A progressive irrigation aggregation near Gunnedah sold to a Breeza farming family this week for $18.5 million, or $26,000 a hectare.
The 713.4ha freehold aggregation, Kensal Green and Bruan Park attracted "genuine interest" from farmers looking for a profitable venture.
"There were no passive investors," said selling agent Rob Southwell, Southwell Property at Tamworth. "We only had hands-on genuine interest."
The Tudgey family, Breeza, were the winning bidders and will maintain the property's reputation as a prime cotton producer.
Mr Southwell estimated the water portion - both from bores and unregulated supply from the Mooki River - to be about 40pc of the value.
The property is known for its modern 200kw solar array providing power to pumps at half the cost of diesel.
The aggregation budgets on 11 bales of cotton to the hectare using 4.3ml/ha of in-crop flood irrigation. Paddocks are also irrigated using overhead sprinklers to target water use efficiency.
