Gold on Tumut River as a new property value benchmark is set

Webster Nolan and Elders Tumut auction off Piper family property, Avenix River

Property News
The Piper family property, Avenix River was marketed by both Webster Nolan in conjunction with Elders Tumut. Photo: Webster Nolan

The Piper family property, Avenix River was marketed by both Webster Nolan in conjunction with Elders Tumut. Photo: Webster Nolan

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The property was marketed by Webster Nolan and Elders Tumut.

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A new value benchmark for non-irrigated Tumut River-fronting country was set at the Sydney auction on Tuesday of the Piper family property, Avenix River.

Marketed by Webster Nolan in conjunction with Elders Tumut, the 131-hectare river-flat property sold under the hammer after 46 bids for $4.55 million or $34,785/ha (just over $14,000/ac).

Comprising the river section of the owners' larger Avenix cattle property, Avenix River is a level property of rich alluvial soils and natural pastures, fronting the Tumut River for 2.8 kilometres.

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Situated at Brungle, midway between Gundagai and Tumut, the property was bare of structures, and described as ideal for cattle, prime lambs, fodder or cash cropping.

Indicative of the strength of the present market, the listing attracted 135 inquiries resulting in 27 inspections and 13 parties registering as bidders.

The successful buyers were a couple from Wagga Wagga, with two local parties the immediate underbidders.

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