Two successful property auctions last week confirmed the “top drawer” status in terms of market desirability of the Ben Lomond and Nowendoc sub-regions of New England. They both sold under the hammer to local buyers at prices of more than $8000 a hectare ($3200/ac), a tribute to the winning combination of rich soils and abundant rainfall.
FIRST cab off the rank was the Nowendoc property “Emu Tops”, (top right photo) offered for sale at auction on Thursday by Landmark Boulton’s of Walcha for longtime owners, the Keating family. Situated 65 kilometres south-east of Walcha, the 323ha “Emu Tops” was described as open, undulating to hilly country of red basalt soil, pasture improved and topdressed over many years. Average rainfall is 1133mm and structural improvements include a four-bedroom weatherboard homestead, new steel cattle yards and shedding. Five registered bidders participated in the auction, and the knockdown price of $2.85 million works out at $8823/ha ($3562/ac), or just on the high side of selling agent Bruce Rutherford’s expectations. The buyer was Morgan Etheridge, a Sydney businessman who has property nearby.
THE following day saw the auction by Elders Armidale of “Emily Park” (main photo) at Ben Lomond, another long-held property – in this case, by three generations of the Coleman family. Situated 30km north of Guyra, the undulating to hilly property of red and black basalt has a long history of pasture improvement, supporting a sheep and cattle stocking rate equivalent of 6000 DSE. Improvements include a three-stand shearing shed, sheep and cattle yards, extensive steel shedding and a manager’s residence. The property sold under the hammer for $4.35m or $8303/ha ($3361/ac) to a local couple, Hamish and Anita Hunter.
CENTRAL TILBA OFFERING
IN other property news, the South Coast lifestyle property “Braeside”, at Central Tilba, was passed in unsold at its May 29 auction by Webster Nolan Real Estate and Whale Coast Realty, and is now for private sale. Comprising a mix of forested and pasture-improved grazing country, the 131ha (325ac) property generates income from cattle agistment, Christmas tree production and tourism.
The owners’ verandah-ringed double-brick home is complemented by a two-bedroom cottage and four holiday cabins. “Braeside” is available now at an asking price of $3m for the whole, or $2.5m for a reduced area of 120ha (which excludes the cottage). Contact David Nolan, 0447 278 236.