While the traditional selling season in this area usually comes in February after the monsoonal rains, there has clearly been a very low percentage of sales at auction.

"I'm not hiding from the reality - your success rate (in selling property) is lucky to be 15 percent," Elders' veteran agent in Charters Towers, Lorin Bishop, said. "There are more properties on the market than buyers for them."

In Queensland there is growing interest for properties from outside the traditional agricultural sector.

Herron Todd White valuer Will McLay noted several sales from conservation, government and mining groups that were actively pursuing land.

This follows Xstrata Coal Queensland's major purchase this year of the Australian Agricultural Company's Meteor Downs Station, bare of cattle and plant, for $21.6 million cash.

Bucking the trend was a businessman from Charters Towers who has just brought a cattle station near Georgetown in Far North Queensland for $4.8 million. The 35,200-hectare "Inorunie" and homestead was sold with 3000 mature cattle.