A LOCAL buyer has snapped up north-west New South Wales dryland cropping operation, Milton Downs East, which sold at auction yesterday.
The 2402-hectare property was the last of section of Ron Greentree’s vast Milton Downs portfolio to sell.
Located 65 kilometres south-west of Moree, Milton Downs East features heavy self-mulching soils and has a strong history of producing summer and winter crops.
It was also considered 99 per cent arable.
Moree Real Estate (MRE) agents Sandy Bailey, Terrence Adams and Paul Kelly handled the transaction.
While the unnamed buyer chose not to publicly disclose the sale figure, Mr Bailey said it sold for above the reserve.
“It made reserve and was a really good result for everyone,” Mr Bailey said.
“We had three people registered.”
Mr Greentree purchased the property in 2007 and it was part of the wider Milton Downs portfolio owned in partnership with the Harris family.
Chelsea heads to auction
The sale comes as MRE lists another north-west NSW dryland cropping property for sale.
Located 52km north of Moree at Garah, Chelsea also has a strong history of producing winter and summer crops.
Although it doesn’t have the scale of Milton Downs East, Mr Bailey said the 1532ha property will attract a strong level of interest from local and interstate buyers.
“Chelsea has…all usable heavy soils and is one of those good, flat farming blocks.
“It has consistent rainfall and has good moisture-holding capacity in the soils.
“It is well located with good access to bitumen roads and close to Garah and Moree.”
Mr Bailey said he believes Chelsea would be a highly productive add-on property for a local buyer, although it does have the capacity to be a viable single investment.
“It would be a good additional block but it has a big homestead on it so it could be a stand-alone block; it is big enough to be one.
“A lot of locals are pretty established, so we think it will most likely be an additional block for someone.”
He said rising interest rates and input prices have barely dampened the movement in northern NSW cropping properties, which should bode well for the upcoming Chelsea auction.
“Everything is still pretty good.
“Commodity prices are still really good; of course the inputs are a little bit higher and interest rates are a little bit higher, but overall it is still quite manageable.”
Chelsea will be auctioned on October 14 at Moree.
Approximately 1429ha of the property is arable with mostly level heavy black-grey soils.
The property boasts average annual rainfall of 556 millimetres as well as having access to a capped and piped bore scheme and Gil Gil Creek frontage.
It also features 10 silos with a total capacity of 516 tonnes, a grain shed and woolshed including sheep yards.
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