In a demonstration of the buoyant conditions in Australia's rural real estate market, two significant properties in Queensland have changed hands recently for impressive sums, reflecting both the high value placed on agricultural assets and the competitive nature of the market.
Rockland Springs
Rockland Springs, a substantial property located in Central Queensland, recently sold for $48.25 million in a walk-in walk-out deal. The transaction included around 3,000 head of cattle, along with plant and equipment, worth around $4 million. While specific details remain undisclosed, efforts to clarify the exact inventory included in the sale will continue with the real estate agent.
Spanning over 10,210 hectares, Rockland Springs was advertised with a carrying capacity of 3,500 head, though local landholders suggest that this figure should be closer to 3,000 animal equivalents (AE). This puts the cost at approximately $14,750 per AE, or $4,334 per hectare. The auction attracted significant local interest, with three bidders driving the price up, though the first bidder withdrew after a bid of $42 million, underscoring the competitive tension during the sale.
Pamaroo
The recent sale of Pamaroo, a prominent property in Queensland's Maranoa region, marked a significant transaction in Australia's agricultural real estate sector. This property sold for an impressive $26.3 million at auction, reflecting strong market interest and the high value attributed to well-maintained and strategically improved agricultural land.
Situated approximately 65km north of Roma, Pamaroo sold at a rate of about $5,874 per hectare ($2,378 per acre), with capacity to support roughly 1,100 cow and calf units. This equates to a value of about $23,909 per breeder area or around $17,533/Adult Equivalent. This rate reflects the quality and potential of the land and sets a benchmark for similar properties in the region.
Pamaroo’s prime brigalow, bottle tree, and belah landscapes are complemented by large volumes of buffel grass and areas of improved pasture, including purple pigeon, Rhodes grass, and green panic. This mix supports a high-performance grazing operation, historically optimised for bullock production. The northern end of the property features small areas of pine and box country, also well established with buffel grass.
The auction of Pamaroo was a spirited event, reflecting its high desirability within the agricultural community. Conducted in Roma, it attracted eight registered bidders, with three actively participating. The buyers, Reade and Jill Radel and family from Yebna, Taroom, who operate Kandoona Red Brahman stud, secured the property. This acquisition highlights the Radels' commitment to expanding their already prestigious livestock operations.
These sales are indicative of the strong market dynamics currently at play within Queensland's agricultural property sector. Both properties attracted local bidders, which suggests a robust local economy and a keen interest in sizable and strategic agricultural acquisitions. The transactions of Rockland Springs and Pamaroo not only highlight the health of the agricultural real estate market in Queensland but also demonstrate the significant capital investment local operators are willing to commit to secure prime land. These sales provide a clear signal of the value attributed to high-capacity, well-equipped agricultural properties in Australia, setting a benchmark for future transactions in the region. The ongoing interest from local bidders reinforces the strategic importance of these properties in the broader economic landscape of Australian agriculture.