THE strength of New England land values were again demonstrated with the 423 hectare (1045 acre) Glen Innes district property Pitlochy selling above expectations for $3.85 million.
The purchase price paid at the Ray White Rural auction on Friday is equal to about $9102/ha ($3684/acre). That's equal to about $15,400 a cow area with the property run as a weaner operation.
Vendors Colin and Christine Price paid $65/acre for Pitlochy in 1973, including plant and machinery.
Located at Matheson 19km west of Glen Innes and 54km east of Inverell, the property features deep black basalt soils running onto chocolate and red basalt soils, with a small area of trap soil.
Pitlochy is divided into 17 paddocks. Shade and shelter timber include yellow box, white gum, apple gum and kurrajong.
About a third of Pitlochry has been direct drilled over the years with phalaris, fescue, ryegrass and clovers.
About a third of the property is said to be able to be cultivated. Cereal and legume have previously been successfully grown.
Water is supplied by 13 dams, Pine and Punches creek plus their tributaries. 50 years of records show an annual average rainfall of 831mm.
Structural improvements include a three bedroom home with a garage and double carport, a three stand woolshed with an attached 26x18m undercover set of sheep yards, and steel cattle yards.
The marketing of Pitlochy was handled by Geoff Hayes, Ray White Rural, Glen Innes.
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