What is driving North Queensland property sales in 2024?

Elders Rockhampton rural property sales specialist Virgil Kenny said this was a typical slow start to the year, but landholders were enjoying this year's widespread seasonal conditions.

"Landowners who have been struggling for five years through the drought and unseasonal conditions and cattle markets are all of a sudden enjoying a bit of a refresh with rains and good markets," Mr Kenny said.

"People have paid off a lot of debt on properties and taking stock and I think now they're just sitting back and enjoying what they have right now, without stressing too much.

"We are starting to see some major properties come into the market and a lot of them are on the basis of succession planning, retirement or downsizing."

A handful of properties are currently on the market including Montrose at Marlborough, Morbank at Rockhampton, Fairlight Station on the Cape York Peninsula, Walkers Park Station at Richmond, Moonby Station at Hughenden.

Mr Kenny said overall the property market had remained strong over the last few years and had since "settled nicely".

"Overall the property market has been very strong especially over the last few years even through some very dry seasons. We saw prices increase in the last 18 month period and we seem to have settled at a level now that everyone is comfortable with," he said.

"We've got exceptional properties like Morbank which is a fattening and backgrounding property and Montrose, which is an exceptionally good breeder block. They are places that very rarely come on the market. The current owners have owned it for 47 years and it had two owners before that."

Mr Kenny said there were a number of potential buyers looking for properties but were waiting until there was more security within the industry.

"We've seen good seasonal conditions with a tremendous season out in western Queensland and up through the north west... so at this point people are taking stock," he said.

"As the cattle and property markets go hand-in-hand, I feel if the cattle market were to jump it would allow for more security behind peoples' decisions, as to what they want to do. Right now people are looking and cautious as too if they want to spend the money just yet and see what the market does."

Richmond rural real estate, Wharton Co director John Wharton said if buyers were looking at stepping into the North Queensland market, it was "time to do it now".

"The rural property market in North Queensland is showing signs of strength, there is no doubt about that," Mr Wharton said.

"They would be silly if they were holding off, if they want to buy, they are better off buying now because the property market is only going to get stronger.

"The cattle market and property market is only going to get stronger all year, so as the cattle market rises the property market will rise too."

Mr Wharton said he had sold a number of properties this year and buyers were missing out.

"There are not many properties available, they are very limited. The properties that are selling are being bought by locals and I've had one person buy from away. I think people have realised that the values are still pretty good here," he said.

"If you're along the Flinders Highway and close to the railway line you're looking at upwards of $350 per acre, but good properties are selling at $450 to $500 per acre, so if it is tidy, with good soils, water and rainfall area you'll be getting that sort of money.

"If someone wants to buy a property and the seller has a price on it, if the buyer won't pay it, they won't get it, someone else will come in and buy it. There are a lot of people missing out because they won't take that extra edge, because they don't believe it is worth the price on it, but someone else will pay for it and that will then become the benchmark.

"There is a lot of expensive country south in Central Queensland and it has proven it doesn't rain down there every year and I think this northern country is going to catch up (in price) a little bit and then pan out."

Mr Kenny said it was hard to predict what trends could be seen towards the back end of the year.

"It will all depend on how the season goes and what livestock markets open up," he said.

"If live export in certain countries opened up, it would certainly put some competition into our general market here and enhance the values which gives people a bit more confidence to make decisions."