The sale of two large grazing properties near Wagga have demonstrated that rural “values are holding up” amid the wider drought conditions.
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A property in the Upper Kyeamba Valley, located midway between Wagga and Holbrook, sold for $3.7 million at an auction last month.
Ray White Rural Wagga agent Geoff Palmer said “Jandera” attracted interest due to its reputation as a pristine, low maintenance livestock production parcel.
“Jandera was a great result, it was basically a livestock operation that had the benefit of feed in a time where most didn’t have feed,” Mr Palmer said.
“This was an underlying factor to ensure there was a great result on the day and we had about 20 inspections and security comes with eastern Riverina and Wagga as the rainfall is quite safe.
“The property also has a very long and sustainable improvement in pastoral and fertilising history, it was well managed and conservatively run.”
Mr Palmer said the 340 hectares of breeding and grazing country, which went under the hammer for $3.7m, equated to $4404 per acre, which is believed to be “a district record”.
“The buyers were a private family from Young, looking for a feed bank for their cow herd,” he said.
“The vendors, David and Jill Middleton, had owned the property for 25 years and were looking forward to the next stage of their lives, moving into nearby Wagga.”
While this rural property sale price was a record for the district, Mr Palmer said trends have shown a strong rural property market.
“Values are holding up and we’ve had notable sales that have become a trend,” he said.
“In 2019, people obviously want to see a continuation of this trend and this will be purely dictated by weather influences and the lending rate movements towards the end of the year.”
Mr Palmer said a historic eastern Riverina aggregation sold recently, which achieved “one of the highest prices in the region” this year, however the price nor vendor could be disclosed.
Another property that was a significant sale in the region was the “Miradong” property in Adelong, about an hour from Wagga, which sold for $6.2 million.