Australian Wagyu pioneers, the Rea family, snap up neighbouring Inverell cattle farms for $13m-plus

A central Queensland family who helped pioneer Australian Wagyu production has purchased two New England cattle farms for a landmark price.

Neighbouring northern NSW cattle farms have been sold to one of Australia’s pioneering Wagyu farming families in a landmark multimillion-dollar deal.

Two tightly held properties near Inverell, Croye and Timber Downs at Kings Plains, have been sold after separate families listed the farms for sale in April.

Central Queensland cattle farmers and Australian Wagyu pioneers the Rea family, through the Rea Pastoral Co., secured both farms in deals worth well in excess of $13 million combined.

The Frizzell family sold the 910ha Croye farm for more than $9881 a hectare, or $8.99m.

The Timber Downs farm was sold by the Vivers family in a deal worth in excess of $6176 a hectare, or $3.56m.

The Frizzell family has run Croye for the past 70 years while the Vivers family was among pioneers of the New England region 150 years ago.

BJA Stock and Station Agents managing director Bob Jamieson said the deal was an extraordinary result for the New England region.

Croye at Kings Plains was sold in a deal worth more than $9881 a hectare.

“Croye was priced at about $9881 per hectare and achieved in excess of those levels. It is a landmark price level for the district,” Mr Jamieson said.

“Timber Downs has substantial development potential. It has been very, very well run, but now with some more resources it has the potential to be something special.”

Cattle country has been hot property this year, with the 2575ha Paradise Creek Station at Inverell selling for the first time in 117 years for $22 million-plus, or $8543 a hectare, earlier this year.

Mr Jamieson said there was significant domestic interest for the Kings Plains farms, with six buyers registering interest for Croye and five for Timber Downs.

The Vivers family have owned Timber Downs since they were part of the New England region pioneers 150 years ago.

“There was considerable interest from Victorian families who are probably getting chased out by higher land values down south,” he said.

He also said the timing of the sales was a coincidence, with both the Frizzell and Vivers families choosing to sell at the same time.

Both Croye and Timber Downs were marketed as some of the best mixed farming in the region with significant reliable rainfall, productive soils, extensive fencing and the potential for soil carbon, wind farming and timber biodiversity carbon projects.