As expected, the offering last week of the “dress circle” Cootamundra district property, “Willows”, generated huge local interest, with close to 100 people attending the on-site auction by Inglis Rural Property. Owned for the past 11 years by businessman James Mackenzie and his wife Anita, the 1336ha Muttama Valley property sold under the hammer for $11.5 million, equivalent to about $8607/ha ($3484/ac).
With estimated carrying capacity of 11-13 DSE/ha, the predominantly red basalt soil property has a history of mixed grazing and cropping, and comes with architect-designed home and extensive infrastructure. It was bought by an established farming family from the Riverina.
THE strong market for well-improved grazing properties in the higher-rainfall areas of New England was reinforced by the successful auction earlier this month of “Earlstoun” (main picture/top right) at Guyra.
Marketed by Ray White Rural of Armidale and Guyra, the 385ha property – held for 59 years by former agripolitician Robert Gordon – sold under the hammer for $4 million. This equates to $10,390/ha ($4201/ac), reflecting the property’s high standard of pasture improvement, which has supported a stocking rate of 10-12 DSE/ha. The buyer was a grazier from Mullaley.
LAST week’s auction of the adjacent Monaro grazing properties, “Cave Creek” and “Geoff’s and Blyton Paddock”, saw both sold under the hammer by Dalgety-based agent Nick Kirshner. The 518ha “Cave Creek” sold for $810,000 or $1563/ha ($632/ac) and was bought by two business partners, Michael Brown and Gary Thompson, who have other grazing interests in the area.
“Geoff’s and Blyton Paddock”, the smaller of the two blocks at 407ha, but boasting more arable land, sold for $825,000 or $2027ha ($819/ac) to local graziers David and Suzanne Baines. Both properties are of granite formation with native pastures and “Cave Creek” has 3km frontage to the Snowy River.
ANOTHER riverfront holding was also sold at auction this month, when “Packwood” (bottom right photo) at Condobolin was offered for sale by Ray White Rural Forbes.
Fronting the Island Creek – an anabranch of the Lachlan River – for nearly 10km, the 339ha “Packwood” had been held by the Nash family for more than 70 years. Offered for sale with a 1960s brick homestead, shedding, sheep and cattle yards and a 243 megalitre water licence, the property was sold for $1.9m to a Sydney investor with local interests.