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Rural interest return evident with $12 mil. Booabula sales

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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