Property passed in but $8m seals deal

A BID of $7.7 million failed to meet the reserve price on a prime Central Queensland cattle property at auction yesterday, although it came close.

A BID of $7.7 million failed to meet the reserve price on a prime Central Queensland cattle property at auction yesterday, although it came close.

The “Glenwood” property near Rolleston, 300km south-west of Rockhampton, was passed in at Beef Australia before negotiations began with the vendor.

Gympie graziers David, Neville and Iris Gear eventually managed to round up a successful sale for $8.125 million.

Bidding had started at $7 million for the 3583 hectare station.

Glenwood has at least two watering points in every paddock, with timber cattle yards that can comfortably work 800 head of cattle.

The property's modern, four-bedroom, 36-square homestead gives 360-degree views.

Landmark Queensland auctioneer Geoff Hickson took bids for less than five minutes.

The only other bidder, at the front of the auction room at Rockhampton Showground, stopped at $7.65 million.

Vendors Wayne and Patti Muller had lived for 30 years on the property, which was described as having some of the best fattening and finishing buffel grass scrub country found anywhere in Queensland.

The Gear family previously owned properties at Blackall and Aramac in Central Queensland and Charters Towers in North Queensland.

The homestead at their new property has a large outdoor entertaining area overlooking the grazing country below and the surrounding countryside. There is also sound water security and supply throughout the property.

A second property that went to auction yesterday was passed in at $12.25 million.

Further negations are proceeding for the “Koolatah” Mareeba gazing property.

The North Queensland property is 174,213 hectares and situated on the eastern Gulf of Carpentaria with a unique mix of countryside and 35,000 hectares of fertile river frontage to the Mitchell and Alice rivers.

It has a threebedroom homestead on the bank of a permanent lagoon and stock included with the sale of Koolatah is close to 13,500 head of Brahman cross cattle.

Originally published as Property passed in but $8m seals deal