Weekly Property Review: Deals emerge for northwest grass

Property editor Linda Rowley, 13/03/2019

Buffel grass in abundance in creeks on Colanya northwest of Longreach, which sold this week to an interstate buyer

THIS week’s property review includes this wrap-up of recently-completed sales, and a separate article on significant recent listings across the country.

  • Sales, contracts emerge for grassed Northwest Qld properties
  • Surat’s The Homestead sells after 50 years
  • Local expansion underway in New South Wales
  • Guyra’s Oban View sells under the hammer for $5.2m

 Sales, contracts emerge for grassed Northwest Qld properties

Following on from last week’s property review, a rash of property listings in northwest and central western Queensland since February rain has flowed through to sales or advanced negotiations this week, with ‘grass fever’ in full swing.

One agent in the state’s northwest is confident he has four properties that will go under contract this week, while another two have been withdrawn from the market.

Another substantial Stonehenge district breeding property listed just two weeks ago is close to being finalised this week, after it received almost 130mm of February rain.

Meanwhile, Longreach district holding Colanya, listed by Colliers International only a week ago, has already sold.

Located 90km north west of town, the 13,104ha property, pictured above, was being offered bare and was suitable for immediate stocking of cattle or sheep after a good season.

The buyer is understood to be an interstate cattle producer, buying the property for grass. No price has been disclosed, but it is anticipated that a competitive figure was paid, given current high demand for grassed properties from drought impacted regions.

Rain on Colanya in December was followed up with 250mm falls in February, allowing pastures to recover well and establish.

The country comprises a good mixture of soil types and features Mitchell and buffel grass.

Colanya has extensive water infrastructure delivering a grazing radius from water of only 1-2km. Water is supplied via two submersible bores and multiple medium to large dams which are all full and fenced.

Surat’s The Homestead sells after 50 years

Further south, below the region that picked up valuable February rain, the well-regarded Surat district grazing property The Homestead has sold after almost 50 years ownership by Ray and Therese White.

In December, the safe cattle breeding and backgrounding enterprise was passed-in at auction for $3.8 million. It was placed under contract shortly afterwards when a higher offer was made.

The new owners are local graziers Graham and Judy Bodkin from Bendiboi who purchased the 10,695ha property for future grass.

The Homestead, 63km south of Surat, comprises undulating deep red loam soils with kurrajong, box, wilga, sandalwood and ironbark. It is secured by 612ha of exclusion fencing.

Around 6879ha has been developed through pulling, raking, burning and pasture improvement.

John Sims from Ruralco Property GDL Real Estate and Glen Nielsen from Surat Ag handled the marketing of The Homestead, which is watered by 18 dams, bores and a permanent hole in Donga Creek.

The property has been carrying 900 adult equivalents on very limited rainfall.

Well-regarded Surat district grazing property The Homestead has sold after almost 50 years ownership

Local expansion underway in New South Wales

The well-known Merriwa property Parkway has sold after auction for around $3.5 million to a local producer seeking expansion.

Passed in for $3.4m at auction, the property was sold immediately after the Meares online auction to the losing bidder.

Marketed by Muswellbrook-based Flood Rural and Water and Sydney rural property specialists Meares & Associates, Parkway was offered simultaneously with nearby Templemore, which was passed in at $4.75m and is now available for sale privately for $5.2m.

Owned and operated by the well-known Hunter Valley irrigation pioneer, the late Keith Yore and his family, the 829ha Parkway and the 1375ha Templemore are situated close to Merriwa, 90km from Scone.

Parkway is principally all soft rich red and chocolate basalt undulating country.

It is an ideal backgrounding and fattening block, boasting productive basalt soils, good shade and shelter timber, currently carrying a good body of feed. It is conservatively estimated to carry between 6000 and 6400 dry sheep equivalent or up to 320 breeding cows.

There are 85ha of farming country and the property is watered by surface dams and two equipped bores supplying a network of troughs.

Selling agent John Flood said from day-one, there was strong inquiry.

“Local and western graziers were attracted to Parkway’s overall presentation. It is well-grassed following recent summer rain and the dams are full.”

The well-known Merriwa property Parkway has sold after auction for around $3.5m to a local producer seeking expansion.

Despite Templemore being passed in on auction day, Mr Flood said there was ongoing interest from several parties.

Templemore comprises 1375ha of mainly heavy chocolate and black basalt, undulating to low hill country, mainly easterly aspect and with open sheltered valleys.

The property is well watered with a 1.1km frontage to the Krui River allowing for a reticulated water system supplying 64 livestock troughs.

The breeding and background country is conservatively rated to carry between 6500 to 7000 DSEs or up to 350 cows. It includes 150ha of alluvial river flats which have been prepared for the sowing of winter oats.

Chris Meares is pleased to see the level of interest from the on-farm and wider local community.

“Over the past 12 to 18 months, family farm investors are at the forefront of the rural property buyers pool. The recent marketing of Parkway and Templemore shows there continues to be a strong demand, especially from the lower rainfall areas, for well-situated, higher-rainfall, quality country, as a means of minimising risk and exposure,” he said.

Guyra’s Oban View sells under the hammer for $5.2m

Further north in NSW, Oban View, in the highly regarded and reliable Eastern Falls region, has sold under the hammer for $5.2 million ($6081/ha) to Jon and Claire Welsh from Narrabri.

The couple plans to use Oban View as an additional beef cattle block for their existing operation.

Located 26km from Guyra, the 855ha property is well improved and sown down to perennial pastures of fescues and clovers. It also benefits from a long-standing fertiliser history.

Oban View has an average annual rainfall of 950mm and is securely watered by dams – most of which are spring-fed, complimented by numerous tributaries and frontage to the Oban River.

Selling agent Andrew Starr described Oban View as a good strong sale.

“It is a good endorsement for the market given the very poor seasonal conditions – that there is still a good appetite for land,” he said.

Oban View, in the highly regarded and reliable Eastern Falls region near Guyra, has sold under the hammer for $5.2 million ($6081/ha)


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