Each week, we take the pulse of rural property - from sales data to who’s making headlines. Check out this week's report from Kylie Dulhunty.
Size: 727,000ha
Location: Cooper Creek, QLD/SA border
Sale method: Expressions of Interest close at 12pm (AEDT) December 18
Price guide: $80 million-plus
The vast Queensland property where explorers Burke and Wills made their final stand, and where the legendary ‘Dig Tree’ still stands sentinel on Cooper Creek, has been listed for sale, marking a rare opportunity to acquire one of the state’s oldest and largest cattle stations.
Nappa Merrie Station, long embedded in Australia’s exploration folklore and pastoral history, spans 727,700ha (1.78 million acres) across three freehold titles on the Queensland–South Australia border.
It is one of the few properties that can claim to be both a cornerstone of the nation’s beef industry and a sacred chapter in the story of European inland exploration.
Price expectations sit upwards of $80 million.
It was here, on this iconic outback landscape, that Robert O’Hara Burke and William John Wills ended their south-to-north expedition.
The famous, blazed Dig Tree, which indicated to ‘dig’ to find buried supplies left for them beneath its branches, is etched into national memory as a symbol of resilience and tragedy, sits on the banks of Cooper Creek and remains one of Australia’s most visited heritage sites.
The Royal Historical Society of Queensland oversees the reserve, with support from Nappa Merrie Station.
Now, after a decade of stewardship, the Coulton family has placed the large-scale continuous holding, renowned for breeding and backgrounding large numbers of cattle, on the market to refocus on their Goondiwindi operations.
“Nappa Merrie is a very significant property with so much history and potential, and we would love to have spent more time at this amazing place,” David Coulton said.
“We have invested significantly in water security and infrastructure including accommodation for staff and have a fantastic labour force on-site.
“The historical significance of the property has also been very special to us, and there are agritourism opportunities for a new buyer to explore if they are interested.
“For us, it’s been the perfect place to grow or fatten large numbers of cattle and easily get them to feedlot weights or to the works.
“The property is renowned for producing and fattening bullocks and would suit other beef businesses in the region looking for expansion.”
With an estimated carrying capacity of 14,000 adult equivalents, Nappa Merrie features 21 bores, 22 dams and around 25 permanent and semi-permanent waterholes, alongside extensive grazing country that ranges from open downs to river channels and floodplains.
Across the holding, land types are diverse – from open downs and ranges, through to flood out and alluvial systems.
The expansive areas of natural floodplains and low-lying swamps provide a large body of grasses and herbages following flood events, and the sandy undulating lands include spear grass and several native species.
LAWD Senior Director Danny Thomas described the opportunity as career-defining.
“Nappa Merrie is not only an outstanding beef cattle breeding, growing and backgrounding operation, it also represents a unique part of Australian history as the area where explorers Robert O’Hara Burke and William John Wills took their last steps before dying,” he said.
“While we would expect typical buyers such as institutional investors or established families seeking expansion opportunities, we believe Nappa Merrie will also appeal to high-net-worth individuals looking for a property that is both unique in location and rich in history.”
Expressions of Interest close at 12pm (AEDT) December 18.
Size: 746ha
Location: Walwa, NSW
Sale method: EOI closes at 12pm (AEDT) on December 4.
Price guide: More than $22 million (combined)
In a rare opportunity in one of Australia’s most tightly held grazing regions, a blue-ribbon Upper Murray aggregation renowned for its premium Angus breeding program, deep water security and elite pasture base has come to market.
Spanning 746ha (1,843 acres) across three holdings just 2km south of Walwa, ‘The Glen Pastoral Portfolio’ represents one of the region’s most significant family-held enterprises, which has been strategically assembled over nearly five decades and meticulously developed for productivity, livestock performance and asset quality.
Elders agents Henry Mackinnon and Nick Myer are handling the expression of interest campaign and are quoting in excess of $22 million for the three properties combined.
“They don't come up very often up there in the Upper Murray," Mr Mackinnon said.
The portfolio comprises the 572ha Glenview, the 105ha Walwa Park and the 69ha JR’s.
Mr Mackinnion said the properties were being sold in one line or as three non-contingent assets but it made sense to purchase the portfolio as a whole.
" It is a well-structured portfolio with the two river blocks complementing the home block, which are utilised for fodder production."
Mr Mackinnon quoted a price guide of in excess of $16 million for Glenview, with the home property featuring a Circa 1912, four-bedroom Victorian homestead in established gardens, heavy-carrying alluvial flats, steel cattle yards, laneway system, machinery, hay and chemical shedding and a two-bedroom manager’s residence.
It underpins the stud and breeding platform, supporting ongoing pasture improvement and fertiliser programs.
Walwa Park is positioned on highly productive Murray River frontage and has a price guide of in excess of $3.9 million.
JR’s is a versatile river-fronted holding used for finishing and fodder, supporting weight gains to about 600kg liveweight and broadening production flexibility.
It also offers steel cattle yards featuring an undercover working area (6m x 3m), RPM crush, cattle scales, multiple holding yards and a loading ramp.
The price guide for JR’s is more than $2.55 million.
Mr Mackinnon said the quality of the portfolio was among the best he’d listed.
“It's probably the most turnkey asset I've been to in terms of pastures, fencing, laneways and yards, the house and everything else,” he said.
“The vendor is meticulous with everything he does, and you can see that as soon as you drive in the front gate, there's just nothing out of place.”
Mr Mackinnon said the campaign was in its early stages but interest was solid.
“It’s been very well received in the market and, in terms of inquiries, it’s probably been one of the better performing assets this early in the process,” he said.
“I think it's going to be a mixture of local farming families and high-net-worth individuals.
“It's probably a bit too small for the corporate space.
“It's going to be appealing to other family corporates from other regions and also other studs looking to diversify their breeding.”
The Glen Pastoral Portfolio is offered via EOI closing December 4 at 4pm (AEDT).
Size: 31,292ha
Location: Cobungra, VIC
Sale method: EOI closes at 12pm (AEDT) on December 4.
Price guide: Mid-$50 million
One of Victoria’s most prestigious Wagyu grazing assets has hit the market, with the iconic Cobungra Station, in the Victorian alps, offered to buyers seeking one of the largest and most tightly held pastoral holdings in the state.
Set at the foothills of Mt Hotham, the 31,292ha holding combines 6,497ha of freehold country with a further 24,795ha of alpine lease land, delivering both large-scale carrying capacity and seasonal flexibility.
The property has supported cattle production for more than 170 years and carries an estimated 50,000 DSEs, underpinned by its vast land base and premium grazing capability.
Cobungra Station is owned by the ASX-listed Rural Funds Group (RFF), managed by Rural Funds Management (RFM), and is leased to Stone Axe Pastoral Company, one of the world’s largest vertically integrated Wagyu producers.
The tenancy includes the award-winning “Cobungra Station Full Blood Wagyu” brand.
The station is expected to attract national and offshore interest in the mid-$50 million range.
“Cobungra Station was purchased in March 2019 and was leased to Stone Axe Pastoral Company for a 10-year lease term, which is in place until February 2029 with options to extend,” RFM Chief Operating Officer Tim Sheridan said.
“The existing lease gives a potential buyer a stable income stream from the property for a minimum of over three years, which can be rare in agriculture.”
Since its acquisition, RFM has executed a substantial capital program across pastures, water and operational infrastructure to lift productivity and resilience.
“A large portion of the capital development of Cobungra Station has been focused on improving the productivity of the grazing operation via improving pastures, fencing and livestock water,” Mr Sheridan said.
“Alongside these, infrastructure improvements such as roads and laneways and upgrades to cattle handling facilities, improve the functionality of the property and the efficiency of the grazing operation.”
The property, which is close to Omeo, Hotam Airport and major ski fields, is subdivided into 66 paddocks linked by gravel laneways, supported by independent surface and groundwater systems feeding around 60 dams and troughs.
Features include covered steel cattle yards (500-head capacity), hay sheds, machinery accommodation and extensive road frontages.
A 1,200sq m architect-designed homestead with sweeping alpine views, landscaped Paul Bangay gardens and additional staff dwellings adds significant lifestyle appeal.
LAWD is handling an Expressions of Interest campaign, with Senior Director Danny Thomas noting opportunities to acquire a property that delivers on every front are rare.
“Cobungra Station offers an exceptional combination of location, scale, productivity, presentation, and a secure income through a premium Wagyu tenant, making it particularly compelling for high-net-worth investors, or other agriculture fund managers,” Mr Thomas said.
“Whether it’s purchased as a cornerstone agricultural investment or as a private rural base with income security, Cobungra Station is a truly exceptional opportunity that balances commercial performance with lifestyle amenity.”
The EOI campaign closes at 12pm (AEDT) on December 4.
Size: 122.5ha
Location: King Valley, VIC
Price guide: $5.7 million
A well-improved former dairy farm in Victoria’s King Valley has achieved a standout result under the hammer, changing hands for $5.7 million – equating to more than $44,000 per hectare.
The 122.5ha ‘Callemondah’ holding sits less than two kilometres south of Moyhu and drew strong competition from local agricultural operators looking to expand.
The property was initially launched as an expressions of interest campaign before being converted to auction, where three bidders participated.
Bidding opened at $4.5 million and ultimately settled at the winning price, secured by a private local purchaser.
Nutrien Harcourts Wangaratta’s Joe McKenzie secured the sale.
Held by the Wallis family since 2007 and previously run as a dairy under Hayes family ownership, ‘Callemondah’ is underpinned by a substantial irrigation portfolio.
The sale included an 80ML Boggy Creek licence, a 117ML King River high-reliability entitlement, a 56ML King River low-reliability entitlement and a 6ML groundwater allocation serviced by a three-phase submersible pump.
The farm features 28ha of laser-levelled irrigation bays supplied by a 10-inch main line with dual six-inch outlets powered by a recently installed electric pump.
Around 40ha of silage has also been fully sown for the 2025 season and is approaching harvest.
Infrastructure includes steel cattle yards with a vet crush (the former dairy site), an office, cool room, workshop, silage pit, shed pads, multiple storage sheds and a five-bay concrete car shed.
A 600sq m rebuilt six-bedroom homestead, completed in 2007, forms a central component of the asset, offering modern accommodation on-site for future owners.
Size: 88.16ha
Location: Windermere, VIC
Sale method: AuctionsPlus on Friday, 21 November at 11am.
Price guide: N/A
An 88.16ha holding on Ballarat’s north-western fringe, complete with a renovated Victorian homestead and significant agricultural infrastructure, has hit the market with strong interest from lifestyle buyers and long-term land bankers.
Located at 524 Remembrance Drive, Windermere, the property will be offered via online auction through AuctionsPlus on Friday, 21 November at 11am.
Comprising two parcels with dual road access, the listing sits on the edge of Ballarat’s urban growth boundary and adjoins the city’s designated development zone – positioning it as both a rural lifestyle opportunity and a potential strategic future-growth asset.
The circa-1920s residence features four large bedrooms, polished floorboards, high ceilings and a wide central hallway, alongside renovated kitchen and bathroom spaces.
Wraparound verandas, established gardens and mature trees provide a sense of privacy and country charm, while modern comforts blend seamlessly with original heritage character.
Supporting its agricultural credentials are extensive improvements, including a two-stand shearing shed, steel yards, 10x5m machinery shed, oversized hay shed, dual grain silos and significant water security via mains connections and a spring-fed dam with gravity-fed trough network.
Nutrien Harcourts Ballarat agent Adrian Smith said the property’s unique position and versatility were key drivers of buyer interest.
“It's on the edge of the growth zone of Ballarat, so that's its appeal,” he said.
“It's not far out of town.
“It's been well set up for cattle as well, so it's a grazing block which could be cropped as well.
“So it's fairly versatile and it's got a lovely old home that's been renovated.”
Interest to date has been broad, including parties seeking future upside.
“We've had interest from that land banking community… Or it would be ideal for someone as a long-term hold if you are banking on Ballarat growing more,” Mr Smith said.
Buyers must pre-register with AuctionsPlus to participate in the online auction.
Size: 1508ha
Location: Bingara, NSW
Sale method: Online auction via AuctionsPlus starting 12pm today
Price guide: N/A
A productive and tightly held grazing asset in northern NSW will go under the online auctioneer’s hammer today, with strong early interest from producers seeking scale, secure water and a softer climate.
‘Arabanoo’, a 1,508ha holding at Bingara, will be auctioned online through AuctionsPlus from 12pm.
The mixed country holding combines open grazing paddocks, arable land and timbered ridges, offering an immediately operational “stock and go” platform just 15km from Bingara and 55km from Inverell.
The property features a four-bedroom homestead, four-bedroom manager’s quarters, two sets of cattle yards, 359ha of established subtropical pastures and extensive water infrastructure including Myall Creek frontage, Teatree Creek, catchment dams, tanks and troughs, plus a 50ML unregulated water licence.
Hart Rural Agencies Managing Director Charlie Hart, who is handling the campaign, said the holding’s scale and climate were key drawcards.
“It’s obviously in a good area, and big enough area to run a family farm business,” he said.
Arabanoo’s reliable water security is also drawing interest.
“It’s on Myall Creek, which is a permanent creek,” Mr Hart said.
“It’s got two residences on it in liveable order, with one being particularly good.
“It’s also got high rainfall and a soft climate, which is probably one of the keys to the success when you're trying to produce lots of cattle.”
Mr Hart said the property was attracting interest from producers seeking a more temperate environment.
“Out of the four or five main contenders, I think four of them are out of the New England (area),” he said.
“It is people looking for country with a softer climate than the New England. Somewhere they can grow some crops and fatten some cattle and this property does that well.”
The online auction will run from 12pm to 2pm today via AuctionsPlus.
Kylie Dulhunty is a journalist with more than 20 years experience covering everything from court to health. Today, Kylie loves nothing more than turning market trends, industry insights and epic property sales - residential, rural and commercial into captivating stories.