Red hot at Yerecoin
Farm Weekly
06 March 2008
LAST week's sweltering temperatures at Yerecoin did not deter the keen 100-strong crowd which gathered at the local tavern on February 27 to witness the setting of a new benchmark for rural land values in the area.
FarmWorks Australia state livestock manager and auctioneer Harold Sealy conducted the successful auction of both the 515ha farm Callingwood, Yerecoin, and the 492ha Mooravale property, Gabalong.
With six or seven keen bidders from the district, the stage was set for a lively auction result, with spirited bidding for Callingwood starting at $1.7m and rising rapidly past $2m to finally sell for $2.3m to Buckingham Nominees.
Bidding for Mooravale began at $1.4m, rising in $25, 000 lots and quickly selling for $1.8m to neighboring farmers, the Waters' family of Gabalong.
FarmWorks Property directors Darren Tapscott and Kevin Manuel said it was a very good result that reflected strong local demand.
"We knew there was high demand for croppable country in this location and this was evident in the huge amount of interest we've received in the lead up to today's auction." Mr Manuel said.
"Vendors Barry and Margaret Johnson were extremely please with the result, which exceeded their expectations.
"Today's auction demonstrated the quality of the country through the Victoria Plains area and the reliability of rainfall and production potential will mean continuing high demand for land in the area".
Mr Tapscott said the price reflected the current higher commodity prices and was a good pointer to how land values in reliable rainfall areas with production potential will be going over the next 12 months.
"If wheat prices in particular remain at current levels, and if the state receives at least an average season, then the outlook for land values, throughout the wheat belt is quite positive."Mr Tapscott said.
Both properties were ideal add-on blocks suitable for cropping or livestock with their medium sand over gravelly loam soils and good infrastructure already in place.
