Rural - In Focus – McGrath Central Tablelands

This month, we look at what’s happening around the Central Tablelands during the commencement of spring with McGrath rural specialist Stewart Adlington.

As September draws to an end and spring takes effect, the Mudgee region is reflecting on another hugely successful Wine and Food month.

The annual month-long event attracts thousands of visitors from Sydney and the wider state to the region, culminating with ‘Flavours’. The event transforms Mudgee’s streets with food stalls from restaurants and producers while local cellar doors showcase their finest.

With its quality hospitality ventures, Mudgee has taken out the ‘Top Town’ honour at the Australian Tourism Awards for the last two years.

And its profile as a getaway destination has turned many who travel there into investors and owner-occupiers in the region.

Stewart Adlington, Rural Specialist at McGrath Central Tablelands, said community events were important for all local businesses, drawing visitors to the region who often fall in love with the lifestyle and decide to buy their own investment property, or rural and lifestyle property. Indeed, many choose to make a permanent tree-change.

“Generally, we see a spike in enquiry for rural lifestyle properties in the month following major events such as the Food and Wine Month and the Mudgee Small Farm Field Days,” said Mr Adlington.

Commonly, showcase events have resonated with Sydney buyers who, after returning home, have leveraged equity in their principal residences to buy lifestyle getaway properties, typically priced between $600 000 and $1 500,000 around the area, he said.

“Buyers have been looking for a minimum 10 – 40 hectares with maybe some small-scale production,” he said. “Somewhere where they can sit out on the verandah with a wine and watch the cows or horses graze as the sun goes down.”

Like many regions, Covid accelerated interest in the Central Tablelands, which was reflected in sharp price growth.

Prices peaked around September last year as interest rates started to impact borrowing capacity. But with strong gains still recorded over the last three years – a combination of pandemic buying, record low-interest rates and the La Nina weather pattern – Mr Adlington said owners are still enquiring as to how their properties are placed in the market.

With the RBA having held the cash rate at its last three board meetings, green shoots of confidence were appearing amongst buyers, which perfectly coincided with Wine and Food Month.

“There are sellers looking to capitalise on the recent influx of visitors to the region and the improved sentiment from buyers. Over the coming months, we’ll receive enquiries from recent visitors who are keen to acquire their own piece of the region.”

In readiness, the agency has 12 quality listings to go under the hammer during spring with many more coming to market via private treaty.

One of the standout listings the agency is marketing is Kiloran, at 3019 Bylong Way, Rylstone. The 263ha property includes a four bedroom grand homestead and full set of structural improvements. It will go under the hammer in November.