Property

Weekly Property Review: Recently completed sales

Property editor Linda Rowley, July 17, 2019

Western Queensland’s Yunnerman Station owned by well-known grazing identity Sinclair Hill has sold to a Coonamble grazing family for an undisclosed price.

 

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

  • Sinclair Hill offloads one of his holdings
  • Aquaculture company secures Central Qld coastal grazing property for $25-$30m
  • $14m secures brigalow grazing country
  • Grass snapped up prior to auction
  • District record $168/ha for Willcannia country

 

Sinclair Hill offloads one of his QLD holdings

Western Queensland’s Yunnerman Station owned by well-known grazing identity Sinclair Hill has sold to a Coonamble grazing family for an undisclosed price.

In March, Mr Hill decided to retire and take his four south west Queensland agricultural holdings to the market.

The 40,236ha Boanbirra Aggregation (comprising Boanbirra, Fernlee and Donna Downs) and the 18,468ha Yunnerman Station (pictured above) were offered for sale via an expressions of interest campaign by Elders Real Estate St George and Sydney rural property specialists Meares & Associates.

At the time, the Boanbirra Aggregation was expected to achieve around $10 million and Yunnerman Station between $3.25m and $3.5m.

Both properties are located about 30km apart as the crow flies, between Bollon and Cunnamulla, 160km west of St George.

They are described as low-cost low input, highly productive, vertically integrated and complimentary beef breeding, backgrounding and fattening or Dorper prime lamb enterprises.

Boanbirra Aggregation and Yunnerman Station are certified organic and boast good operating improvements, with a 2000 plus breeding cow herd (Yunnerman itself runs around 800 breeding cows) or 20,000 Dorper ewes carrying capacity.

The country is well watered, mixed open to semi-open grazing country with shade and shelter timber including brigalow, gidgee, coolabah, wilga, box and sandalwood.

Despite the extremely dry conditions, the aggregation has been carrying up to 14,000 Dorper ewes producing prime lambs.

Beef Central understands that negotiations are underway with a separate party on the Boanbirra Aggregation.

Aquaculture company secures North Qld coastal grazing property

An Australian company with aquaculture interests has paid between $25 and $30 million WIWO for the blue-ribbon Central Queensland coastal cattle property, Exmoor Station.

Spanning 7012 hectares, Exmoor is located on Queensland’s Whitsunday coast near Bloomsbury, 40 minutes south of Airlie Beach.

It features more than 30 percent improved pastures, with the remainder mixed improved and native pastures as well as rangeland and saltpan areas.

Exmoor boasts 14km of beach coastline with tidal creeks entering the property, suggesting the future of parts of the property may lie in intensive aquaculture.

The fresh water supply is described as reliable with double frontage to the Hervey, Dempster, Rebus and Cedar Creeks, supplemented by 18 open earth dams.

The sale was handled by Gary Johns from Landmark Harcourts Mackay who described it as a win-win for both parties.

Mr Johns said Exmoor Station was uniquely located, boasting enormous potential – not only for cattle breeding, backgrounding and fattening, but also as a depot for live export, and alternate land uses like fish or prawn farming.

“Exmoor is a great land banking opportunity with its coastal frontage suitable for future subdivision. Large areas are also fit for cane production and irrigation water development for orcharding, plantations, farming and pastures,” he said.

Exmoor was sold with 3600 cattle can carry more than 4000 head of mixed cattle.

The property was sold to finalise the estate of the late Bruno Giaiotti, who sold grassfed heavy bullocks through Brisbane’s Cannon Hill Saleyards for more than 30 years.

The blue-ribbon Central Queensland coastal cattle property Exmoor Station boasts 14km of beach frontage

 $14m secures brigalow grazing country

The strength of the property market in the brigalow belt in Queensland was demonstrated last week when the 3185ha Taroom district property Iluka sold under the hammer for $13.9 million ($4364/ha) – slightly above market expectations.

Darryl Langton from Landmark Harcourts said it was the first time that a local property of that size and scale had been offered to the market in several years.

“Iluka wasn’t presented with a massive body of grass, so there wasn’t a feed premium built into the purchase price – but good quality properties are keenly sought after,” he said.

Mr Langton believes new market levels are being established with some recent transactions.

“It is further evidence of the optimism in the rural property market. There was very strong local interest and producers are prepared to pay for quality. Properties like Iluka only come along every so often. It is encouraging to see locals reinvesting.”

The breeding, backgrounding and finishing country consists of undulating brigalow and softwood scrub country, grassed with buffel and falling to fertile creek flats. Around 200ha are presently under cultivation.

Iluka is watered by two bores, seven dams and three turkey nests which are reticulated to tanks and troughs.

The well improved property, which had been held for 18 years by Rick and Rebecca Knudsen, was sold to Lauren Finger (a well-known grazing family from Central Queensland), from Meadowbrook, Dysart.

The 3185ha Taroom district property Iluka sold under the hammer for $13.9 million ($4364/ha) – slightly above market expectations.

Mitchell grass snapped up prior to auction

Avalon, a 5500ha mixed grazing property near Mitchell in western Queensland, has been snapped up prior to its July 26 auction.

Owned by Tim and Jo Caskey, the long-term family property was being offered to the market for the first time in more than 90 years.

Located 110km south west of Roma, Avalon features gently undulating red and brown loams established to buffel, creeping blue grass, native grasses and herbages.

The country is currently lightly stocked, but it can carry 750 cows, 5000 ewes or between 6000 and 7000 goats.

Avalon is cluster-fenced, with exclusion fencing on three sides and is watered by 14 good clean earth dams, plus the Junee and Duck Creeks.

Darryl Langton from Landmark Harcourts said Avalon was presented to the market with a reasonable body of feed.

It was too early for Mr Langton to disclose the price, but he said over the past 12 to 18 months, properties in the area have sold for between $170/ha to $740/ha.

Just last week, the nearby 4303ha Mitchell property Tartulla sold for $755,000 or $175/ha. Well-watered and well fenced, the property was estimated to carry 300 breeders in an average season.

Avalon, a 5500ha mixed grazing property at Mitchell, has been snapped up prior to its July 26 auction, with grass a factor.

Strong competition for western NSW grazing country

A recent auction in western New South Wales shows the continued strong interest in western districts grazing country.

Riverside Station, a 7700ha property 30km from Wilcannia and 200km to Broken Hill, sold for a district record $1.3m or $168/ha.

The country consists of areas of grey river flats, open grazing and red loam soils.

The property is estimated to carry 2500 dry sheep equivalents and opportunity cattle in good seasons.

Riverside enjoys a 14km frontage to the Darling River, a new bore and has an 1800ha opportunity flood cropping licence.

It was initially marketed with expectations of between $1m and $1.2m.

Marty Deacon from Elders said after 25 inspections, there was strong competition on auction day.

“Demand is outstripping supply in western New South Wales. Riverside was an entry level property sought after by young people and newcomers. However, it was the neighbouring McClure family, from The Strip, who secured the property for expansion.”

Riverside Station, a 7700ha property 30km from Wilcannia, sold for a district record $1.3m or $168/ha.

 

Click here to access more property sales results

 

 

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