Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, 26/05/2021

The 687ha Nimbo and the 289ha Cockatoo, 20 minutes from Gundagai, are in a highly sought-after and tightly-held location.

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

  • Sought-after Tumut blocks raise $11.5m
  • Jondaryan’s Naranghi Downs sells for $5.09m
  • Fierce competition makes $32.5m for Blackwater’s Berrigurra
  • Highly developed Sunshine Coast country fails to sell

Sought-after Tumut blocks raise $11.5m

Tom and Vicki Sutton’s two adjoining properties in New South Wales’ South West Slopes have raised almost $11.5 million at auction.

The 702ha Nimbo and the 268ha Cockatoo (pictured above) are in an idyllic setting 15 minutes from Tumut or 20 minutes from Gundagai.

Rob Stubbs from Elders said it was the largest sized farm to be offered in the Tumut shire for many years.

Nimbo and Cockatoo offer productive undulating to hilly grazing country for breeding and finishing cattle or prime lambs, with fertile alluvial river and creek soils suitable for fodder cropping.

With 5.5km of Tumut River and 1km of Nimbo Creek frontages, water is provided by 24 dams and an 89mgl irrigation licence.

Nimbo was sold to a landowner from Young for $6.4 million or $9117/ha.

After 48 bids, the smaller block, Cockatoo, was purchased by a local for $5.025 million or $18,750/ha.

David Nolan from Webster Nolan Real Estate said the interest and inspections came from New South Wales, Victoria and Queensland.

“Inquiry came from a large area of diverse operators – from those looking to expand to those seeking a lifestyle property with Tumut River frontage,” he said.

“The auction result reflects the growing demand for high rainfall and productive country in southern New South Wales located in a highly regarded and tightly held district such as Tumut.”

In November last year, the combined agents sold the nearby 133ha Avenix River for $4.55 million or $34,210/ha, setting a benchmark value for Tumut River flats.

Jondaryan’s Naranghi Downs sells for $5.09m

Versatile and well improved Darling Downs grain and grazing property Naranghi Downs sold at an Elders auction in Toowoomba yesterday for $5.09 million.

Vendors Roger and Helen Johnston are retiring after 18 years of family ownership.

The 551ha property is well located near two grain depots, numerous feedlots and two cattle selling centres.

The price represented a value of about $9240/ha ($3740/ac).

Country runs from productive soft self-mulching soil flats gently rising to two elevate shaded mountain coolabah, box and ironbark basalt grazing country ridges. About 260 ha used for cultivation is currently fallowed and has a good moisture profile. A further 60ha is well established to predominantly bambatsi improved pasture.

There are two solar equipped bores, with a 2000-gallon head tank supplying the home, gardens and machinery shed.

The property is divided into 14 paddocks of various sizes, ranging in condition from as new to stock-proof condition. Timber portable yards include numerous pens, drafting yard, race, cattle crush and loading ramp.

A late 1800s homestead has four bedrooms and large open plan living area, with renovated kitchen, and a second workers’ cottage

There are three large machinery, storage and workshop sheds. Grain storage includes four 40 tonne and one 10 tonne silos.

Trevor Leishman from Elders Real Estate Toowoomba handled the marketing.

 

Fierce competition makes $32.5m for Blackwater’s Berrigurra

As reported in this earlier story, the Hatton family from Central Queensland last week paid $32.5 million or $3500/ha for Blackwater’s well-known Berrigurra Station.

Mark McNamee from Elders QLD/NT said the auction competition was fierce.

“It reflects how highly sought-after Berrigurra was. The $32.5m represented fair value given the nature and potential of the property. Given recent sales, the price paid is at the higher end of that band,” he said.

Before it was shut down in 2019, the 9285ha property was used by the Emerald Agricultural College to provide students with the opportunity to gain experience and develop their skills in cattle production and stock handling.

The 3km of MacKenzie River frontage country features ponded pasture, established improved pastures and undulating brigalow, bottletree and associated softwood scrub.

Berrigurra boasts excellent water and the cattle breeding, fattening and finishing enterprise could easily be diversified into mixed grains, cereals and horticulture.

Highly developed Sunshine Coast country fails to sell

Picturesque high-capacity grazing country on Queensland’s Sunshine Coast has been listed for sale for $4.65 million after failing to sell at auction.

The lush, improved pastures on the 172ha 664 Cedar Creek are capable of running 700 backgrounder cattle with rotational grazing.

The backgrounding powerhouse, located under an hour from Noosa, is a newly developed property in a tightly held area that is being offered by the vendor due to a direction change.

The holding has an 80ML water allocation from Cedar Pocket Dam, 65ha of irrigatable country, eight dams, a bore and a 130,000L header tank.

Jez McNamara from Ray White Rural is handling the marketing.

 

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