Rural values holding up

RURAL property values in the Clarence Valley seem to be holding up well, with two of three properties listed for auction yesterday selling for 'good prices'.

Real estate manager with Elders Grafton, Stan Pitkin, said a 47.5 acre property near Ul- marra, known as Dave's, sold for $181,000.

"Most people around here still look at properties in dollars per acre, so that's about $3800 an acre," he said.

A second property, 73 acres near Colletts Island known as Colletts First, sold for $136,000, or about $1800 an acre, he said.

The third, which did not sell but attracted serious interest, is a 36.5 acre property near Post Office Lane, Ulmarra, now on the market for $140,000.

It is on the Clarence floodplain and described as high quality land.

Mr Pitkin said each property was vacant land and suitable for cattle fattening.

All registered buyers at yesterday's auction were from the Clarence area, he said.

It was the first auction to be held at the Elders new on-site auction house in their new Prince Street premises.

"It stacked up really well," he said.

"We had 65 in attendance this morning and eight registered bidders."

He said reports from those attending and from those who attended the official office opening on Thursday night were that it was a great facility.

"We had PowerPoint displays and people were really impressed," he said.

"They thought it was great that we are able to do this sort of thing on site.

"We catered for 160 at the opening and it was comfortable."