Rural property prices to be broken in Spring selling season

The latest farms to exchange hands have smashed their asking price, while a new listing in NSW is seeking tens of millions.

Buln Gherin at Stockyard Hill sold for millions to local farmers.

Australia is on track for its dearest spring property selling season on record.

Rural property specialist, Danny Thomas who is a senior director at LAWD, said the upcoming spring market was expected to remain undersupplied and follow the trends set throughout the year.

“Demand will continue to outstrip supply,” Mr Thomas said.

“Inquiries are out of control at the moment, I have had over 100 for one property. There’s so much positivity in the industry at the moment people want to buy more country.

“So we can expect that prices will keep on increasing”.

Following a winter wonderland of deals, a historic sheep and wool property in the Western District has sold for more than $35 million last week.

Buln Gherin at Stockyard Hill fetched the whopping price and was purchased by three local farmers from the area.

The 1882ha mixed farming property, with views of Mt Cole and Mt Langi Ghiran, was listed for sale at the end of May with an asking price of more than $28 million.

Buln Gherin had been owned by Carpenter family and was for sale as a whole or three contingent holdings.

The property features a six bedroom Californian bungalow style homestead, circa 1920, and a state-of-the-art six-stand woolshed with undercover yards.

Meanwhile, an aggregation in central NSW has been listed for sale for the second time in four-and-half-years with a price tag of more than $21 million.

The 2912ha grazing and cropping property, Catombal Aggregation at Cumnock, is being sold via expressions of interest which will close on September 6.

It comes after the aggregation was listed for auction in December 2016.

Price expectations are $7400 per ha – in line with district sales.

Catombal Aggregation is reportedly owned by the investment group Rural Investor.

The Munro family purchased the property in 1877 and sold it in 2012, splitting it into five parcels.

Recently, Stonehouse at Lemont in Tasmania sold for $47 million and the historic Tubbo Station in the NSW Riverina fetched about $40 million.

MORE PROPERTY

HISTORIC WESTERN DISTRICT PROPERTY MAKES $35 MILLION

CATOMBAL AGGREGATION LISTED FOR SALE

UPCOMING FARM AUCTIONS REVEALED