100-1: Australia’s biggest farm sales of the past five years

Aussie farms sold in the biggest 50 rural property sales of the last five years exceeded more than $9.1 billion. See the full list of buyers and sellers.

Australian farms bought and sold in the nation’s biggest 50 rural property sales of the last five years exceeded more than $9.1 billion in value following an extraordinary price boom.

Dating back to 2020- the first year of the Covid pandemic, rural property values across Australia soared fuelled by multiple stellar growing seasons, a record low cost of borrowing and strong commodity prices.

Family farming operators with very healthy balance sheets spent several years looking to increase their landholdings, willing to pay record prices to secure premier properties in their district or further afield.

However, higher interest rates, softer commodity prices and drier seasonal conditions have cooled Australia’s previously white-hot rural property market.

“The best way to describe the demand for rural property is cautious. For strategically important, well developed, and tightly held regions demand remains strong and buyers are willing to meet vendor expectations as long as they are realistic,” Elders head of Agribusiness Investment Services Mark Barber said.

Burrabogie Homestead, was sold as part of the AFA portfolio which changed hands for $780 million in total.

“For properties that need improvement or have a lag to full productivity, demand is lower, and buyers are factoring the opportunity cost of the time and cost to get the property to full capacity inclusive of the higher interest rates on development costs.

“Family farms remain very competitive with corporate buyers. Families take a longer term, intergenerational view in some cases, to rural property investment.

“There has been a lot of institutional money raised (albeit some funds are a bit slower to commit). This money will have to find a home, but it is difficult for some managers to hit return hurdles are current land values.”

In the past five years North American investors have also cemented their position as some of Australia’s largest agricultural investors, with buyers like PSP Investments and the Alberta Investment Management Corporation behind the four largest deals worth a combined $2.834 billion.

100 of Australia’s biggest farm sales in the past five years

$854M
WEBSTER LIMITED PORTFOLIO, NSW, TAS
44,000 HECTARES
Seller: Webster Limited (ASX listed)
Buyer: PSP Investments (Canada), 2020

$780M
AUSTRALIAN FOOD & AGRICULTURE COMPANY PORTFOLIO, DENILIQUIN, HAY, COONAMBLE NSW
225,405 HECTARES
Seller: Australian Food and Agriculture Company
Buyer: Agriculture & Natural Solutions Acquisition Corporation (US), 2024

$600M
AUSCOTT LIMITED, NORTH-WESTERN NSW
22,000 HECTARES
Seller: JG Boswell Company (US)
Buyer: PSP Investments (Canada), 2021

The Lawson Grains portfolio was sold comprising 105,000ha.

$600M
LAWSON GRAINS, NSW, WA
105,000 HECTARES
Seller: Macquarie Agriculture
Buyer: Alberta Investment Management Corporation (Canada) and New Forests, 2021

$380M
GULF COAST AG CO, YAGOONYA QLD
1.1 MILLION HECTARES
Seller: Mark Menegazzo
Buyer: Harris family (Carinda NSW), 2022

$370M
CORINELLA GROUP PORTFOLIO, WESTERN VIC, SA
22,500 HECTARES
Seller: Proterra Investment Partners (US)
Buyer: Various, 2021

$357M
VITALHARVEST, NSW, SA, TAS
SEVEN FARMS
Seller: Vitalharvest Freehold Trust (ASX listed)
Buyer: Macquarie Infrastructure and Real Assets, 2020

$300-$350M
WORRAL CREEK AGGREGATION, TALWOOD, QLD
26,855 HECTARES
Seller: Reardon family (Talwood, QLD)
Buyer: Alkira Farms (Farmland Reserve Inc, The Church of Jesus Christ of Latter-day Saints (US)), 2024

$300M-PLUS
KIMBERLEY CATTLE PORTFOLIO, KIMBERLEY, WA
2.9 MILLION HECTARES
Seller: Yougawalla Pastoral Co and Argyle Cattle Co, Hui family (Australia-Hong Kong)
Buyer: New Agriculture and Alberta Investment Management Corporation (Canada), 2023

UNDISCLOSED
CASELLA VINEYARDS, GRIFFITH NSW AND BAROSSA VALLEY SA
7258 HECTARES
Seller: Casella Family Brands
Buyer: PSP Investments (Southern Premium Vineyards), 2022

$250M
CUBBIE STATION (51 PER CENT STAKE), DIRRANBANDI QLD
90,000 HECTARES
Seller: Shandong RuYi (China)
Buyer: Macquarie Infrastructure and Real Assets, 2022

Cubbie Station - Australia's biggest cotton farm - near Dirranbandi in southern Queensland. Picture: James Wagstaff.

$180M
MIRANDA DOWNS STATION, NORMANTON QLD
438,000 HECTARES
Seller: Stanbroke Pastoral Company
Buyer: Hughes Pastoral Company, 2021

$180M (FOR 60 PER CENT STAKE)
ELLERSLIE FREE RANGE FARMS
Seller: Hall family
Buyer: PSP Investments (Canada), 2024

$150M-$175M
MARYFIELD AND LIMBUNYA, VICTORIA RIVER NT
660,000 HECTARES
Seller: North Star Pastoral
Buyer: Wealthcheck and AAM Investments, 2022

$150M
WEE WAA AGGREGATION, WEE WAA NSW
6860 HECTARES
Seller: Findley family (Wee Waa, NSW)
Buyer: Gina Rinehart (Hancock Agriculture), 2022

$140M
WYADRA AND COWL COWL STATIONS, HILLSTON NSW
20,000 HECTARES
Seller: Harvard University Endowment Fund (US)
Buyer: Hancock Agricultural Investment Group (US), 2020

$129M
PIANGIL ALMOND ORCHARD, PIANGIL VIC
2200 HECTARES
Seller: United Almonds, Bright Lights Agribusiness and Lake Lucas Almonds
Buyer: Select Harvests (ASX-listed), 2020

$120M-PLUS
WOOLNORTH AGGREGATION, SMITHTON TAS
6000 HECTARES
Seller: Van Dairy (China)
Buyer: TRT Pastoral, 2021

Tim Roberts-Thomson (TRT Pastoral) talks with operations manager Cody Whiteman at Woolnorth. Picture: Phillip Biggs

$120M
SHENHUA AGGREGATION, GUNNEDAH NSW
16,500 HECTARES
Seller: Shenhua Group (China)
Buyer: Various, 2022

$120M
MURRAY RIVER LAND AND WATER-ULUPNA PASTORAL COMPANY (MAJORITY STAKE), NORTHERN VIC AND SOUTHERN NSW
10,000 HECTARES
Seller: John Nicoletti
Buyer: ROC Partners, 2021

$120M
COWAL AGRICULTURE, EMERALD QLD
5976 HECTARES
Seller: Global Endowment Management
Buyer: Macquarie Asset Management, 2022

$120M
GUNDALINE STATION, CARRATHOOL NSW
14,916 HECTARES
Buyer: Smart Shirts Ltd (China)
Seller: Optifarm (Netherlands) 2023

Pumthorpe Station.

$120M
PLUMTHORPE STATION, BARRABA NSW
11,323 HECTARES
Seller: Various
Buyer: O’Brien family (Newcastle, NSW), 2022

$120M
BALLANDRY STATION, GRIFFITH, NSW
26,839 HECTARES
Seller: David Bartter
Buyer: Excel Farms via Nick Paterson and Fiera Comox Partners (Canada), 2023

$118.8M
THURLOO DOWNS, BOURKE, NSW
437,394 HECTARES
Seller: Peter Hughes (Bourke, NSW)
Buyer: NSW Government, 2023

$107M
BRUNCHILLY STATION, TENNANT CREEK, NT
457,200 HECTARES
Buyer: Harris family Mungindi NSW (Cleveland Agriculture)
Seller: Gina Rinehart (S. Kidman and Co), 2023

Wave Hill Station.

$104M
WAVE HILL AND CATTLE CREEK STATIONS, VICTORIA RIVER NT
1.2 MILLION HECTARES
Seller: Western Grazing
Buyer: Syndicate including Jumbuck Pastoral Company, 2021

$100M (SALE AND LEASEBACK, 20-YEAR TRIPLE-NET LEASE)
KATUNGA FRESH, KATUNGA, VIC
21 HECTARES
Seller: Van der Goor family (Katunga VIC)
Buyer: Centuria Capital Group, 2024

$100M-PLUS
MILTON DOWNS, MOREE NSW
19,060 HECTARES
Seller: Greentree family
Buyer: Northern NSW family, 2022

Peter Hughes, Chief Executive Officer and Co-owner, Hughes Pastoral and Georgina Pastoral Company. Picture: Hollie Adams/The Australian

$100M-PLUS
RIVEREN AND INVERWAY STATIONS, VICTORIA RIVER NT
550,000 HECTARES
Seller: Gina Rinehart-Hancock Agriculture
Buyer: Hughes Pastoral Company, 2022

$100M-PLUS
MACADAMIAS AUSTRALIA, BUNDABERG QLD
1000 HECTARES
Seller: Steinhardt family
Buyer: PSP Investments (via Stahmann Webster), 2023

Vaucluse Estate.

$100M-PLUS
VAUCLUSE ESTATE, CONARA TAS
4448 HECTARES
Seller: Proterra Investment Partners
Buyer: Spencer family (NZ), 2022

$100M-PLUS
CHERYLTON FARMS, KOJONUP WA
8554 HECTARES
Seller: Julian Walter
Buyer: Excel Farms via Nick Paterson and Fiera Comox Partners (Canada), 2023

$100M-PLUS
SOUTH CALANDOON, GOONDIWINDI QLD
16,000 HECTARES
Seller: Duddy family
Buyer: MH Premium Farms (UK), 2021

$100M-PLUS
THF FINANCE PORTFOLIO, MOURA QLD
21,900 HECTARES
Seller: THF Finance (Germany)
Buyer: Various, 2021

$98 MILLION
MOORAL, HILLSTON, NSW
3841 HECTARES
Seller: Rural Funds (ASX-listed)
Buyer: Hancock Agricultural Investment Group (US), 2020

$97M
ERREGULLA PLAINS, MINGENEW WA
22,000 HECTARES
Seller: Hale River Holdings
Buyer: PSP Investments (Canada) 2020

Canada's PSP Investments, through its Hewitt Cattle Australia business, paid almost $100m for the adjoining Narwietooma, Napperby, Glen Helen and Derwent stations, totaling 1.1 million hectares, in the Northern Territory.

$96M
NARWIETOOMA, GLEN HELEN, DERWENT AND NAPPERBY STATIONS, ALICE SPRINGS NT
1.1 MILLION HECTARES
Seller: Smart family
Buyer: PSP Investments (Canada), 2022

$96M
SUNSHINE FARMS, FORBES, NSW
14,074 HECTARES

Seller: AAM Investment Group
Buyer: Nuveen Natural Capital (US), 2024

$94M
SEDGEFORD, ALPHA QLD
48,370 HECTARES

Seller: Teys family

Buyer: David and Gina Kane, 2022

$92.6M
MANTUAN DOWNS STATION, SPRINGSURE QLD
135,000 HECTARES

Seller: Clark and Tait
Buyer: North Australian Pastoral Company, 2020

$88M
COMMINS PORTFOLIO, WHITTON, NSW
2807 HECTARES
Seller: Timothy and Roger Commins (Griffith NSW)
Buyer: Marina Nine Holdings Pty Ltd (Jacky Cheung), 2024

$85M
JEMALONG STATION, FORBES, NSW
13,498 HECTARES
Seller: Optifarm (Netherlands)
Buyer: Lawson Grains (New Forests and Alberta Investment Management Corporation, Canada), 2023

UNDISCLOSED
NARYILCO, BEDOURIE, QLD

751,000 HECTARES
Seller: Gina Rinehart (S. Kidman and Co)
Buyer: Appleton family, Clermont QLD, 2023

UNDISCLOSED
DURRIE, BEDOURIE, QLD
660,000 HECTARES

Seller: Gina Rinehart (S. Kidman and Co)
Buyer: Appleton family, Clermont QLD, 2023

UNDISCLOSED
GLENGYLE, BEDOURIE, QLD
550,000 HECTARES

Seller: Gina Rinehart (S. Kidman and Co)
Buyer: Appleton family, Clermont QLD, 2023

UNDISCLOSED
WELLTOWN STATION, TOOBEAH, QLD
10,842 HECTARES
Seller: Cameron family
Buyer: Morella Ag (Coulton family, Boggabilla NSW), 2024

$81.1M
SUGAR FARMS, BUNDABERG QLD
5409 HECTARES
Seller: MSF Sugar (Thailand)
Buyer: Rural Funds Group (ASX listed), 2020

$80M-PLUS
CROYDON STATION, MARLBOROUGH QLD
59,690 HECTARES
Seller: Acton Land and Cattle
Buyer: Redrock Trading, 2021

$80M
KALANGA AGGREGATION, TOOBEAH QLD
12,840 HECTARES
Seller: Hancock Agricultural Investment Group (US)
Buyer: Morella Agriculture, 2022

$80M
BANONGILL STATION, SKIPTON VIC
8200 HECTARES
Seller: Laguna Bay Agricultural Fund (US)
Buyer: Local farming consortium, 2020

$80M
MOOLAN DOWNS AND OTTLEY STATION, ROMA (QLD) AND INVERELL (NSW)
10,029 HECTARES AND 8371 HECTARES
Seller: Packhorse Pastoral

Buyer: Gina Rinehart (Hancock Agriculture), 2023

$80M
GREYSTONES, ROWSLEY, VIC
4033 HECTARES
Seller: Diana Gibson
Buyer: Guangxi Qiutian Investment Co. Ltd (China), 2023

$77.75M
GATTONVALE HOLDING, COLLINSVILLE, QLD
31,474 HECTARES
Seller: Cox family (Collinsville, QLD)
Buyer: Simmons family (Clermont, QLD), 2024

$70M-PLUS
UPTON FARMS AGGREGATION, NOWENDOC NSW
2668 HECTARES
Seller: Greg Upton
Buyer: Rae family, 2022

$70M-PLUS
ACE DAIRY HOLDINGS PORTFOLIO, GIPPSLAND VIC
SEVEN FARMS
Seller: Ace Dairy
Buyer: Various including PSP Investments (Canada), 2022

$71M
MACADAMIA ENTERPRISES, BUNDABERG QLD
344 HECTARES
Seller: Manera family
Buyer: Nuveen Natural Capital, 2023

$70M-PLUS
WONGABOORI STATION, MENDOORAN NSW

10,000 HECTARES

Seller: Paul McGirr
Buyer: Gina Rinehart- Hancock Agriculture
$70MEVERGREEN FARMS, EMERALD QLD3793 HECTARESSeller: King familyBuyer: Argyle Capital Partners, 2023

$70M
RUBY DOWNS AND STURT CREEK, KIMBERLEY WA
1.9 MILLION HECTARES
Seller: Gina Rinehart-Hancock Agriculture
Buyer: Crown Point Pastoral Company, 2021

$70M
WOORNDOO AGGREGATION, LAKE BOLAC VIC
3355 HECTARES
Seller: Laguna Bay Agricultural Fund (US)
Buyer: Various, 2021

$70M
SPRINGVALE STATION, KIMBERLEY WA
604,430 HECTARES
Seller: Yeeda Pastoral Co
Buyer: Harvest Road, 2022

$70M
MOUNT DOREEN STATION, LAKE MACKAY NT
730,000 HECTARES
Seller: Braitling family
Buyer: Crown Point Pastoral Company, 2022

$70M
TANUMBIRINI AND FOREST HILL STATIONS, KATHERINE NT
530,000 HECTARES
Seller: Thames Pastoral Company, controlled by a UK-based investment fund
Buyer: Langenhoven family, Rallen Australia (South Africa), 2020

$70M
TIMBERSCOMBE AGGREGATION, BACK CREEK, NSW
8432 HECTARES
Seller: Duxton Farms (ASX-listed)
Buyer: PSP Investments (Altora Ag, Canada), 2024

UNDISCLOSED
MACUMBA STATION, OODNADATTA SA
1.1 MILLION HECTARES
Seller: Gina Rinehart-Hancock Agriculture
Buyer: Crown Point Pastoral Company (Viv Oldfield and Donny Costello), 2022

UNDISCLOSED
INNAMINCKA STATION, INNAMINCKA SA
1.36 MILLION HECTARES
Seller: Gina Rinehart-Hancock Agriculture
Buyer: Crown Point Pastoral Company (Viv Oldfield and Donny Costello), 2022

$68.8M
KAIUROO AGGREGATION, MACKENZIE RIVER QLD
27,879 HECTARES
Seller: The Rohatyn Group (US)
Buyer: Rural Funds Group (ASX listed), 2021

$63M
SOUTH FARM, GLENMEA, PEVENSEY AND YANG YANGHAY NSW
19,896 HECTARES
Seller: KoobaCo
Buyer: JHW Paterson and Son, 2022

$60-$70M
WYSEBY, ROLLESTON, QLD
18,500 HECTARES
Seller: Pedersen family, Rolleston QLD
Buyer: Rural Funds Group and Caldwell family, Berthong NSW, 2023

$65M
GEMFIELDS PORTFOLIO, EMERALD, QLD
4386 HECTARES
Seller: Zadro family, Bundaberg QLD
Buyer: Manulife (Canada) and Craig Pressler, Emerald QLD, 2022

$62.5M
CIRCULAR HEAD, TASMANIA,
DAIRY FARM AGGREGATION (12 FARMS), 2200 HECTARES
Seller: Van Dairy (China)
Buyer: Prime Value Asset Management, 2022

$62.5M
AUSTRALIAN VINTAGE LTD, POMONA NSW AND LOXTON SA
1300 HECTARES
Seller; Australian Vintage Ltd
Buyer: Warakirri Farmland Fund, 2022

$60M
WANDOAN AGGREGATION, WANDOAN, QLD
15,522 HECTARES
Seller: QGC
Buyer: NSW producer, 2023

$60M
YALOAK ESTATE, BALLAN, VIC
5071 HECTARES
Seller: Peter Yunghanns
Buyer: Harvest Agriculture (China), 2020

$60M
MANTUAN DOWNS STATION, SPRINGSURE, QLD
134,000 HECTARES
Seller: Clark and Tait

Buyer: North Australian Pastoral Company, 2020

$60M-PLUS
YARRABEE PARK, MORUNDAH NSW
11,260 HECTARES
Seller: GO. FARM
Buyer: PSP Investments (Daybreak Cropping), 2022

$55-$65 MILLION
APIS CREEK STATION, MARLBOROUGH, QLD
21,000 HECTARES
Seller: Tim and Lynette Olive, Marlborough QLD
Buyer: Australian Cattle and Beef Holdings, 2023

$60M-PLUS (WIWO)
KIMBERLEY MEAT COMPANY PORTFOLIO (YEEDA AND MT JOWLEENGA STATIONS), DERBY, WA
473,608 HECTARES
Seller: Kimberley Meat Company
Buyer: Alberta Investment Management Corporation (AIMCo) (Canada), 2022

$60M
DELLAPOOL AGGREGATION, SANDIGO, NSW
2666 HECTARES
Seller: Ferrero (Italy)
Buyer: GO. FARM, 2024

$55M-PLUS
KENTUCKY BLUE AND THE FLAGS, NIANGALA NSW
3645 HECTARES
Seller: Max and Jenny Mawhinney, Niangala NSW
Buyer: Undisclosed, 2022

$55M-PLUS
GRAY WIGG DAIRIES, NAMBROK, VIC
2513 HECTARES
Seller: Gray Wigg Pty Ltd
Buyer: PSP Investments (Canada), 2022

$55M
MOOLAN DOWNS, DALBY QLD
10,029 HECTARES
Buyer: Packhorse Pastoral, 2022

$55M
COBRAM AGGREGATION, COBRAM
5000 HECTARES
Buyer: Merricks Capital and MRLT, 2021

$54.4M
COOPLACURRIPA STATION, COOPLACURRIPA, NSW
20,076 HECTARES
Seller: Bell family (Cooplacurripa, NSW)
Buyer: Perpetual Corporate Trust Ltd, 2024

$53.9M
MOORA ALMOND ORCHARD, HILLSTON NSW
524 HECTARES
Seller: Harvard University Endowment Fund
Buyer: Primewest, 2021

$53.5M-PLUS
GILGAL STATION, COOTAMUNDRA, NSW

3605 HECTARES

Seller: Palgrove (NZ)
Buyer: Lukas Asset Management’s Land und Fortwirtschaft fund (Germany), 2023

$53M
WOLLOGORANG AND WENTWORTH STATION, GULF OF CARPENTARIA, NT
705,198 HECTARES
Seller: Chinese interests

Buyer: McMillan Pastoral Company, 2020

$50M-PLUS
BECTIVE STATION, TAMWORTH NSW
4053 HECTARES
Seller: Vickery family, Tamworth NSW

Buyer: AAM Investment Group, 2022

$50M-PLUS
BULGANDRA, WALBUNDRIE, NSW
4174 HECTARES
Seller: TIAA-CREF (NUVEEN NATURAL CAPITAL)
Buyer: Various, 2020

$50M
MIDDLEBROOK STATION, NUNDLE NSW
8613 HECTARES
Seller: Rifa Salutary (China)
Buyer: Australian interests, 2020

$50M
BURMAH AGGREGATION, GRAMAN, NSW
5437 HECTARES
Seller: Paraway Pastoral Company (Macquarie Agriculture)
Buyer: Gunn Agri Partners via Wilga Farming (CEFC-Australian government and CDPQ-Canada), 2023

UNDISCLOSED
FAIRVIEW AGGREGATION, LUCINDALE, SA
4360 HECTARES
Seller: Nicomax Properties Pty Ltd (Switzerland)
Buyer: Ogilvie Group, 2024

$49M
FAIRFIELD STATION, BAUHINIA, QLD
10,522 HECTARES
Seller: Scott family (Mt Gambier, SA)
Buyer: Twin Hills Cattle Company (Dennis family) 2024

$49M
WOOLNER STATION, MARY RIVER, NT
64,700 HECTARES
Seller: David Walker
Buyer: Langenhoven family, 2024

$48.25M
ROCKLAND SPRING, COMET, QLD
10,210 HECTARES
Seller: Sam and Louis Staines (Comet QLD)

Buyer: Bunderra Cattle Company (Pickersgill family, Comet Qld), 2024

$48M-PLUS
WARRANE, ARMIDALE, NSW
7489 HECTARES
Seller: MH Premium Farms

Buyer: Origin Energy, 2023

$48M-PLUS
JIMARNDY AGGREGATION, MAY DOWNS QLD
17,600 HECTARES
Seller: Simon family (May Downs QLD)
Buyer: Consolidated Pastoral Company (UK), 2022

$47M-PLUS
STONEHOUSE, LEMONT, TAS
7500 HECTARES
Seller: Tony Seymour

Buyer: Peter Downie, 2021

$46.5M
MURRAY DOWNS STATION, ALICE SPRINGS NT
559,500 HECTARES
Seller: Australian Green Properties (Romeo Roxas, Philippines)
Buyer: Wentworth Cattle Co (Hughes family, Clermont, QLD)