Queensland family farm sold for $40,000-plus per hectare

A 611ha irrigated and dryland cropping farm in the state’s Darling Downs region has been sold for more than $24 million. See the details.

A Queensland farming family has offloaded a 600ha irrigated and dryland cropping property in a deal worth more than $24 million.

Two years after it was first listed for sale, the Stephen family sold the 611ha Oakleigh West, located in the renowned and tightly held inner Darling Downs cropping region near Bowenville.

Oakleigh West was sold in a $24.75 million deal, with a local farming family acquiring the property, ending an 80-year tenure by the Stephen family.

The transaction price was worth an equivalent of about $40,500 a hectare, while a suite of water entitlements including 3324ML annual volumetric entitlement from the Oakey Creek, with a nominal entitlement of 1349ML and 244ML irrigation bore licence from the Condamine Alluvium.

The Stephen family have sold their 611ha Oakleigh West property near Bowensville QLD..

JLL agents Chris Holgar, Clayton Smith, Geoff Warriner and James Mitchell handled the sale of the Oakleigh West property.

About 90 per cent of the property was considered arable with deep self-mulching black soils, historically growing a number of high-yielding crops on both a summer and winter rotation.

Earlier this year the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) predicted a four per cent rise in cotton prices in the 2024-25 period, following the export of previous seasons’ record production.

“Cotton production is predicted to fall by 6 per cent to 1.2 million tonnes in 2023–24,” ABARES said.

“This is still projected to be the second-highest result on record as high production from 2022–23 has been exported in 2023–24. In 2024–25, cotton export volumes are forecast to fall by 15 per cent to 1 million tonnes, reflecting lower production volumes.”

On farm water storage at Oakleigh West measures 1150ML.

Herron Todd White director Will McLay said irrigated farmland prices in Queensland’s Darling Downs region have exceeded other traditional cotton production districts.

“Irrigated cropping properties remain tightly held right across the region, particularly those genuinely viable properties with scale and significant water rights,” Mr McLay said.

“That said, extended selling periods – at least by comparison to grazing property – are evident.

“Despite this, irrigated cropping values in this location are well above other traditional growing areas at $30,000 to $50,000 per irrigated hectare, primarily as a result of location and proximity to markets, services and labour.”