Family operations expand

Property market sales show family operations are expanding

Property
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In this final installment of Peter Austin's analysis of the 2018 property year. Here are some sales of note.

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The year just ended was notable for its “big ticket” sales involving corporate and institutional buyers and pastoral barons, but most of the sales activity was transfers between family farmers.

Sales were driven by established farmers seeking adjoining or nearby properties while interest rates are low, to provide the scale needed to accommodate sons or daughters keen to enter the industry.

Most of the action – and the biggest upward moves in price – occurred in higher-rainfall areas where grazing enterprises dominate, although mixed farming properties were also in demand.

The conspicuous gaps in the sales reports were irrigation farms and western pastoral properties, both victims of ongoing drought, although agents are confident of a flurry of catch-up activity once the season turns.

Agents still see some scope for further rises before the market plateaus, but all agree the biggest part of this latest three-year uplift in values is now behind us.

Properties listed in the accompanying table provide a geographical cross-section snapshot sample of last year’s sales action.

North

 ‘Byalla’, Edgeroi: 539ha basalt farming, $4.27m (Landmark);

 ‘Carthorpe’/‘Dundrovin’, Dorrigo: 391ha basalt grazing, $6.5m (Elders);

‘Dyamberin’, Armidale: 1728ha improved grazing, $13.4m (Ray White).

 ‘Emu Tops’, Nowendoc: 323ha basalt grazing, $2.85m (Landmark Boultons);

‘Emily Park’, Ben Lomond: 521ha basalt grazing, $4.35m (Elders); 

‘Finlarig’, Deepwater: 696ha improved grazing, $3.6m (Landmark/Col Say & Co);

‘Glendon Park’, Armidale: 3234ha rotational grazing, around $14m (Colliers Int); 

 ‘Kildare’, Deepwater: 623ha improved grazing, $3.3m (Col Say & Co);

‘Prestwick’, Niangala: 1171ha basalt grazing, more than $4m (Meares  & Assoc);

Tenterden Station, Guyra: 1500ha improved grazing with irrigation, $17m incl water (Ray White);

‘The Two Mile’, (PICTURED) Nowendoc: 1046ha improved grazing, $8.5-$9m (Meares & Assoc).

Central

‘Balgowan’, Eumungerie: 1392ha mixed farming, $3.77m (Ray White/Landmark Wilson Russ/Joe Donelan);

‘Barooga Downs’, Trangie: 1040ha mixed farming, $3.3m (CBRE);

‘Big Panuara’, Orange: 420ha improved grazing, $3.9m (Townsend Real Estate);

‘Clyde Cottage’, Collie: 1186ha mixed farming, $3.35m (Peter Milling & Co);

‘Glaisnock’, Young: 895ha mixed farming, $8.8m (CBRE);

‘Langsure’, Nevertire: 1043ha mixed farming, $2.8m (Schute Bell/Barlow & Peadon);

‘Merindah’, Wellington: 633ha mixed farming, $3.55m (Raine & Horne);

‘New Merrigal’, Collie: 6669ha mixed farming, more than $16m (Colliers Int);

‘Warragundi’, Gulgong: 5798ha irrigated mixed farming, around $25m WIWO, with water (CBRE).

South

‘Blackwood Park’, Conargo: 3416ha irrigated farming, $9.4m incl water (Pat Rice & Hawkins);

‘Bland Creek’, Quandialla: 1009ha mixed farming, $3.15m (CBRE);

‘Ladykirk’, Holbrook: 1400ha improved grazing, $14.7m (Landmark);

‘Lake Birubi’/‘Middle Creek’, Crookwell: 345ha basalt grazing, $4.67m (Ray White);

‘Waverley’, Albury: 330ha improved grazing, $3.8m (Brian Unthank Real Estate);

‘Weedalga’, Crookwell: 418ha basalt grazing, $4.3m (Professionals);

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