Property

Weekly Property Review: Recent property sales wrap

Property editor Linda Rowley, May 17, 2019

There were 27 inspections and standing room only at the auction of Moura district grazing property Wilga Vale recently. Neighbour Jim Gorman outbid three near-neighbours paying $11 million or $5424/ha.

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

  • Near-neighbour competition produces premium paid for Moura’s Wilga Vale
  • Western Qld market selling strongly
  • Corfield’s Thordale sells post auction
  • Crookwell’s Mt Henry North sells for $6400/ha
  • Epenarra withdrawal has knock on effects

 Premium paid for Wilga Vale

Well known Moura district (Central QLD) beef producer Jim Gorman from Beaufoy has paid $11 million ($5424/ha) for the neighbouring property, Wilga Vale.

Selling agent Gary Bishop from Hourn & Bishop Qld said the result was well above pre-sale expectations.

“There were 27 inspections and standing room only at the auction. In the end, Mr Gorman outbid three near-neighbours and a Central Queensland producer who put the floor in the market.”

Mr Gorman is a former BRW rich-lister who in 2015 paid $10.25m for Seloh Nolem, a 6815ha cattle breeding and grazing property near Rockhampton.

Two years later he sold Eskdale West, a 4316ha cattle grazing property between Toowoomba and Brisbane for $9.8m.

Wilga Vale, pictured above, spans 2028ha (just over 5000ac) and has a mix of soil types supporting a variety of pasture grasses – predominantly buffel and a mixture of native grasses, seca stylo and green panic in the more sheltered areas.

Its productivity is enhanced by established leucaena browse legume and butterfly pea.

Water is a key to the property’s success with paddocks along the Dawson River and Back Creek naturally watered from the watercourses.

There are six dams and a reticulated system watering the balance of the country. There is also an option to pump water from the river.

Vendors Ken and Claudia Stephenson moved to Wilga Vale in 1988, having bought the property from the estate of Ken’s late uncle Charles Stephenson, who had selected the property in a land ballot in 1938.

The couple is moving to northern NSW to be closer to family.

Western Qld market selling strongly

Tom Brodie from Winton-based Brodie Agencies has sold the large-scale cattle breeding and fattening aggregation Boolbie & Archervale for $10 million.

Located 125km west of Winton, the properties span 219,674ha and include 2300ha of stock route.

The holding comprises a good mix of grazing country and is watered by dams, bores and short-term water in the creek systems following good rainfalls.

In an average season, the estimated carrying capacity of Boolbie & Archervale is 3000 breeders.

The aggregation could be used as either a safe breeder block or a sweet backgrounding / fattening block following the very good summer rainfall recently.

the large-scale Winton district cattle breeding and fattening aggregation Boolbie & Archervale has sold for $10m.

$4m buys Winton’s Pauralos Park

Meanwhile, Alan and Jane Foot from Clermont have paid $4 million for Pauralos Park, a 10,265ha well grassed property 110km northwest of Longreach and 80km south east of Winton.

Owned by Wayne and Gayle Sharpe, Pauralos Park is well positioned to service the live export market to the north and the store and prime markets to the south. The property received 50-75 mm of rain before Christmas and a further 187mm of follow-up rain in February.

Comprising mostly heavy carrying undulating open Mitchell and Flinders grass downs, Pauralos Park is estimated to carry 8500 DSE or 1100 AE.

Ample water is supplied by a deep artesian bore reticulated to tanks and troughs, backed up by six dams that were filled earlier in the year.

Pauralos Park, a 10,265ha well grassed property north west of Longreach has made $4 million.

Like Pauralos Park, Luckham is also in an ideal position to capitalise on the live export market to the north, and the meatworks, feedlots and the store markets to the south.

Vendors Mark and Kate Bradshaw sold Luckham for just under $6 million bare to Ben and Kelly McDonald from Albeni at Springsure who were looking for grass country.

Located 80km north-east of Winton and 160km south west of Hughenden, the 18,585ha block would run 2300 mixed cattle and is ideal for growing out or fattening store cattle.

Luckham has a good mix of country with pebbly open undulating downs, heavy carrying grey and chocolate cracking soils running down to several small creek systems. It is also watered by bores, dams, tanks and troughs.

18,600ha Luckham northeast of Winton made just under $6m bare when bought by Springsure buyers looking for grass country.

Thordale sells post-auction

Thordale, the 8272ha well grassed holding in the renowned Corfield district, has sold for slightly more than the $2.55 million passed-in price.

The north west Queensland property, 80km north east of Winton, is suitable for breeding, fattening or backgrounding.

Featuring sweet Mitchell grazing with scattered vine tree and whitewood, Thordale is watered by the Nesbitt, Corella and Bauhinia Creek systems, as well as bores and dams.

Lightly stocked and well grassed after the recent rain depression from the north, the property is estimated to carry around 1000 breeders or 2000 weaners.

Elders’ Daven Vohland said Thordale sold post-auction to producers who recently secured other country in the Corfield area.

“There were three bidders on the day and vendors Gerald and Tina Elliott were happy with the purchase price that fell within market expectations,” he said.

Thordale, a versatile holding located in the renowned Corfield district in Queensland’s northwest, has sold for slightly more than the $2.55m passed-in price

Mount Henry North sells for $6400/ha

Crookwell’s Mount Henry North, in the NSW Southern Tablelands, has sold to a Sydney buyer for more than $2.6m.

The 407ha block was carved off the 690ha Mount Henry holding, which was offered to the market as a whole or separately, via an expressions of interest campaign in October last year.

Owners, James and Vanessa McCormack from Red Hill, decided to sell due to a family restructure.

Selling agent Col Medway said the neighbouring 283ha Mount Henry South is still being chased by a number of parties.

The property rises from the Crookwell River through arable slopes to granite tor hill sides benefiting from extensive shelter belts. Seventy-five percent is considered suitable for pasture improvement, offering a production upside.

Productive native pastures are underpinned by a regimented fertiliser program of superphosphate supporting 2600DSE.

Mount Henry South has extensive frontage to the Crookwell River, as well as seven dams. It is for sale for $2.2 million.

Crookwell’s Mount Henry North, in New South Wales’ Southern Tablelands, has sold to a Sydney buyer for more than $2.6m.

Withdrawal has knock on effects

Wallumbilla’s Cormack family has withdrawn from sale its breeding, backgrounding and fattening country in south west Queensland, after deciding not to proceed with the purchase of the Northern Territory’s Epenarra Station.

Spanning 265,600ha, the lower Barkly Downs operation located 550km north of Alice Springs, has now returned to the market.

The Cormack’s 1837ha Perola Park is renowned as a premier beef producing property, consistently producing high weight gain cattle.

Their second property, the 1392ha Oakwood, located 10km to the west of Perola Park, runs commercial breeders and the Black Gully Droughtmaster Stud as part of the Cormack Family aggregation.

Despite signed cash contracts and deposits paid for the $8.3 million sale, the owners decided to continue their uninterrupted 84-year ownership of the two properties.

 

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