Mackay real estate: Palmyra cattle property sells for $4.6m at auction

An expansive Palmyra cattle property went under the hammer for a mammoth price, showing interest in good quality rural sites is not slowing down.

A stunning Palmyra cattle property went under the hammer for a mammoth $4.6m as two bidders battled it out for the win.

The space, at 395 Bells Rd, included 157 hectares of freehold title.

This Palmyra property, at 395 Bells Rd, sold for $4.6m at auction. Photo: Ray White Sarina Rural

“It was very well pastured, fenced and had a great set of steel cattle yards,” Ray White Sarina agent Kent Street said.

“And a lovely four-bedroom lowset home situated on a rise gave great views out over Mackay.”

The former owners bought the area in 1993 as a cane farm and converted it to a cattle property.

This fully fences property has a great set of cattle yards. Photo: Ray White Sarina Rural

Mr Street conducted 20 inspections at the site and on the day of the auction on December 6 there were eight registered bidders “where the majority were active”.

“Bidding started at $2m and with spirited activity quickly rose into the $4 millions with two parties dialling,” Mr Street said.

There is a four-bedroom house with view across Mackay. Photo: Ray White Sarina Rural

The end result – the property sold above its reserve price for $4.6m.

“The majority of interest was once again from larger farming families in Central Queensland,” Mr Street said.

There were eight registered bidders with two pushing it to above the reserve price. Photo: Ray White Sarina Rural

This comes a month after another cattle property at St Lawrence went to auction for $5.7m.

While two Sarina region properties also went under the hammer in the past six months for $6.057m and $4m respectively.

“What it’s done is show there’s no sign of slowing down; we had eight registered bidders there on the day and there’s still seven who haven’t purchased,” Mr Street said, adding they had already expressed interest if any similar properties became available.

“We do have the opportunity of selling them prior to auction but these days it’s better going to the day and giving everyone the opportunity.”

Originally published as Mackay real estate: Palmyra cattle property sells for $4.6m at auction