Wagga Wagga and Collingullie farms sell for almost $10m combined at auction

Two Riverina farms have been sold at auction with one buyer paying up more than $27,000 per hectare to secure the farmland.

Two Riverina farms have been snapped up by locals who paid top dollar to secure the land.

The mixed farming operations, at Wagga Wagga and Collingullie, recently sold under the hammer for about $10m combined.

The Collingullie property, spanning 141ha on the Sturt Highway, made about $27,300 per hectare or $3.85m.

The property featured 95 per cent arable red loam soils with permanent water from the Murrumbidgee River.

The Wagga Wagga property, Allambie, located at 85 Buiks Road and sold by the Moncrieff family, made $5.9m.

Sprawling 418ha, the mixed farming property was sold under the hammer with a local farmer coming out on top with a winning bid of $14,115 per hectare.

The Collingullie property made about $27,000 per ha.

The local buyer has an existing livestock property in the district, snapping up Allambie to add to their portfolio.

The Moncrieff family had owned Allambie for around 15 years, but decided to sell in favour of downsizing.

Elders Real Estate Wagga Wagga selling agent Angus Macleod said the sale was a strong result.

“We went into the auction quoting $5-$5.5m, so this result exceeded expectations,” he said.

“It was a very strong result for the district.

“The buyer is planning to use the farm for hay production and run livestock on the farm.

“Most of the interest in this farm came from within the postcode but we also had some interest from down south in Victoria.

“At the auction we had four registered bidders and three active parties.”

It comes as earlier this month, one of Eastern Australia’s premier cattle and livestock operations, Upton Farms, has been sold prior to auction with an eye-watering price paid by an Australian buyer.

Originally published as Wagga Wagga and Collingullie farms sell for almost $10m combined at auction