Property: Riveren, Inverway fail to sell

Jon Condon, 07/07/2012


Ray White Rural auctioneer Phillip Parker calls for bids at yesterday's Inverway/Riveren auction

The spectre of uncertainty hanging over future cattle marketing opportunities in Northern Australia undoubtedly had a big impact on yesterday’s attempt to auction showcase Northern Territory cattle properties, Riveren and Inverway.

Both were passed-in on auctioneer’s bids.

With current quota access limitations in place to Australia’s dominant live export market of Indonesia, and little sign of that changing any time soon, it was a tough environment in which to build bidding enthusiasm for northern breeding country.

Nevertheless a large audience was on hand yesterday to watch the process unfold.

Ultimately,  Inverway, offered with 17,000 good quality Brahman cattle, was passed-in on behalf of vendors, John and Terry Underwood and family, on the auctioneer’s bids of $15 million. Riveren, offered with 23,000 cattle, was put aside for $19 million.

Agent Andrew Adcock from Ray White Rural said several interested parties that could not bid at auction were now furthering their interest.

Despite the current tough market environment, the Underwood family properties received wide inquiry from across Australia, both corporate and family-based, as well as strong overseas interest from Ireland, the United Kingdom, Singapore, the United States, Indonesia, China and New Zealand.

Late last month, another nearby large-scale Victoria River District property, Bunda Station, also failed to attract a bid at auction in Darwin. It was passed in for $10 million.

Ray White Rural will next month auction another noted NT grazing property, the 5414sq km Killarney/Birrimba aggregation, on the edge of the VRD to the northeast of Riveren/Inverway. The property, together with 41,000 cattle, will be offered to dissolve a partnership.  The auction takes place in Brisbane on August 10. 




Your email address will not be published. Required fields are marked *

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.


Get Beef Central's news headlines emailed to you -