Edgeroi cropping property pulls record price
The auction of cropping property 'Galathera' was an outstanding success, selling at $2,895 per arable acre.
It took just six minutes to sell ‘Galathera’ at auction in a flurry of spirited bidding which smashed records for land values registered previously on the north-west slopes and plains.
The 443 acre (179.4 ha) Edgeroi cropping property had drawn keen interest and plenty of inspections over the six week marketing campaign in the lead up to the auction, an indication of what was to come.
“Land values are only heading one way, the global demand for quality country is increasing by the day,” the auctioneer warned, before putting the final result in the hands of the six registered bidders in the room.
It came down to three local farmers who set a cracking pace, opening bids at $700,000 and flying past the million dollar mark. The hammer fell at $1.1 Million or $2,895 per arable acre.
The final figures hung in the air, no doubt a pleasing result for the vendor and also a reflection of the full strength of seasonal and market conditions.
“Rural land sales are certainly in a purple patch at the moment and existing landholders are looking to increase holdings whilst interest rates are at historically low levels and seasonal conditions are favourable,” Rural Property NSW Director, Michael Guest, said following the sale.
“In this market, properties are selling quickly. We’ll hit a peak and nobody knows where that is, but quite possibly we are already there unless we see a change in commodity prices or a positive currency movement.
"While enquiries have come from all sectors, in recent times there have been few new entrants to the industry. It’s mainly existing farming families or those that have been involved in agriculture in the past."
‘Galathera’ is located approximately 10 kilometres west of Edgeroi in the heart of a tightly held cropping district boasting fertile soils and a reliable average rainfall of 660 mm.
With 154 hectares (380 acres) of arable grey self-mulching soils, the result of the sale was highly anticipated by many farmers in surrounding districts.
Being ready for the 2017 winter crop and with a full profile of moisture made the property all the more appealing and stretched bidders in their attempt to secure a small holding in a highly productive area.
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