BUYING activity on rural properties in southern NSW is surging on the back of a buoyant agricultural outlook.
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Three iconic properties in the region have gone under the hammer to amass millions.
And it appears that foreign investors are being pipped at the post by local farmers who want to increase their landholding.
The well-known Murrumbidgee River holding BerryJerry Station – west of Wagga – is believed to have remained in local hands and neighbours also secured the 2024-hectare Cootamundra property, “Ferndale”.
It was the firs time “Ferndale”, which was only marketed for a six-week period, had changed hands since 1869.
And in the western Riverina the large-scale grazing property Natue Station at Booligal was sold recently to a well-known landholder.
NSW Farmers president and Corowa farmer, Derek Schoen, said plenty of operators were looking to increase their holding.
In fact, he has doubled his own agricultural operation in the past three years.
He attributed the purchases to the the lower interest rates and buoyant commodity outlook.
“It is an ideal opportunity … there is a bright future in agriculture,” he said.
“There is overall optimism and the downturn in the mining sector has played a role too,” he said.
Mr Schoen said it was promising to see properties remain in the hands of locals.
“I think there is a place for foreign investment but it is always good to see the family farming operations holding onto agricultural land in NSW,” he said.
“Property prices are really on the way up and I think there is good demand,” he said.
Mr Schoen said the demand for land also made it an opportune time for those who were considering exiting the industry to sell.
Temora company Miller and James recently sold “Ferndale”, at Cootamundra for an undisclosed amount to local interests.
Mr McLaren couldn’t confirm the purchaser but did say it was secured by “neighbouring interests”.
The property was only on the market for about six weeks. He said there was a lot of interest in rural properties and there were not enough on the market.
“There are not enough of these (type) of properties on the market,” Mr McLaren said.
