Drone’s perspective of developed buffel country on Bracco, looking south.

THE big shift in sentiment being seen in the rural property market was again evident last week when well-developed, Roma district grazing property Bracco sold at auction last Thursday for what may be a district record price.

Located in a patch of sweet country 35km north of Roma, the 1870ha Bracco sold under the hammer for $4.575 million bare, to a Central Queensland cattle operator who has country in the Wandoan district. At $2171/ha ($987/ac), the sale price is being touted by at least two local property valuers as probably a Roma district record – especially as the asset did not include a house.

“This sale reinforces a big shift in the Queensland cattle property market and increased confidence from people to transact, as the industry moves out of drought, and beef is producing great returns,” marketing agent Trenton Hindman from Colliers International said.

“Bracco is a high quality, low-cost cattle operation and this was a great result for bare basis freehold land without improvements. It benefits from the strategic location to multiple beef market outlets, just a short run to the Roma Saleyards,” Mr Hindman said.

The marketing campaign on behalf of vendors, the Henricks family, attracted more than 35 inquiries from interstate and overseas, with six registered bidders on the day. Two buyers engaged in competitive bidding, one of whom was neighbouring landholder, and the other from Central Queensland.

Ultimately successful were Andrew and Toni Bourke from CQ, who were seeking an additional area for their holdings at Wandoan and Roma. As often happens in a property/cattle market upturn, Central Queensland is frequently the first to experience any upside in cash flow surplus, and consequent investment, with the trend radiating out from there.

Although modest in size by some local standards, Bracco is well-developed, brigalow/belah softwood scrub with rich volcanic soils, carrying a big stand of buffel. The holding has consistently carried 800 cows and progeny apart from recent drought times – a testament to the quality of the country.

Bracco features six paddocks with an extensive laneway system and mustering wings. The design of the paddocks allows for a low-cost, efficient mustering system with cattle flowing into the laneways and from there to the centrally-located yards.

There are eight dams and a central bore that supplies a main turkey nest that gravity feeds water to 10 stock troughs.

“Of course not all country around Roma is worth this price now; Bracco was a top quality bit of dirt, close to Roma,” Mr Hindman said. “But locals in the Roma region may now realign their expectations from 12 months ago, when properties were selling at around $600 to $700 per acre.”

“Now is the perfect time to sell a cattle property as we are experiencing a good season and other favourable macro drivers,” he said.

Bracco was once owned and operated by polo-playing grazing veteran and bon vivant Sinclair Hill, who operated a large aggregation from northern NSW stretching up to Augathella. He sold it to the current vendors, the Henricks family, in the 1980s, who have developed the property since then.