New benchmark price set for Snowy Monaro farms after property sells for more than $6 million

A new benchmark price has been set for grazing properties in the Snowy Monaro. See which farm sold beyond expectations and set the bar high for the region.

Mooresprings sold for more than $6 million

A NEW benchmark price has been set for grazing properties in the Snowy Monaro region after a property at Bibbenluke sold for more than $6 million.

The Bibbenluke property, Mooresprings, was listed for sale just four weeks ago and was due to be auctioned online at the beginning of May.

The 1107ha property, sold by Henry Mackinnon from Colliers International, was marketed with an asking price of more than $5.4 million and sold for $6,011,280.

Mooresprings had been owned by Terry and Leanne Moreing since 2008. It was only the second time the property had been sold since its settlement.

Mr Mackinnon said, when the property was listed on the market, that the sale would set a benchmark for the region.

“Prices have not been tested on the back of historically low interest rate combined with the increased land values and appetite for livestock enterprises due to strong commodity prices,” Mr MacKinnon said.

“We are expecting significant inquiry from local farming families looking to acquire additional grazing country but are also expecting people from other regions who are looking to diversify.”

Mooresprings has the ability to carry about 10,000DSE in average seasons, which equates to about a 300-head herd of breeding cattle and 2000 breeding ewes.

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