Property

Local expansion drives NSW/Qld border sales

Emma Alsop, June 17, 2022

Goondwindi property Springfield sold after auction to local buyers last week. Photo: Moree Real Estate

LOCAL buyers are behind the spree of property sales in the New South Wales, Queensland fertile cropping regions, with several recent transactions a testament to the enduring confidence of farming families to expand.

Springfield, an irrigated and dryland cotton operation about 20-kilometres east of Goondiwindi was one recent sale that went to a local buyer.

Moree Real Estate (MRE) agent Paul Kelly said the 1,325-hectare property was passed in at auction last week but sold immediately after.

While the sale price was not disclosed, Mr Kelly said both the agents and the vendors were “happy with the result”.

Another MRE listed property to change hands recently was Maneroo, a mixed operation located 37km southeast of Moree.

Mr Kelly said this property, sold via expressions of interest late last month, also went to local buyers.

The 2449ha operation had been owned by the Anderson family for three generations, who had developed the property for summer and winter dryland cropping and grazing cattle and ewes.

Border buyers confident

Nutrien Harcourts Moree agent James Thomas said these recent transactions demonstrated the strength of buyers in the Queensland, NSW border district as well as the move towards neighbours and family groups creating syndicates to boost their buying capacity.

“We haven’t sold to a corporate entity since the drought, so it is the families who are dominating the market,” Mr Thomas said.

“Often on these bigger properties, the families are forming syndicates with neighbours or other adjourning holders to be able to acquire them as a whole which is making them very competitive.”

One example of this trend is the sale last month of Nandi, a 1587ha mixed farming property located in the Rowena region, about 100km south-west of Moree.

Mr Thomas said Nandi was sold to a local syndicate of two neighbours who snapped up the parcel at auction which featured “strong competition from local parties”.

He said the rarity of large cropping properties in these highly productive areas, made it an imperative that local buyers jumped on opportunities when they became available.

“They are areas that are very tightly held, Nandi for instance was acquired in 1951 and held by the same family since then.

“In a lot of those very strong areas, there is very limited opportunities for these guys to expand, so when properties come up, they are paying strong rates because they could be a very long time before another blocks comes up.

“Most of the people in our immediate area are buyers not sellers.”

North Star cropping property Leyland came on the market this week. Photo: Ray White Goondiwindi

Rare cropping opportunity

Strong local interest is expected for Leyland, a cropping property at North Star which came on the market this week.

The 1230ha operation is suited to winter and summer cereals and pulses and features soil types ranging from soft reddish loams to heavier black soil plains.

Ray White Goondiwindi agent Tim Gleeson said Leyland’s location within the Golden Triangle would make it a good prospect for buyers wanting a reliable cropping operation.

While the rarity of similar properties made a price estimate difficult, Mr Gleeson said he expects the property to make $8500-10,000 per hectare

“It has quality soils and is in a great area and it has a history of strong crop yields,” Mr Gleeson said.

“We have a huge interest in it already, and a lot of the neighbours have been looking over the fence at it.”

In addition to fertile soils, Mr Gleeson said the vendors Ran and Jennifer Mitchell had worked for 15 years to develop Leyland using regenerative agricultural practices.

“They are not officially organic, but they try and be as organic as possible by limiting chemicals and only natural fertilisers which is quite beneficial.”

He said the incoming owners will be able to gain from the long-term practices put in place by the Mitchells.

Leyland is being sold via expressions of interest closing on July 7.

 

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