Weekly property review – The defining property sales for 2024

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31,500ha Gattonvale, close to Collinsville made $77.75m when offered in July – one in every of Queensland’s largest gross sales of the 12 months

THIS week’s property evaluation showcases a state-by-state snapshot of the defining grazing property gross sales negotiated throughout Australia, as reported over the previous 12 months.

This isn’t a definitive listing, as different vital properties have offered in off-market non-public offers. It’s nevertheless fascinating to look again over the previous 12 months on the costs and measurement of the extra vital grazing properties which have modified fingers.

Largest transaction

September – Privately-owned Australian Meals & Agriculture Firm offered its 13 New South Wales farms spanning 225,405ha to the USA Agriculture & Pure Options Acquisition Company for $780 million, who foreshadowed the prospect of making new carbon-focused, renewable-energy or premium-brand revenue streams from the belongings.

The jewels within the providing included trophy Merino studs Wanganella and Ballot Boonoke, the famed birthplace of the fashionable Australian Merino sheep and on the forefront of the Australian wool business for greater than 150 years.

After 30 years of investing in agriculture, AFA had develop into one of many largest diversified agricultural portfolios in NSW. It was working three hubs within the Deniliquin, Coonamble and Hay districts.

It was producing 79,000 Merino ewes plus Merino wethers and prime lambs, and suppling elite Merino genetics from the Wanganella and Ballot Boonoke studs.

Round 4000 Hereford breeding cows underpinned the advertising of 2000 steers yearly, with the potential to spice up numbers by way of steer buying and selling matched to obtainable feed sources.

Irrigated cropping layouts over 11,000ha had been rising rice, cotton, winter cereals and forage utilizing bore water and 54,693ML of water entitlements from the Murrumbidgee and Murray River programs.

The Deniliquin group of properties spans 122,935ha and comprise the unique FS Falkiner & Sons property aggregation together with Boonoke, Warriston, Peppinella, Wanganella, Zara, and Barratta. This aggregation is primarily focussed on sheep and cattle breeding and grazing, with irrigated and dryland cropping as water availability permits.

The Coonamble properties Netherway and Wingadee collectively cowl 44,846ha and are located on the Castlereagh River to the north of Coonamble. Netherway is absolutely developed for broadacre dryland cropping, whereas Wingadee is a grazing and cropping property.

The Hay properties cowl 57,624ha and comprise Burrabogie, Mulberrygong, Kolora, Wahwoon, all on the Murrumbidgee River east of Hay. North Cobran is positioned north-east of Hay.

AFA additionally owned the Conargo feedlot, 25km north of Deniliquin, accepted to carry 5000 head of cattle and 15,000 sheep.

Standout gross sales: Queensland

Central Queensland grazing property, Kurrajong Park was a benchmark sale on a per hectare foundation at $8063/ha naked.

In November, the 3237ha Ray Scott Portfolio property offered below the hammer for $26.1m to close by landholders Rob and Annie Donoghue.

Representing among the greatest nation within the Bauhinia district, the gently undulating to low rolling hills options brigalow, bottletree and softwood scrub.

As soon as solely cropped to grains and cereals, Kurrajong Park was returned to improved pastures of principally buffel, panic, rhodes and bluegrass, with round 200ha sown to leucaena.

A number of watercourses service the property, complemented by 14 dams and three bores.

Herron Todd White valuer Will McLay described Kurrajong Park as a high quality property in a blue-ribbon space.

“The sale value signifies values for premium high quality grazing belongings in Central Queensland are sustaining ranges established in 2022/23.”

Regardless of a slowing pattern, by way of fewer properties on supply and fewer purchaser exercise in comparison with final 12 months, Mr McLay stated there was nonetheless sufficient depth within the 2024 marketplace for individuals to step up and pay market peak ranges for high quality belongings.

New South Wales

A blue-ribbon backgrounding and ending property in northern New South Wales’ New England area that offered in Could for $30 million achieved $19,947/ha naked.

The 1504ha Lakeside is 30km south-east of Walcha and 93km from Armidale and was bought by a neighbour for growth.

The extremely developed, excessive rainfall property featured heavy wealthy black basalt soils rising excessive efficiency fescue-based pastures, with the power to show off excessive numbers of cattle.

Lakeside is rated to hold between 1500 and 1750 cows, or background and end 3000 to 4500 steers, or round 30,000DSE.

It was supplied to the market by Armidale-based Jackson Agriculture, owned by well-known northern New South Wales beef producer John Jackson.

Most energetic non-public purchaser

One in every of 2024’s most energetic non-public patrons was Chinese language-born, Sydney-based investor Jacky Cheung (Marina Seven Holdings) who forked out $133.45m within the area of three months for 3 New South Wales properties.

In June, Mr Cheung added the Commins Portfolio to his present Riverina belongings. He paid round $88 million for the institutional grade irrigated alternative underpinned by substantial water entitlements.

Situated on the northern aspect of the Murrumbidgee River, 3km south of Whitton and 17km east of Darlington Level, it spans 2807ha throughout 4 non-contiguous hubs inside an 18km radius – the 1097ha Karwar, 1253ha Whitton Hub, 183ha The Weir and 274ha Nardoo.

Mr Cheung then bought neighbouring grazing properties in New South Wales’ Higher Hunter.

July – He paid $32.5m for the 5810ha Balarang Station, north-east of Scone. Bookended by the notable Waverley and Timor Stations, the cattle buying and selling enterprise utilizing regenerative practices was one of many largest properties transacted within the Timor district within the final twenty years.

August – Mr Cheung paid $12.95m for the adjoining 2122ha Fernleigh. The 2122ha breeding and ending livestock operation, which neighbours the Packer household’s Ellerston Station, is positioned 45 minutes from Murrurundi and 85km north-east of Scone.

The undulating to hilly pasture improved grazing nation has chocolate basalt and a few purple loams providing a excessive carrying capability, with vital scope for additional growth.

Curiously, the property final traded fingers in June 2021 for $7.75m.

In March 2022, Mr Cheung paid greater than $11.25m for the close by 1679ha Timor Creek, a well-developed beef cattle operation located 29km from Murrurundi and 45 minutes north-east of Scone.

Highest gross sales on a state-by-state foundation

Northern Territory

June – The Langhoven household paid $49m (naked of livestock, plant & gear) for the 64,700ha scenic blue-ribbon backgrounding enterprise Woolner Station. Boasting 18km of pristine coastal frontage, it’s positioned 150km east of Darwin within the Mary River area and able to backgrounding 20,000 head of cattle.

Located in a 1700mm annual rainfall area, round 48,000ha of fertile black soils profit from annual flooding that gives wonderful rising circumstances for quite a lot of tropical pastures able to carrying giant numbers of cattle.

A lot of the nation (75pc) includes low mendacity to degree coastal and alluvial floodplains rising to softly undulating purple nation (25pc) which might present year-round grazing choices if developed.

Situated on one of many main floodplains within the Mary River system, Woolner is serviced by 10 bores, in addition to everlasting and seasonal waterholes and related creek programs.

It is usually acclaimed for its scope of spectacular pure options and in depth wildlife species.

October – Clermont’s Richard and Dyan Hughes and household made their first foray into the Northern Territory, buying the 559,500ha Murray Downs Station from Filipino lawyer, businessman and property developer Romeo Roxas. The $46.5 million walk-in walk-out sale included 10,000 high quality Santa Gertrudis cows, heifers and followers. On a naked foundation, Murray Downs made sub-$30 million.

Situated within the decrease Barkly Downs area, 195km south of Tennant Creek and 400km north of Alice Springs, the tender mulga and buffel breeding nation is ready to run between 10,000 and 12,000 breeders, with the Davenport Ranges to the north offering wonderful flood out.

Murray Downs is watered by 34 bores (30 are photo voltaic powered) and advantages from the Amelia, Skinner and Murray Creek programs, in addition to seasonal waterholes.

Since 2015, Murray Downs Station has undergone in depth water, fencing and structural enhancements.

Western Australia

August – The oldest station and latest meat processing plant within the Kimberley was bought by the Canadian tremendous fund supervisor Alberta Funding Administration Corp.

The vertically built-in beef enterprise includes the adjoining 475,617ha Yeeda and Mt Jowlaenga Stations (often known as the Yeeda Aggregation), the Kimberly Meat Firm Abattoir (KMC), the Kimberley Properties (KPP) eight residential properties in Broome and Derby, related plant and gear and a conditionally registered HIR carbon challenge.

Directors KordaMentha confirmed a walk-in walk-out buy value of circa $55 million together with 13,800 head of cattle counted in partial muster in Oct 2023.

Ultimately, greater than 30,000 head of cattle had been mustered, and it’s understood AIMCo paid greater than $60m for your complete portfolio.

The Yeeda Aggregation was the primary station taken up within the Kimberley and is uniquely positioned on the mouth of the Fitzroy River and Yeeda Creek, with in depth flood out nation producing top quality grazing appropriate for breeding, rising and fattening cattle.

With a present potential carrying capability of twenty-two,990CU, there may be scope to extend numbers with extra capital works (topic to approval).

Queensland

July – The Simmons household, Avon Downs, Clermont paid $77.75m on a walk-in walk-out foundation for the 31,474ha Gattonvale Holding within the Whitsunday area. On a naked foundation, the property modified fingers for round $70m or $2224/ha.

The standout breeding and ending nation, positioned 32km from Collinsville and 144km from Bowen, was offered by the Cox household after 62 years of possession.

Conservatively carrying 7500SCU, the WIWO sale included 4900 Santa Gertrudis cattle together with 1900 breeders and followers plus plant and equipment.

Gattonvale has greater than 16,000ha of heavy, self-mulching brigalow scrub soils carrying ample feed, 8500ha of slim leaf ironbark and gum high field, 2400ha of closely grassed downs nation, 2400ha of river nation with alluvial soils and 2000ha of mountainous vary nation.

It boasts frontages to Bowen River and the Bowen River Weir. Water can also be secured by a 35ML allocation from Newlands Mine pipeline, 5 bores (three are geared up), 20 dams and a number of other seasonal watercourses.

On the time of sale, Shepherdson & Boyd agent Mike Barry stated the worth mirrored the present marketplace for high quality, properly maintained cattle properties.

“Gattonvale boasts among the greatest heavy brigalow-buffel scrub nation and is famend for breeding and ending prime bullocks and cull cows. There will not be many locations the place you possibly can run a few thousand breeders and take the progeny by way of to 400kg dressed bullock weight.”

October – The Dennis household from Twin Hills Cattle Co paid $49m ($4657/ha naked) for Bauhinia’s 10,522ha Fairfield, thought-about the jewel in Ray Scott Pastoral’s portfolio of seven properties.

Situated three hours south-west of Rockhampton, the holding is able to breeding and ending cattle on absolutely developed, improved pastures in a 662mm annual rainfall area.

It options high quality infrastructure and a very good steadiness of nation operating from heavy loams alongside the watercourses to low undulating softwood scrub nation supported by deep wealthy and fertile clay soils.

Round 1000ha develop forage crops with potential to develop an extra 1000ha.

It’s abundantly watered by the Fairfield, Comely, Expedition and Erythrina Creek programs, in addition to quite a few everlasting and semi-permanent water holes, supported by six bores and 12 dams.

The Dennis household additionally bought the adjoining 2299ha Ellis Camp which handed in at $10.7m ($4654/ha) and offered shortly afterwards for between $12m ($5219/ha) and $13m ($5654/ha).

New South Wales

September – Monetary companies firm Perpetual Company Belief paid $54.4 million (considered on a naked foundation) in an off-market deal for the famend cattle breeding property Cooplacurripa Station.

It’s understood the 20,076ha historic holding, between Gloucester and Nowendoc, has been bought for carbon and will probably be planted to timber.

Cooplacurripa is the biggest holding on the japanese fall of the Nice Dividing Vary on the mid-north coast of New South Wales.

It was offered after three years possession by Phillip and Vanessa Bell who paid $35m ($1458/ha) naked for the 24,398ha in November 2021. Again then, the sale included the 1196ha Quantity One and 654ha Kerriki properties (bought by the earlier proprietor China’s Rifa Salutary) which had been offered off individually.

Cooplacurripa Station, then spanning 32,000ha, was settled in 1846 by the Australian Agricultural Co. In 1950 it was taken over by cattle producer Ivan “Ike” Livermore and offered in 2003 to the Bydand Pastoral Co. In 2015 China’s Rifa Salutary (a part of the Zhejiang Rifa Holding Group) paid $32m for Cooplacurripa together with 5000 head of cattle.

January – Victoria’s Jock Richmond, Rose Grange Pastoral, paid $36 million naked ($21,911/ha) for the Shaw household’s blue-ribbon asset within the southern Riverina of New South Wales.

The 1643ha Wantagong Station is positioned 20km east of Holbrook and produces beef cattle, wool, prime lamb and fodder.

Wantagong was described as probably the most historic and notable rural holdings within the area, with an distinctive fame for its operational versatility and productive capability.

Over the previous 50 years, it had been strategically managed and developed over two generations of possession by the Shaw household, with ongoing funding into strategic infrastructure tasks, pasture enchancment, soil amelioration and water growth.

South Australia

The sale of Fairview and Keilira Stations made up two of the biggest grazing transactions not solely in South Australia, but in addition throughout southern Australia.

November – Fairview, one of many largest grazing properties in South Australia’s south-east, modified fingers promoting to a long-established household operator within the area for growth. Whereas no value was disclosed, it’s understood the latest value expectation was in extra of $50m naked, which suggests it offered for round $11,558/ha.

Situated close to Lucindale, 42km west of Naracoorte, the 4326ha comprise six contiguous properties – Previous Fairview, Lantara, Wombalano, Keys, Watson’s and Mickan’s.

That includes flat to softly undulating grazing nation rising improved pastures, Fairview runs a self-replacing cattle herd of black Angus and Angus/Black Simmental cross cows and a principally Merino ewe flock utilizing Suffolk and Dorset rams.

In addition to grazing, there are areas suited to cropping with 130ha planted to barley for a fodder crop.

Located in a 600mm common annual rainfall area, Fairview advantages from 1053ML of water entitlements for irrigation, with 25ha developed to flood irrigation.

February – the enduring South Australian sheep and cattle station Keilira remained in McBride fingers after the AJ & PA McBride household firm (one the nation’s largest wool producers) bought it from a partnership of 5 relations for an undisclosed value.

Described as probably the most distinguished grazing properties of great scale within the state’s south-east, the 3345ha Keilira is positioned 34km north-east of Kingston on the Avenue Vary. This ridge of historical sand hills, together with the Fairview Drain which intersects the property, present a really perfect mixture of excessive nation and well-drained black soil flats and sandy hills planted to lucerne.

Keilira runs a Merino flock which produces round 400 bales, supported by a Merino/White Suffolk lamb flock and an Angus Herd.

The nation includes greater than 2000ha (60pc) of heavy grazing flats and greater than 1200ha (40pc) of undulating hills able to grazing 28,000DSE.

Located in a district with a dependable winter rainfall and a long-term common of round 540mm a 12 months, Keilira has 900ML of water entitlements.

Victoria

November – A South Australian household paid $21 million naked for Excel Farms’ extremely improved and properly developed 967ha Karrara Aggregation (558ha Karrara Farms and the 408ha Acacia) within the famend Western District.

Situated close to Ecklin South, half-hour from Warrnambool, it’s thought-about a large-scale parcel of land in an 890mm rainfall space that’s historically dairy nation.

Described as a ‘grass manufacturing facility’ used to breed and end cattle, but in addition suited to sheep, Karrara is able to operating 20,000 dry sheep equivalents.

The gently rolling arable land has extremely fertile soils (principally basalt over clay) established to perennial and annual pastures and reliably watered by six bores.

Throughout its tenure, Excel Farms has carried out vital capital expenditure focussing on lime, gypsum, water programs, drainage, perennial pasture growth, infrastructure and a fencing/laneways community.

Tasmania

November – An area investor paid round $15m for the Grey household’s historic grazing property on Tasmania’s decrease East Coast, ending 87 years of possession.

Situated 12km south of Orford and 88km from Hobart, the 3250ha Rheban is taken into account one of many state’s premier coastal rural holdings, with in depth frontage to the Mercury Passage and unrestricted views of Maria Island and the Freycinet Peninsula to the north.

The property helps 5500 sheep and 100 Angus cattle plus replacements.

Rheban was supplied vital water infrastructure and growth alternatives for each viticulture and horticulture. It has gentle sandy loams, alluvial and black, cracking clay soils and a number of other potential dam websites which might harvest water from the in depth space of crown land adjoining to the property.

July – A well-rounded breeding property in Tasmania producing grass-fed lamb and beef and tremendous merino wool offered after a six week advertising marketing campaign to an area producer for $10.3m.

The 2880ha Rotherwood is positioned close to Decrease Marshes, one hour from Hobart, in Tasmania’s tightly held Central Highlands.

Boasting a robust historical past of sheep manufacturing and potential for growth, the enterprise had been operating round 7000DSE however with additional pasture and fertility enhancements has the potential to hold as much as 10,800DSE or 1353AE.

Rotherwood includes 1350ha of open grazing land, 500ha of bush runs for grazing, a 110ha hardwood plantation, a 12.5ha softwood plantation and 800ha of native forestry (due for selective harvesting in 5 years).

Yr in abstract

On the time of publication, Beef and Sheep Centrals counted a minimum of 79 substantial livestock properties throughout the nation as offered, and 115 listed on the market.

2024 (disclosed) livestock property gross sales reported by Beef and Sheep Centrals present: