Tumut farm sells for more than $11 million under the hammer
A farm at Tumut in NSW has sold for more than $11 million. The property was snapped up by a local – and a buyer not from the area.
A farm at Tumut in NSW sold for $11.45 million under the hammer last week.
The two adjoining properties – Nimbo (687ha) and Cockatoo (289ha) – made $6.4 million and $5.025 million respectively.
The properties had been owned by Tom and Vicki Sutton for the past 16 years.
Nimbo was purchased by a property owner from Young, while Cockatoo was purchased by a local land owner.
According to selling agents, the Sutton’s property was the biggest sized farm to be offered for many years in the Tumut shire.
During its marketing campaign, agents received 267 inquiries and 53 parties inspected the property.
Selling agent David Nolan from Webster Nolan Real Estate said the result of the auction reflected the growing demand for high rainfall and productive country located in a highly regarded and tightly held district such as Tumut.
“Prime agriculture land is a shrinking asset and the demand for land given strong commodity prices and low interest rates, is far out stripping supply,” he said.
“Rural land has always been a good investment and that was certainly evident”.
It comes as a grazing property near Jingellic in the Upper Murray recently sold under the hammer for $5 million.
The 617ha property, Mauna Loa at Ournie in NSW, was snapped up by a family out of the area.
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