Property

Bordertown district’s Mundulla Aggregation fetches $8700/ha

Grain Central, May 22, 2019

The Mundulla Aggregation near Bordertown in South Australia has sold for an average price of $8700/ha. Photo: CBRE

THE Mundulla Aggregation in South Australia’s southeast has sold for an average price of $8700 per hectare to create a new record for base cropping land in this proven district.

Four of the five blocks in the 911ha aggregation located southwest of Bordertown sold to local farming families and producers through CBRE agents Phil Schell and Angus Bills.

“The local buyers were attracted to the ideal add-on properties that the Mundulla aggregation presented their existing farming operations,” Mr Schell said.

“The sale of the Mundulla Aggregation has broken new records for bare cropping land in the region, with minimal improvements on each of the properties.”

The five blocks in the Mundulla Aggregation are Kil-Lel (176ha), Richmond (225ha), Speculation (112ha), Sweataroo (313ha) and The Cottage (85ha), and last year they collectively grew 851ha of barley, canola, faba beans, oaten hay and wheat.

In a year when many South Australian cropping districts recorded unusually low yields due to the dry season, the Mundulla Aggregation had enviable production, with wheat yielding 4 tonnes/ha, barley 3.4t/ha, and canola averaging 2.5t/ha.

Mr Schell and Mr Bills said the private listing attracted 60 inquiries, 26 property inspections, and multiple offers for each property.

One local buyer purchased two blocks, two other local interests purchased a block each, and a South Australian from outside the district also bought one block.

“The Southeast region continues to be a highly sought-after area to secure feed reserves and seek reliability amongst the current seasonal conditions,” Mr Bills said.

Mundulla has an average annual rainfall of around 460 millimetres.

Source: CBRE

 

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