Inside the world of equine property
Australia’s horse racing and breeding industry is worth billions, yet for many investors, the world of equine property is a mystery. From the Hunter Valley to the Gold Coast, sprawling horse farms and purpose-built stables trade hands for tens of millions of dollars.
According to Clint Donovan, a director of Donovan + Co who has carved out a reputation selling some of the most prestigious equine estates, the first thing to understand is how specialised this market is.
“I grew up in a stock and station agency in northern NSW and then spent 15 years full-time in the horse business,” says Donovan, a former auctioneer and bloodstock manager for Magic Millions.
“When I came back to property, I realised how few people understood both horses and real estate. It turned out to be a very good combination.”
In recent years, Donovan has been behind some of the biggest equine property deals in the country. Among them was John Singleton’s Strawberry Hill Stud at Mount White, which sold to Tom and Sophie Magnier of Coolmore for more than $30 million, and Dorrington Farm in Nagambie, bought by a Hong Kong investor for around $11 million.
Passion and pedigree
Unlike traditional commercial assets, equine properties are not purely financial plays. They are driven by passion and a shared love of the horse, which makes sense when some of the horses are worth more than the property itself.
“No matter their level of wealth, it always starts with a love of the horse,” Donovan says. “Without that, you probably wouldn’t buy a horse property.”
That sentiment, he says, is part of what makes the Australian market so robust and globally attractive.
“Australia has arguably the healthiest racing economy in the world,” Donovan explains, with offshore interest supported by Australia’s reputation for producing the world’s best sprinters and maintaining a well-regulated breeding environment.
“We’ve got outstanding prize money and a long history with races like the Melbourne Cup, the Cox Plate and, more recently, The Everest. That attracts investors from Hong Kong, China, Ireland and even Saudi Arabia.”
What seasoned buyers know
The buyer pool for equine properties is more specialised than for traditional rural or commercial holdings.
“People often think it’s a good idea until they realise how specific it is,” Donovan says.
“It takes education. You really need to know who your tenants might be, and the management side of it is crucial.”
For seasoned investors, the focus has shifted toward properties that require little or no capital expenditure.
“Turnkey facilities are vital,” Donovan says. “The cost of materials and labour is so high that farms requiring no major maintenance are the most sought-after.”
He says the best-performing assets combine premium land, reliable water and carefully designed infrastructure.
Advice for newcomers
For those considering their first step into the market, Donovan’s advice is simple: start with a clear purpose and a genuine love of the animal.
“My advice would be quality over quantity,” he says.
“Understand whether you’re buying for investment, breeding, or as an owner-occupier, and work with people who know both the horse industry and property.”
He adds that many investors underestimate how deeply personal this niche can be.
“It’s a world built on trust, relationships and shared passion, and that’s what makes it so rewarding.”
An emerging field of opportunity
While the prestige of the Hunter Valley and Nagambie are well known, opportunities exist in every corner of the country. Buyers can search for a property that purely services their stock, or one that has a homestead they can live in.
There are several listings currently available on Commercial Real Estate.
Tulloch Park, Warragul, VIC
A premier 66-hectare horse stud set amid rolling green pastures, Tulloch Park is listed for $10 million. Designed with training and breeding in mind, the property includes extensive stabling, spelling paddocks, laneways and infrastructure suited to large-scale equine operations.
181 Black Forest Drive, Macedon, VIC
This picturesque 41-hectare holding offers the perfect blend of equestrian and lifestyle appeal. Featuring a main residence, separate manager’s quarters, indoor and outdoor arenas, and quality stables, it’s guiding between $3.3 million and $3.6 million.
Ridgmont Farm, Segenhoe, NSW
Set within the Hunter Valley’s fabled “golden triangle”, Ridgmont Farm spans 200 hectares of fertile alluvial flats and grazing slopes. The property includes a modern four-bedroom homestead with a pool, staff cottages and extensive equine facilities including foaling barns, twin parade rings, and more than 100 paddocks. With 722 megalitres of water and a 10-inch irrigation network, it’s a fully operational, turnkey stud farm.
