Record-Breaking Sales Signal Strong Demand for Prime Agricultural Land
Recent transactions in New South Wales (NSW) and northern Tasmania have demonstrated the ongoing robust demand for high-quality agricultural properties. Significant sales include the $23.65 million auction of Jungaburra and notable acquisitions such as Molleen and St Patricks Run. These transactions underscore the attractiveness of fertile and well-irrigated farmland to both local farming families and expanding agricultural companies.
Jungaburra, NSW
In a landmark transaction, Jungaburra, a premier irrigation property in the Namoi Valley, was sold at auction for a record $23.65 million. This 518-hectare property, located in the Wee Waa and Namoi Valley districts, boasts close to 2300 megaliters (ML) of water entitlements, making it a highly desirable acquisition. The property’s exceptional track record in cotton production, thanks to its fertile vertosol soils, attracted four registered bidders, with three actively competing on auction day.
James Thomas, an agent from Nutrien Harcourts, highlighted Jungaburra’s excellent cotton crop production history. The property includes 360 hectares of flood-protected irrigation land for cotton and sorghum cultivation and 48 hectares of dryland used for winter cereals and pulses. The sale also encompassed three water licenses totaling 2296 ML, supported by three irrigation bores and 600 ML of on-farm water storage. Additional improvements feature four homes, numerous sheds, and a 50-tonne seed silo.
Molleen, NSW
Another noteworthy sale in NSW is Molleen, a 632-hectare property in the Namoi River region, which sold for $7.8 million to a local farming family expanding their portfolio. Located near Wee Waa and Narrabri, Molleen was previously part of the MH Premium Farms portfolio and has been developed for both flood irrigation and dryland farming. The property includes 468 hectares of wheat sown in late April and two water entitlements totaling 395 ML, valued at $1.65 million. Infrastructure improvements consist of multiple residences, sheds, and on-farm storage facilities.
St Patricks Run, Tasmania
In northern Tasmania, the 1501-hectare St Patricks Run was acquired by a dairy farming company for around $10 million. Situated at Nunamara, this versatile irrigation asset features fertile volcanic red and black basalt soils suitable for various agricultural purposes, including cattle, sheep, cropping, horticulture, and potential carbon projects. The property includes 2000 ML of irrigation entitlements, a 2100 ML storage dam, and 250 hectares under center-pivot irrigation. The sale also includes substantial river frontage and cell-grazing systems capable of supporting significant livestock numbers.
Coogee Station, NSW
Coogee Station, a 3058-hectare property in the southern Riverina, was sold for over $5 million to a local farming family. This property, which has been part of the Dalton family estate for 35 years, comprises 1618 hectares of arable land growing canola, wheat, and barley. It features an 8 ML water license and a pipeline connected to the Murrumbidgee River, supporting tanks and troughs across most paddocks. The sale includes essential infrastructure such as a four-bedroom home, numerous sheds, and a four-stand shearing shed.
Conclusion
These high-profile sales reflect the strong market for prime agricultural properties in Australia, driven by the demand for fertile, well-irrigated land. The transactions provide insights into the preferences of local farming families and companies seeking to expand their agricultural operations.
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