Cattle on Yougawalla, part of the Kimberley Cattle portfolio sold in November

THIS week’s property review – the second last for the year – delivers a state-by-state snapshot of the defining cattle property sales across Australia, as reported over the past 12 months.

This is not a definitive list, as other significant properties have sold in off-market deals. It is however interesting to look back over the past year at the outright prices paid for extensive holdings, as well as more modestly sized properties across the country that made outstanding district prices.

The rural property market has never been busier, with 2023 dominated by an influx of listings.

However, with the broader property market now tracking sideways after hitting a peak in the cycle last year, agents are struggling to find buyers and listings are taking longer to transact as many producers adopt a wait and see approach in terms of seasons, commodity and property prices.

Biggest transactions

In November, a sweeping aggregation of properties in Western Australia’s Kimberley region boasting a combination of large-scale breeding capacity and irrigated finishing, sold to Canada’s Alberta Investment Management Corp and its investment partner New Agriculture for more than $300 million.

The move by AIMCo (the owner of corporate grain farmer Lawson Grains) took the industry by surprise, given it had previously been actively buying only southern mixed farming holdings (NSW’s Green Park Aggregation and Jemalong Station) and was now branching out more specifically into extensive cattle grazing in northern Australia.

The Kimberley Cattle Portfolio runs up to 50,000 breeders and spans more than 2.9 million hectares over seven pastoral leases (1.828 million ha), five sub-leases (924,325ha) and an agistment agreement (153,475ha).

The stations comprise 356,000ha Yougawalla, 273,000ha Bulka, 214,000ha Margaret River, 395,000ha Moola Bulla, 260,000ha Mt Amhurst, 206,000ha Beefwood Park and 178,000ha Shamrock.

The entire land parcel is within a 350km radius with land types ranging from red spinifex to black soil grasslands and river frontage.

Infrastructure developed over the last seven years includes strategic watering points, fencing, yards, roads and accommodation.

Kidman transaction

Following close behind, another large portfolio of northern properties were offloaded by S. Kidman & Co and transacted in April for more than $250 million.

Encompassing 2.478 million ha and involving around 46,000 head of livestock, the Queensland Channel Country properties Glengyle, Durrie and Naryilco were purchased by Appleton Cattle Co, while the Northern Territory’s Brunchilly Station was purchased by the Harris family (more details below).

• 550,000ha Glengyle – fed by the Georgina River system, the flooding channel country waterways flow through most of the property, which has a carrying capacity of around 8500 head.
• 660,000ha Durrie – located in the Diamantina, it is considered some of the best grazing country in Queensland. Traditionally used as a grass bullock depot, it runs up to 9000 head at any given time using extensive flood-out areas.
• 751,000ha Naryilco – located on the southern end of Queensland’s channel country, near the border with NSW and South Australia. It has a carrying capacity of 12,000 head.
• 457,200ha Brunchilly – situated on the Barkly Tablelands, it has an average carrying capacity of 24,000 head (mostly breeders).

Standout district sales

In August, the Olive family, Apis Creek, Marlborough paid a record $24.5 million or $8670/ha bare for the 2826ha Lucky Dip – quality grazing and farming country in Central Queensland’s tightly-held Moura and Bauhinia districts.

The fully developed country is situated 50km west of Moura and suited to backgrounding cattle, cropping or fodder production.

Vendors John and Sue and Robert Engwicht drew Lucky Dip in the Brigalow Development Scheme Ballot of 1962 and only offered it for sale to dissolve a family partnership.

It features a balance of gently undulating land types ranging from brigalow, belah and blackbutt country to areas of softwood scrub and heavier black soil, brigalow country.

At the time of sale, it was destocked and growing an abundance of buffel, Rhodes and green panic grasses.

Situated in a 625mm annual rainfall area, the property is watered by five dams, a bore, several small creeks and semi-permanent waterholes.

Improvements include two homes, sheds, cattle yards and 600t of grain storage.

Northern Territory

April – Prominent Mungindi-based (Cleveland Agriculture) headed by Malcolm Harris paid $75 million bare for Kidman’s Brunchilly Station. However, on a walk-in walk-out basis, it is understood to have sold for $107m.

The 4572sq km cattle operation, including the Banka Banka East outstation, is situated on the Barkly Tablelands of the NT, north-east of Tennant Creek.

With an average carrying capacity of 24,000 head of cattle, Brunchilly is mostly used for breeding on a mix of fertile black soil downs and softwood scrub country.

Mr Harris owns the adjoining Rockhampton Downs, 5000sq km due east of Brunchilly. The combination of Brunchilly and Rockhampton Downs creates a colossal Barkly breeding footprint of around 10,000sq km.

May – Sam Mitchell from Sydney-based Wealthcheck paid $40 million bare for Benmara Station, Malcolm Harris’ large breeding property on the Northern Territory’s Barkly Tableland. It is understood Mr Harris offloaded the 451,200ha Benmara to help fund the purchase of Brunchilly.

Benmara features open Barkly downs and open forest country and is situated east of Cresswell and Newcastle Waters, towards the Queensland border.

Estimated to run more than 20,000 cattle, Benmara was offered with quality infrastructure and ancillary improvements (including water and fencing) and an opportunity to further develop the landholding.

Brahman cattle in a set of yards on Benmara

Western Australia

September – Australia’s oldest registered Shorthorn stud paid close to $30 million for Christmas Creek Station, south of Fitzroy Crossing, in Western Australia’s Kimberley. The 140,000ha of breeding and finishing country sold on a walk-in walk-out basis with between 7500 and 8000 quality Grey Brahman cattle, plant and equipment.

Manchee Agriculture is a family owned and operated beef breeding enterprise based at Narrabri in the Naomi Valley of north-western New South Wales.

Christmas Creek boasts expansive black soil floodplains growing Mitchell, buffel and native grasses. Virtually surrounded by ranges, all the watershed runs into a myriad of minor creek systems and into the Christmas Creek River which traverses the centre of the property for 40km.

May – The off-market transaction of Australia’s largest sheep station, owned by Jumbuck Pastoral, may have exceeded the sale price of Christmas Creek Station, but the walk-in walk-out sale price, including 60,000 sheep, remains undisclosed.

Purchased by Andrew Forrest’s Fortescue Metals Group, the 10,117sq km Rawlinna Station, spanning an area roughly the size of Sydney, is located 400km east of Kalgoorlie in WA’s Goldfields-Esperance region.

While a commercial flock will continue to be run on Rawlinna, it is understood Mr Forrest will be actively assessing the potential for green energy and carbon reduction projects into the future.

Queensland

June – The Caldwell family from New South Wales and Rural Funds Management partnered to secure some of Australia’s best buffel grass and forest cattle country in a $60-$70 million WIWO deal.

Nestled between the renowned Arcadia Valley and the Carnarvon Ranges in Queensland’s Central Highlands, the 18,500ha blue ribbon Wyseby is centrally located on the Carnarvon Highway, 60km south of Rolleston.

The Caldwells and RFM purchased the property equally, with the Caldwell family using the property as a northern base for its Ultrablack and Angus genetics, to expand its breeding program and continue to finish steers and bulls on grass and grazing crops.

Wyseby has 680ha of cultivation to complement the beef operation and is well watered.

Cattle on Wyseby

January – A NSW producer with existing landholdings in Queensland’s Western Downs region, paid around $60 million for a 15,522ha nearby backgrounding and finishing aggregation.

Offered for sale by natural gas producer QGC, 5178ha Ewingsdale, 5636ha Lucky Downs and 4707ha Greenacres can carry up to 5500 adult equivalents.

The three adjoining, well-developed properties are situated 40km south-west of Wandoan – all within easy reach of major livestock selling centres and beef cattle feedlots.

Each property has an established coal seam gas infrastructure providing purchasers ongoing passive income payments under existing conduct and compensation agreements.

New South Wales

March – The historic Thurloo Downs Aggregation in New South Wales’ far north-west was secured for $110 million – the largest acquisition in the history of NSW National Parks.

Despite the enormity of the sale, it does not eclipse the $125m WIWO price paid for the historic northern New South Wales’ Plumthorpe Aggregation near Barraba in November 2022.

Thurloo Downs comprises five neighbouring properties spanning 437,394ha, and is located 175km north of White Cliffs and 255km north-west of Bourke on the Berawinnia Creek close to the Queensland border.

The country is mostly open and lightly timbered with the balance sandhills and stony ridges and was once owned by Sir Sidney Kidman.

Over the next two years, while the property transitions from pastoral station to the state’s third largest national park, feral animal and weed control are being ramped up as part of the largest ever feral pest control program in the history of the National Parks and Wildlife Service.

November – Germany’s Lukas Asset Management’s Land und Fortwirtschaft fund, a family-backed investor with assets in agriculture and forestry, paid $53.5 million for Palgrove’s historic Cootamundra district holding Gilgal Station on the south-west slopes of New South Wales.

Located 75km from Wagga Wagga, the 3600ha comprises the adjoining 1630ha Gilgal, 1630ha Winona and 340ha O’Connors.

The beef breeding and finishing and prime lamb and wool aggregation has a 37,000DSE carrying capacity, supported by 560ha of grazing wheat and canola.

New joint venture Agri Carbon Investments (SLM Partners and Impact Ag) has been engaged to run the prized grazing property as a regenerative operation – generating an income from livestock, cropping and carbon credits.

Gilgal features quality infrastructure and is watered by two bores, several creek systems, numerous dams and a reticulated water network.

Victoria

November – Guangxi Investment Co added the iconic Greystones estate to its already impressive portfolio for a reported $80 million. The 4033ha productive grazing and cropping enterprise is situated near Rowsley, north-west of Melbourne. Around 2800ha of native and improved pastures are running 6000 sheep, with 1200ha set aside for dryland cropping.

Settled in 1840, Greystones boasts an historic 13-bedroom bluestone mansion and represents an unprecedented land bank opportunity given its proximity to Melbourne.

Infrastructure includes nine dwellings, shearers’ quarters, several sheds, a six-stand shearing shed and sheep and cattle yards.

March – Western Australian-based Wagyu supply chain Stone Axe Pastoral paid more than $20 million WIWO (including 600 head of cattle) for the 847ha Moyhu Wagyu Aggregation.

The high performing agribusiness was established 30 years ago by Emeritus Professor Bob Officer AM and sold by Roger Shaw from Victoria’s Bonnie Doon Wagyu.

Moyhu Wagyu Aggregation is situated 42km south of Wangaratta in productive, high rainfall country near Meadow Creek at the foothills of the Victorian Alps.

Comprising four non-contiguous properties (243ha Leatarn, 372ha Handcocks, 176ha Sampsons and 56ha Bartons), it runs around 650 Fullblood Wagyu breeding cows on improved pastures.

South Australia

November – The 24,410ha Redcliffe Station, a sheep, wool and goat operation with an established tourism business, was purchased by the Wilson family from the state’s mid-north.

Although no price was disclosed, it believed to have achieved a similar value to the neighbouring property (6430ha Nolan’s) which sold two years ago for $342/ha – equating to around $8.4 million.

Situated near Warnes in the renowned lower north-east, 63km east of Burra, Redcliffe features wide open grasslands running up to 10,000DSE.

Infrastructure includes two stone homesteads, a shearers quarters, a six-stand shearing shed, five sheep yards and a feedlot.

Permanent water is supplied by six bores with an extensive network of poly pipeline. This is supported by 16 dams and several smaller opportunistic dams.

Tasmania

June – One of Tasmania’s most significant properties was purchased by Sydney businessman Allan Fife for $25 million. The 3386ha grazing and irrigation property Stonehenge is situated in the Eastern Midlands, 30km east of Oatlands. The entire property is an effective grazing platform encompassing rich black clay river flats, lighter friable loams through to solid ironstone country and open bush grazing country running around 6000 sheep, including 3000 breeding ewes.

Stonehenge has a 1500ML dam and irrigation development and is well watered by 2km of Boomer Creek frontage, 5km of Little Swanport River frontage and 2km of Nutting Garden Rivulet frontage. It also has a 1360ML water licence.

2023 statistical results compared with earlier years

At the time this report was published, Beef Central counted at least 50 significant livestock properties across the country listed for sale.

2023 (disclosed) livestock property sales reported by Beef Central show:

• 12 properties sold in the sub $5m bracket
• 20 properties sold in $5m-$10m
• 14 properties sold in $10m-$15m
• 20 properties achieved above $15m

2022 (disclosed) livestock property (some of which have irrigation or cropping capabilities) sales reported by Beef Central show:

• 21 properties sold in the sub $5m bracket
• 46 properties sold in $5m-$10m
• 14 properties sold in $10m-$15m
• 36 properties achieved above $15m

2021

• 30 properties sold in the sub $5m bracket
• 36 properties sold in $5m-$10m
• 20 properties sold in $10m-$15m
• 30 properties achieved above $15m

2020

• 31 properties sold in the sub $5m bracket
• 19 properties sold in $5m-$10m
• 12 properties sold in $10m-$15m
• 22 properties achieved above $15m

2019

• 17 properties sold in the sub $5m bracket
• 14 properties sold in $5m-$10m
• 18 properties sold in $10m-$15m
• 22 properties achieved above $15m

2018

• 31 properties sold in the sub $5m bracket
• 17 properties sold in $5m-$10m
• 12 properties sold in $10m-$15m
• 14 properties achieved above $15m

2017

• 40 properties sold in the sub $5m bracket
• 23 properties sold in $5m-$10m
• 10 properties sold in $10m-$15m
• 13 properties achieved above $15m