Two rural property sales in the Jerilderie area have spearheaded what is expected to become an exciting time for the local market.
Southern Riverina Livestock & Property agent Mark Ryan said interest for the two properties — ‘Somerset’ and ‘Dunravin’ — attracted registered bidders from the local area, as well as other parts of NSW and interstate.
There was also keen bidding for water attached to ‘Somerset’, which was auctioned separately, he said.
Mr Ryan said bidding for ‘Somerset’ was particularly competitive, with the property eventually selling for $3.45 million.
He said it equated to $825.95 per acre for the 4177 acre property.
The slightly smaller 3836 acre ‘Dunravin’ sold for an impressive $1.6 million, or $423.62 per acre, he said.
Mr Ryan said both prices were indicative of the recent trend of sales in the Southern Riverina, and of the market moving forward.
‘‘We’ve had a lot of interest and inquires for both irrigation and pastoral properties recently.
‘‘A lot of this has come from Victoria, which shows that investment interest in this area is on the rise.
‘‘These are fantastic results, and I think locals can now start to re-evaluate the value of their properties as a result.’’
Mr Ryan said there were 20 registered bidders for ‘Somerset’ and ‘Dunravin’, and said many more filled the Jerilderie Race Club tearooms to witness the highly anticipated auctions on October 27.
‘Somerset’, which is 25km north of Jerilderie, is a flood irrigation and Merino sheep stud property which has been owned by the Milthorpe family since 1936.
Bidding for the property started slowly but quickly turned into a competitive auction.
Next offered was the property’s 972 megalitres of permanent water entitlements, with 600ML of the parcel purchased for $1710 per megalitre. The remaining 372ML was purchased for $1670/ML.
This year’s general security allocation — 30 per cent of entitlement — was also auctioned and sold for $137/ML.
‘Dunravin’ is located 35km north of Jerilderie and has been used as a supplementary block for a local landholder.
‘‘I couldn’t have asked for a better result for my clients, and I’m grateful to have been able to provide the service to them,’’ Mr Ryan said.