Property

Mt Rupert among latest listings in lively SA, WA markets

Linda Rowley, March 18, 2024

Mt Rupert in WA’s Wongan Hills district is for sale. Photo: Elders

THIS week shines a spotlight on the rural property market in Western Australia and South Australia,  where there have been early strong sales and demand.

After phenomenal grain harvests in 2021 and 2022, Elders rural specialist Simon Cheetham reports a more varied result was posted in 2023 across WA.

“This was due to a lack of rainfall experienced in some zones, particularly those in the northern agricultural regions,” Mr Cheetham said.

“Despite this, property prices remain strong and demand for farmland remains sound.”

Geraldton-based Elders agent Courtney Keeffe said demand for quality properties continues to exceed supply in the Northern Wheatbelt and Midlands with new prices achieved and sales continuing to reach new peaks.

Simon Thomas from Elders Albany said demand and prices for mixed farming and cropping properties remains strong through the South Coast and Great Southern, with some further uplift in prices over the last 12 months.

Some notable WA 2024 sales include:

  • 4387ha Shooters Hill Aggregation, Great Southern region, which sold to a farming family for $35 million;
  • 5937ha Echidna Ridge, also in the Great Southern region, sold for an undisclosed amount to Excel Farms;
  • 3923ha Heinrichs, in the Wheatbelt, was split up and sold to three buyers for a combined $7m.

WA’s Mt Rupert lists

A recent notable listing is the 5192ha Mt Rupert, a graingrowing powerhouse in the Wheatbelt region.

It is situated in a reliable 375mm rainfall region, halfway between Piawaning and Wongan Hills, and 180km north-east of Perth.

It last traded hands in 2013, and features a mix of productive red sandy loams to lighter quality sands which Elders agent Jeff Bruce describes as excellent, with its slight gradients providing good drainage.

“Mt Rupert is well set up for guidance cropping with multiple runs in excess of one kilometre,” Mr Bruce said.

“It is connected to scheme water and has numerous watering points.”

Infrastructure includes two homes, multiple sheds, a shearing shed, four 50t Flexi N tanks, and six 50t grain silos.

Quality in demand in SA

Elders agent Luke Duncan said farms under good agronomic management are fetching a premium at market.

This week, a well-managed farm with good agronomic practices on SA’s Eyre Peninsula sold for a record $5340 per improved arable hectare.

Offered for sale by the Forrest family, the 714ha Valleys is located 9km south-west of Rudall and 30km west of Cleve.

The Forrest family has sold Valleys in the Rudall district to a local interest. Photo: Elders

Mr Duncan said the property generated strong local inquiry with a farming operation expanding its existing holdings in the district by paying a record $3.38M.

Traditionally, Valleys ran a cropping and livestock program but since 2017 has been continuously cropped with wheat, barley, lentils and vetch.

Around 633ha is arable, with loamy sand over clay soils and some heavier loam flats.

Situated in a 350mm average annual rainfall area, Valleys is connected to mains water.

Improvements include a four-bedroom home, numerous sheds, a two-stand shearing shed, sheep and cattle yards and grain silos.

After several generations, the Story family has offloaded its Eyre Peninsula mixed-farming.

The 1104ha Story’s is located 16km south-west of Cowell and 35km east of Cleve and comprise two adjoining holdings: Story’s North and Story’s South.

Well-known within the Cowell district for cereal cropping and sheep management, around 808ha is cleared and arable.

Story’s at Cowell on SA’s Eyre Peninsula has sold in two portions to one local and one Adelaide-based interest. Photo: Elders

Elders agent Luke Duncan said Story’s South was purchased by a local share-farmer for $1902 per arable hectare, while an Adelaide investor paid $1519 per arable hectare for Story’s North.

“That is as much as that country has made, with almost every sale breaking new records,” Mr Duncan said.

“Even though the result looks like a low dollar value, property prices on the east coast of the upper Eyre Peninsula have virtually doubled in price over the last five years.”

The country on Story’s consists of sandy loams over red clay soils, with the balance of the land being made up of stony outcrops with native vegetation.

Situated in a 300mm rainfall region, both properties are connected to a mains water supply.

  • 475ha Story’s North: 212ha cleared and arable. Infrastructure includes an old shearing shed and sheep yards;
  • 629ha Story’s South: 411ha cleared and arable. Improvements include a two-stand shearing shed, sheep yards, numerous sheds, and grain silos.

 

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