Cream of farmland goes to market: [1 Edition]
Stapleton, John. The Australian [Canberra, A.C.T] 01 Mar 2002: 28.
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Abstract
Agent John Bambling of Hallmark Real Estate Services at Noosa Heads said Durramboi was an important sale because of theproperty’s historic value and also because it is high-quality grazing country. “It is a very versatile property, it could be used for virtually anything,” he said. “It’s not often a property of this quality and location comes on the market. Interest has come from cattle producers through to urban-based investors.”
The 4,404 hectare Mayvale, just west of Barraba, ranges from river flats to hills. It allows for extended cool summer grazing on thehigh country and winter grazing in its sheltered valleys. The sale price included 750 Hereford breeding cows.
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MIXED grazing property Mayvale in northern NSW has been sold to Norland Pastoral for about $4.5 million.
The sale reflects current strong interest in large-scale viable farming properties.
The 4,404 hectare Mayvale, just west of Barraba, ranges from river flats to hills. It allows for extended cool summer grazing on thehigh country and winter grazing in its sheltered valleys. The sale price included 750 Hereford breeding cows.
The five-bedroom, turn of the century homestead has been restored. There are established gardens. The property also has a substantial manager’s homestead.
Mayvale was sold as part of a re-arrangement of assets within the family-owned Vickery Pastoral Group.
Agent Kerry O’Connell said inquiry levels were good, particularly for premium cattle properties. “It is being driven by lower interest rates and the low Australian dollar which is providing favourable conditions for export commodities like beef, wool and grain,” he said.
A number of significant historical pastoral properties have been offered for sale recently.
Wesfarmers Landmark and Hallmark Real Estate will auction Durramboi, a 544ha slice of Queensland’s pastoral heritage. This is onlythe second time it has been offered for sale since 1884.
The auction will be held at the Noosa Sheraton Resort on 22 March.
Located in the Sunshine Coast hinterland, Durramboi features a four-bedroom homestead, an in-ground pool, big stockyards and a permanent water supply.
Agent John Bambling of Hallmark Real Estate Services at Noosa Heads said Durramboi was an important sale because of theproperty’s historic value and also because it is high-quality grazing country. “It is a very versatile property, it could be used for virtually anything,” he said. “It’s not often a property of this quality and location comes on the market. Interest has come from cattle producers through to urban-based investors.”
The sale price is expected to be about $2.2 million.
“The rural market is very good at the moment, with prices up for most commodities,” Mr Bambling said. “Many investors are realising that highest quality rural property, particularly near the coast, is hard to find and represents an excellent investment.”
Illustration
Caption: Prime cuts:Demand is being driven by lower interest rates and the low Australian dollar; Photo: Photo