âWe had bidders from across the country including the Southern Tablelands, Central Victoria, Riverina, Midwest. South Australia and Western Australia, âsaid Mr. Ward The Australian Financial Review.
With rural land values ââsoaring amid stiff competition between commercial investors and local farmers, Mr. Ward said the Condobolin region still offered good value for money.
âPeople who are looking to increase the size of their operations, but who are driven out of their own areas because of the high prices, are moving to Condobolin,â he said.
“Moonbah buyers are expanding their mixed farming business.”
He added that there had been a “change of custody” in terms of ownership, with aging farmers selling to younger farmers if they could not give up their properties.
“The Menzies are retreating to a rural center,” Mr. Ward said.
Amid this strong demand for prime agricultural properties, Financial Review Rich Lister Sir Michael Hintze has listed another property within his breeding and cultivation business MH Premium Farms as part of a portfolio reweighting. , following the $ 100 million acquisition of large-scale crops. South Callandoon property earlier this year.
After listing the 12,548-hectare Marshmead aggregation at Walgett in northern New South Wales in August, the UK-based hedge fund manager appointed Elders Gunnedah’s agent Ian McArthur to to market MHPF’s Sylvania property in Gunnedah area this spring.
The 3,444 hectare mixed farming operation – one of the largest aggregations in the region – includes 2,400 hectares cultivated for crops and 685 hectares of open pasture.
“We would expect a range of $ 3,800 to $ 4,300 per ha, but I would expect that figure to be exceeded once people take a look at the property,” said Mark Barber, Head of Agribusiness Investment Services at Elders.
âThe property is coming to market at a time when there are high levels of liquidity in the family farming sector and strong demand from private and institutional investors, as well as local farmers looking to expand.
âThe strength of the market is due to low interest rates, strong fundamentals in red meat, grains and oilseeds, and exceptional seasonal conditions.
âFarm families are looking for where to deploy capital and are very optimistic about their future in agriculture. “
MHPF CEO Ed Dunn said Sylvania was being sold because it no longer aligned with the company’s long-term strategy.
“We see the adjustments to our portfolio as a very positive sign of our commitment to invest in Australian agriculture by allowing us to expand into other areas,” he said.
Mr McArthur said he had responded to numerous inquiries from farmers well outside the district who were looking to expand their operations in the Gunnedah area.
The challenge many of them face is to achieve sufficient scale in the tightly controlled region. The farmers in the district know how productive the area is and are constantly looking to develop.
Joining the spring listings, Hereford beef breeders Mary-Anne Rossi and Ernst Weyhausen have listed one of Upper Murray’s top rural farms, Woonoona, which will be auctioned online on October 12.
Price expectations are between $ 11 million and $ 13 million for the 375-hectare property located at 5180 Tooma Road, Greg Greg, between Tumbarumba and Corryong on the NSW-Victorian border.
Woonoona is offered as a single line or as three separate assets by Sam Triggs and Richie Inglis of Inglis Rural Property in conjunction with Henry Mackinnon of Elders Albury.
âFarmland in Upper Murray is hotly contested in today’s market, with land values âânow ranging from $ 27,000 per ha to $ 35,000 per ha. Woonoona is a prime example of the region’s inherently productive force, âsaid Mr. Triggs.