What wind farms are really doing to farm prices after property with a handful of turbines sells for $1.6m

A farm with a handful of wind turbines has sold for a price that wasn’t expected. This is what wind farms are really doing to property prices.

Woolangubra near Yass went under the hammer last week in a competitive auction that resulted in a sale that went $375,000 over reserve. The property is set to house part of the Bango Wind Farm. Picture: File

A PROPERTY in NSW thought to be the first Australian wind farm offered for sale to the public has sold for $375,000 more than its reserve price.

Woolangubra, near Yass, sold at an online auction last week for $1.6 million – after it had a reserve price of $1.25 million.

The 217ha property will form part of the Bango Wind Farm, which will comprise 46 turbines when completed in 2021.

A wind industry source told The Weekly Times they believed Woolangubra would house about four or five turbines.

Typically, wine turbines are thought to generate income of $4000-$8000 per turbine per annum for landholders hosting them.

Woolangubra was purchased by sheep farmers Kerry and Roger Rayner, who own the land adjacent to the property.

Selling agent George Southwell from Ray White said he believed the sale could be the first time a wind farm had ever been sold publicly in Australia.

“This is my understanding based on the simple fact that when you own a property with wind turbines you hang on to it but these owners were elderly and couldn’t do that,” Mr Southwell said.

“We had 40 inquiries throughout the campaign with 18 inspections and 11 registered bidders.

“There was interest from commercial investors who had pulled their money from share portfolios, wool producers who wanted to drought proof their farm, locals, as well farmers from across the country”.

The Rayners, who want to grow their Merino and Dorset sheep numbers, said they had been looking to expand their operation for a few years but nothing suitable had been on the market.

“We were a bit worried because just in the last few weeks the banks were a bit reluctant to take on new business loans but we persevered and we got there,” Ms Rayner said.

The Bango Wind Farm initially consisted of 118 turbines when the project was announced to the public in 2011.

Following community consultation in 2017 the project was reduced to 75 turbines and of these, 46 were approved by government in late 2018.

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