Renowned stations snapped up as cashed-up farmers expand

Mr Stoney, whose Mansfield-based Minto Pastoral Company runs livestock across 73,000 hectares of pastoral and high rainfall country in NSW and Victoria, said he was able to buy Yaloke only because of the equity built up in his own holdings.

“The market is very, very good. Our own properties have increased in value which has given us enough equity to buy again,” he told The Australian Financial Review over the weekend.

“We bought Yaloke to drought-proof ourselves and to house young stock as they come from up north,” he said.

The pioneering Deniliquin estate, which runs 3000 merino ewes and 1000 cattle, included a four-bedroom 1920s homestead with in-ground pool and tennis court, and a 100-year-old woolshed. It was sold on behalf of sixth generation owner Allan Wragge by James Sides of Nutrien Harcourts.

About 400 kilometres north of Deniliquin in the state’s Central West, the family-owned Ogden Pastoral Company has expanded its local holdings after paying $26 million for the 53,537-hectare Kilparney and Yara stations in a walk-in walk-out deal that included 3000 sheep, 7500 tonnes of barley and 2000 bales of hay.

The mixed farming aggregation lies about 100 kilometres north of Lake Cargelligo on Mount Hope Road. It was offered for sale by the Lush family, headed by Des Lush.

Selling agent David Russell of Nutrien Russell Property and Livestock said the sale set a record price for a single vendor offering in the Central West.

Mr Russell, who has been selling farms in the area for over 40 years, said 2021 was shaping up to be one of the busiest years for a long time.

“Demand is extremely strong for quality property given low interest rates and an extremely strong goat and sheep market. Pastoral land is selling very quickly,” Mr Russell told the Financial Review.

On the Gold Coast, a local family has acquired one of the area’s best-known hinterland properties, the 364-hectare Saddleback for $8 million in a heavily contested online auction.

The lush mountain top cattle farm near Canungra – just 35 kilometres from Broadbeach – rises to an elevation of 550 metres and offers views of the Brisbane skyline and the Glasshouse Mountains.

In the 1980s it was owned by the late Sanctuary Cove developer Mike Gore who planned to turn it into a luxury resort and golf course, before losing his fortune.

Later his son, disgraced property developer Craig Gore, bought it in 2003, before it was broken up and sold by receivers in 2012, when the late pastoralist and Sea Swift shipping company founder Sid Faithful acquired the trophy mountain top parcel.

Ray White Rural agent Peter Douglas, who sold Saddleback in 2003 and 2012, marketed the property again with colleague Rob Wildermuth.

Mr Douglas declined to identify the new owners, but said it would be run as a cattle farm with a manager appointed.

“The market is strong, it’s a nice time to have property on the market,” Mr Douglas said. “Who knows when this run will stop.

“All of a sudden people are realising the true value of Australia’s good, clean food and our wonderful grain and livestock.”

Joining the big name sales, Dalkeith Station in Queensland’s Darling Downs east of St George sold to neighbouring Bidgel Grazing for around $20 million including almost 2000 cattle as well as plant and equipment.

The 15,411-hectare breeding and backgrounding [intermediate feeding stage] property was offered for sale by the Bradstreet family who had owned it since 2012.