Rural NSW regions with more reliable rainfall attracting buyers: HTW

Rural NSW regions with more reliable rainfall attracting buyers: HTW
Staff reporterDecember 8, 2020

With large areas of New South Wales still in an extended drought, buyers are looking for opportunities to purchase property in higher, more reliable rainfall areas, according to a report released by Herron Todd White (HTW).

The valuation firm noted that areas with average annual rainfall in excess of 1,000 millimetres are continuing to attract buyers with a number of recent sales 75 kilometres south of Walcha in the Nowendoc area.

Some key sales in the Nowendoc area include: Emu Tops (pictured above) which sold in June 2018 for $2.85 million, reflecting $3,562 per acre for the 800 acre holding; Fernleigh which sold for $3.8 million in May 2018 reflecting $2,205 per acre for the 1,723 acre holding; and The Two Mile which achieved a sale price of $9.9 million in May 2018 for the 2,910 acre holding, reflecting $3,400 per acre.

To the east of Walcha, in a 1,000 millimetre average rainfall area, the sale of Enfield North for $10.1 million in March 2018 confirms that "buyers are willing to look past the current drought to secure properties that have the added rainfall security". Enfield North is a 3,774 acre holding with an estimated carrying capacity of 1,000 cows, reflecting $2,676 per acre or $10,100 per cow area improved.

The report noted: "in the New England, demand continues for medium to large scale grazing properties."

Rural NSW regions with more reliable rainfall attracting buyers: HTW

Maiden Creek (pictured above) in the Wollomombi area 60 kilometres east of Armidale sold in March 2018 for $8.85 million. This 4,510 acre holding was located in a 900 millimetre average annual rainfall area and had an estimated longer term carrying capacity of 800 cows, reflecting $1,962 per acre or $11,063 per cow area improved.

Other sales include Yonda at Guyra which sold in April 2018 for $3.97 million. This is a 1,237 acre holding located 16 kilometres from Guyra in a 900 millimetre average annual rainfall area with a reported carrying capacity of 400 cows, reflecting $3,209 per acre or $9,925 per cow area improved. 

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