Four Wimmera farms sold for $25,000-plus a hectare combined

Four farms spanning 410ha north of Horsham have been sold to local farming families through two separate auctions. See the details.

Mild optimism has returned to the southern NSW and Victorian rural property markets as cautious buyers scout nearby farmland for a suited place for expansion.

In Victoria’s west, the King family estate has been finalised after selling a series of Wimmera cropping properties through auction for more than $10.3 million combined.

On Friday at the Kalkee Recreation Reserve, the estate of HC King sold a 63.13ha parcel through auction for $27,429 a hectare ($11,100 an acre), or more than $1.73 million, while a second parcel of 128.3ha was sold for $23,722 a hectare ($9600 an acre), or more than $3 million.

The two adjoining properties, located at Harris Rd, Dooen, about 7km north of Horsham, were bought by two separate local buyers under the hammer.

A week earlier, a further 219ha near Blue Ribbon Rd, Dooen, was sold through auction via the estate CG King, in two separate deals worth more than $5.5 million combined.

The 121.8ha parcel was sold to a local buyer for $23,722 a hectare ($9600 an acre), or more than $2.89 million, while a separate local buyer purchased the non-contingent 97.12ha block for more than $2.7 million, or $28,171 a hectare.

DMD selling agent Andrew McIllree handled the sale of the King family estate properties and said buyers in the region were interested in expansion, but wary.

“These lots, north of Horsham, are very well held. There was still keen, good local interest. It is not like what it was three or four years ago, potential buyers are very careful,” he said.

Herron Todd White valuer Andrew Garnsey said in their monthly agribusiness review, he was anticipating farmland values to remain steady into this year, due to improved livestock prices and greater summer rainfall than anticipated.

“Further interest rate increases seem less likely as inflation appears to be declining and as long as the season holds we do not foresee any significant changes to land values in the near future,” he said.

“Buyer activity for small to medium scale mixed farming holdings has slowed, however, as operators look to reduce debt levels rather than expand which had been their main focus in 2022 and 2023.”

The Hurst family have sold their 447.58ha Wagga Wagga farm, Iona.

Meanwhile in the NSW Riverina, a 447.58ha mixed-farming property near Wagga Wagga has been sold through auction in two separate lots for $6.5 million combined.

Tom and Emma Hurst have sold their Iona property with a neighbouring farming family purchasing the smaller lot and a NSW farming family acquiring the larger portion.

Elders Real Estate Wagga Wagga selling agent Angus Macleod handled the sale of Iona.