Cameron family sell Tullaville grazing property after being passed in for $9.5m

A local family has added to its expanding portfolio of properties in the Western Downs after buying a grazing enterprise.

A local family has bought a western Downs grazing property after it was passed in.

Tullaville on the Moonie Highway was put on the market by the Cameron family and went to auction through JLL Agribusiness.

Clayton Smith, who marketed the blue-ribbon property with Chris Holgar, said there was five registered bidders but the property was passed in at $9.5m.

He said it was placed under unconditional contract after negotiations with the eventual buyer.

The property is currently run as a beef cattle enterprise with 350 breeders and progeny, supported by 685ha of cash crops. Part of the deal was that the cash crops – barley and wheat – stayed with the Camerons.

An aerial of Tullaville at Moonie.

The purchaser wishes to remain confidential,” Mr Smith said.

“They are a nearby family and are adding to their existing portfolio of properties in the area.”

The 2267ha Tullaville property was 13km southwest of Moonie Crossroads and features fertile brigalow/belah soils with extensive stands of improved pasture.

Tullaville has a carrying capacity of 1000 adult equivalents plus cash crops. However, there is capacity to increase the stocking rate by growing summer and winter fodder crops or continuing the improved pasture program. it has a 2000 head feedlot approval.

The property was originally established in the 1960s and in 2006 it was purchased by

Don and Patsy Cameron.

According to Rabobank’s latest annual Australian Agricultural Land Price Outlook preliminary data suggest farmland sales in 2022 will have another year of double digit growth. However, slower growth in farmland prices is, however, forecast for 2023 and beyond.

The report found that an analysis of past periods of interest rate rises does not show any immediate downturn in farmland values.

Rather, it is the longer-term recessionary impacts on the broader economy which often

follow interest rate hikes that are found to exert downward pressure on farmland values, however it was generally with a delay of several years.