ALTHOUGH it’s the multi-million-dollar sales that make the headlines, plenty of farms can be bought for less than $1 million, and not just so-called “lifestyle” or “hobby” farms.
Properties are available in most areas of NSW for less than $1m with enough land for an aspiring farmer to get a start.
Alternatively, for city- or town-based buyers these farms present an income-generating alternative to a mere “house on acres” proposition – and for not much more money.
All of the properties listed include a homestead – not grand, admittedly, but liveable, and in most cases comfortable – and all have working improvements ranging from excellent to basic.
They represent a sector of the rural property market often neglected, occupying as they do a marginal area between small (and often highly-capitalised) lifestyle farms and large, commercial-scale holdings.
Only a few years ago, properties like those listed would have been readily snapped up by local farming families as “add-ons” or as “starter” blocks for sons or daughters.
Today, however, finance remains tight for “add-on” purchases, and many of the present generation of sons and daughters have left farming during the past tough decade for other careers.
These properties might also once have appealed as easily-managed retirement farms for couples scaling down from larger properties, but because the larger properties themselves are proving hard to sell, the “retiree” market has gone quiet.
It’s therefore an opportune time for anyone with a hankering for a small but working-size farm to make their move, while traditional buyers are dormant and prices realistic.
Peter Dwyer, a property salesman with Davidson Cameron and Company at Dubbo, said the disappointing harvests of the past two years had dampened demand for farming property.
“We’ve got places on our books which we would normally sell without a problem, but the normal buyers aren’t operating,” Mr Dwyer said.
At Cowra, local agent James Keady said although inquiry had picked up towards the end of last year, the expected sales were still not taking place.
Part of the problem was that the city-based investors and “tree change” buyers had all but vacated the market since the global financial crisis, while neighbour-to-neighbour sales were suffering from tight credit, and uncertainty about values.
Shortages of quality listings are another factor, especially in high-rainfall grazing areas where would-be vendors have put selling plans on hold, to capitalise on high livestock returns.
Roger Bushell of Roger Bushell Real Estate in Goulburn said he would have no trouble selling more farms in the popular $750,000-$1m range, if he had them to sell.
He recently sold “River Range”, a pasture-improved grazing property of 120ha at Mummel, 18 kilometres west of Goulburn, with brick veneer home and shedding, for $835,000.
Schute Bell Property’s Cameron McIvor said some of the best buying in the under-$1m bracket was to be had in areas further west, where properties of serious scale came within reach.
His company is currently listing two such properties for private sale in conjunction with Neville Mullavey of Dubbo, one with a farming focus and the other grazing.
Bargains on offer
LOCAL competition for small- to medium-sized farms in the West Wyalong district has been subdued as finance remains tight, presenting opportunities for outside buyers.
According to Landmark Harcourts West Wyalong manager, Tony Galton, the relatively few properties on the market generate plenty of local interest at the time of listing.
“But that interest hasn’t been translating into sales,” he said.
“People still don’t have the money for extra property and they won’t have it until we get a good harvest.”
Despite the dearth of willing buyers, Mr Galton said most vendors were still clinging to asking prices 20 to 25 per cent above the levels buyers were prepared to pay.
One property offering diverse income with a good home and modest price-ticket was “Oakover”, a developed feedlot property located just 10 kilometres south of West Wyalong.
Owned for about 20 years by John and Nel Cooper, who are now retiring to town, “Oakover” is a property of about 300 hectares, priced to sell at $750,000.
The property boasts a cattle feedlot licensed for 1000 head (pictured), induction facilities, 13 grain silos and a hayshed.
Other working improvements include a two-stand shearing shed, 40-sow piggery and machinery shed.
“Oakover” comes with a tidy three-bedroom home set in established gardens and featuring split system air conditioning and town water.
Offerings under $1m
Walcha: “Tarrilli”, about 200ha open grazing, 25km north, mostly arable, pasture improved, carry 150 cows and calves, four bedroom brick home, three stand woolshed, new cattleyards, $995,000 (Chris Ward Property Sales, Tamworth).
Deepwater: “Culgoa”, 465ha open grazing, 35km north of Glen Innes, Deepwater River frontage, 80ha sown pastures, estimated to carry 2500 dry sheep equivalent, three bedroom modern sandstone home, sheepyards, $995,000 (Webster Nolan Real Estate, Sydney).
Cowra: “Bennetts Springs”, 335ha, undulating granite grazing with 75ha river flats, 30km south-east on Boorowa River, renovated three bedroom homestead, carry 5-7.5 dry sheep equivalent a hectare, sheds, yards, $950,000 (James P. Keady and Co, Cowra).
Crookwell: “Pine Grove”, 363ha improved grazing, Fullerton district 30km north-east of Crookwell, estimated 6.2 dry sheep equivalent a hectare, permanent creeks, three bedroom brick home, sheds, yards, subdivision approval, offers above $900,000 (Elders Goulburn).
Tottenham: “Croydon”, 1101ha mixed farming, Albert district, red loam soils, about 60pc arable, owner estimates can run 1000 ewes and crop 240ha, three bedroom brick veneer home, sheds, $880,000 (Schute Bell Property, Sydney/N.J. Mullavey, Dubbo).
Mudgee: “Butler”, 335ha undulating grazing country, 20km west of Mudgee, Piambong Creek frontage, three bedroom weatherboard homestead, three stand woolshed, history of finewool growing, $875,000 (Landmark Mudgee).
Tullamore: “Claremont”, 752ha of which 480ha cultivated, 50km west of Peak Hill, vendor estimates run 1800 dry sheep equivalent plus 200ha cropping, renovated four bedroom home, sheds, steel yards, $750,000 (Schute Bell Property, Sydney).
Binnaway: “Shannondale”, 574ha of which 180ha arable, 20km south of Binnaway on Castlereagh River, four bedroom brick veneer home, sheds, yards, 300 megalitre irrigation licence, $600,000 (Larry Tolmie, Binnaway).
Dubbo: “Carraganoo”, 146ha of which 64ha cleared, 33km south Dubbo, renovated three bedroom brick veneer home, new machinery shed, new cattleyards, $600,000 (Davidson Cameron and Co, Dubbo).
Gloucester: “St Martins”, 415ha fertile grazing country, 25km east, 45 minutes to coast, carry 100 cows and calves, three bedroom home, sheds, yards, subdivision potential, auction Feb 8 (Webb Bros, Gloucester).
Condobolin:< /b> “Karinya”, 112ha, 5km east of Condobolin fronting Goobang Creek, ideal finishing block, 3BR home/flat, sheds, sheep/cattle yards, irrigation potential, auction Feb 10 with about $500,000 expectations (J.N. Straney and Son, Condobolin).
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