out farmers. “Their policy is to look after people and get them back on their feet,” he said.
While a lull in activity is expected “for a little while”, Northern zone real estate manager Andrew Adcock, also believes prices would be maintained.
“There may be a few cheaper sales going through among those growers who have decided to sell and don’t want to deal with this sort of thing again. But most people hang in and will reinstate their properties to what they were,” Adcock said.