Booabula Station and Booabula East sold for more than $12 million combined recently.ZOE MCMAUGH July 1, 2014 3:50am
Historic Booabula Station and its neighbor Booabula, also known as Booabula East, sold for more than $12 million combined in recent weeks.
Agents handling the sales – James Sides from Landmark Deniliquin and John Dalton from Elders Griffith, respectively – say both mark a returned and strong interest in the rural market.
Mr Sides said there was huge demand for the 6,745 hectare Booabula Station last week.
It went to father and son team Alan and David Cox from Hay, for $4.36 million.
Its water licence sold for an additional $1.1 million.
Paired with the sale of Booabula East and another long-standing property sold in June, ‘Craigieburn’, Mr Sides said the market is ‘‘alive and well’’.
‘‘There was huge demand for both properties (‘Booabula Station’ and ‘Craigieburn’) and they were fiercely contested.
‘‘Booabula Station went above expectation. It attracted six registered bidders, however only two competed for the property.
‘‘The very robust approach at the start eliminated the majority, with the property eventually going to David Cox.
‘‘Craigieburn attracted 16 registered bidders. The three lots were all fiercely contested which left the auctioneer and the audience on the edge of their seats.’’
Mr Dalton said neighboring Booabula was sold through an expressions of interest process.
He would not reveal the exact amount of the sale, only saying it was ‘‘in excess of $8 million’’.
The 13,000 hectare property went to Ian Milliken of Euroa, formerly of Hay.
Mr Sides said the resurgence in the industry and positive commodity prices have improved the market, noting also that interested buyers are increasingly local.
‘‘It is positive to see the marketplace is most aggressively pursued by local interests,’’ he said.
‘‘We have found that any farm on the market with one or more strong neighbours attracts more competition.
‘‘The commodity prices are all aligning positively, which is helping the market maintain momentum.’’
Mr Dalton said both Booabula properties offered a rare opportunity to own a sizeable property, which he said added to the interest.
‘‘Pastoral lands of a good size like these are very hard to find, particularly between Deniliquin and Ivanhoe,’’ Mr Dalton said.
‘‘River and creek country is starting to be looked at more strongly by corporations, but local and district interest is certainly still very strong.
‘‘It was interesting to note that the unsuccessful bidders for Booabula were at the Booabula Station auction.’’
The SAM Foundation has received a further philanthropic contribution of $1 million towards the new Shepparton Art Museum.
The Yarrawonga Pigeons scored a 20 point victory over the Myrtleford Saints at the JC Lowe Oval in Yarrawonga on Saturday.
The Aboriginal and wider community is mourning the death of revered Bangerang Aboriginal elder, Uncle John ‘‘Sandy’’ Atkinson.
Two people have been arrested and thousands of dollars in drugs and property found in a major raid in Corop early Monday.
FOUR Rochester residents did more than their bit for women’s cancers mid last month when they trekked 60km around Melbourne to raise funds for the Peter MacCallum Cancer Centre.
Tongala Football Club lost to Rumbalara in the Murray Netball League on Saturday by 14 points.
Four generations of Comi girls this Mother's Day
Berrigan Shire councillor Daryll Morris says he has been sickened by some of the vitriol and personal attacks to surface since the council’s proposal to redevelop Finley’s Memorial Hall and School of Arts site was revealed in October last year.
DESPITE criticism from within the community over a perceived lack of use, the O’Keefe Rail Trail has enjoyed good traffic over the past couple of weeks, with more to come.
Members of a Cobram social group have encouraged women to become a part of community groups, committees and boards.
School fundraises for student with leukaemia.
Fonterra suppliers are reeling after the announcement of a big cut in the milk price from $5.60/kg to $5 for the full current year.
The News magazines are online - read high quality magazines in your time. Check in regularly for the latest editions.
Riverine Herald's well regarded locally produced magazines. They're now online, so you can read them whenever and wherever you like.
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.