McIntyre family sell SA cropping farm for record-breaking $9.6 million

A tightly-held farm on the Yorke Peninsula has been sold through auction in a deal worth a stunning $37,500 a hectare.

A South Australian family has sold a 257ha parcel of tightly-held cropping farmland through a record-breaking auction, continuing a staggering run for South Australian farm sales.

With a winning bid of $9.6 million, a local syndicate of farming families have acquired the McIntyre family’s Paradean South farm, located in South Australia’s Yorke Valley.

Comprising two lots, one 95.7ha and the other 161ha, Paradean South was sold through auction on Friday, January 20, as bidders vied for the tightly-held farmland.

The syndicate’s winning bid, which equated to about $37,647 a hectare, has set a new record for broadacre farmland in the Yorke Valley and is one of the highest prices per hectare paid for South Australian farmland.

Wardle Co Real Estate principal James Wardle and Tony Clark managed the sale which saw six registered bidders and three active bidders on the day.

Mr Wardle said the McIntyre’s Paradean South was highly-sought after because of its sandy loam soils, average annual rainfall of 500mm and its tightly-held history.

“Farmland in the Yorke Valley is rarely on the market, I can’t remember the last time a block was auctioned like this,” he said.

Paradean South has been purchased for a record price through auction by a local farming syndicate.

“This has been an extremely good year for many growers. South Australian broadacre farming has seen record yields and harvests. I think that has definitely contributed to the price paid here.”

Mr Wardle said bidding for the property started slowly before a vendor bid of $8 million kicked the offering into action.

In recent seasons Paradean South has been used for cereals and lentils cropping, with the almost 100 per cent arable farm fenced into three paddocks.

Since late last year a flurry of South Australian farms have been sold in major deals worth about $130 million.

In November the Handbury family smashed records when they paid $22 million ($34,920 a hectare) for 630ha grazing block, Binbrook, purchasing it from Tom and Kerry McWaters.

Then in December about $50 million worth of South Australian farms changed hands, with four holdings in the tightly held southeast region sold.