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.’’
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Beautiful weather greeted Tungamah residents for the 18th running of the Tungamah Lions Ten Thousand on Sunday.
When Keith and Marion Grumley and their growing family moved to Tatura on January 18, 1968, little did they know that it would be the start of a long and lasting connection to the town.
A snake was spotted this afternoon.
Rochester Rotary Club has celebrated its 50th birthday in style.
Sorting future of Campaspe pools
A theatre production with a difference is coming to Seymour.
Local athletes will go head-to-head with some of the best competitors from around the world in swimming and athletics in December.
District residents and visitors will be able to enjoy some of the region’s most beautiful private gardens on Sunday.
The 116th annual Cobram Show went off with a bang at the weekend, drawing in crowds from far and wide for two days of fun.
Tomorrow is a Total Fire Ban day in Deniliquin, meaning no fires can be lit in the open and all fire permits are suspended.
Fifty new full-time jobs will be created at Tatura with a multimillion-dollar expansion of the abattoirs expected to be announced today.
Remembering Australian political giant Gough Whitlam who once called on Benalla police to stop then Treasurer Frank Crean on his journey up the Hume to phone the PM.
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