Negotiations to sell Murranji near Elliott in the Northern Territory are progressing with a number of parties after the station was passed in for $5 million at auction in Brisbane last Friday.

Selling agent Russell Wolff from Ray White Rural said interest in the property had been solid, however a number of interested parties wanted to negotiate changes to the terms and conditions of the auction contract so did not operate at auction.

Negotiations with those parties were now underway, he said.

Mr Wolff said Murranji  was a 400,000 property with a 17,000 head carrying capacity strategically located for the northern live export trade. 

The interest shown in the property has underscored talk that confidence is slowly returning to the Top End property market after the faster-than-expected resumption of live exports to Indonesia and the Federal Government's solid backing of the trade following the release of the Farmer Review.