Harvest and land values diverge; $18m Southern Tablelands sale

Inveralochy tops $18m in major Southern Tablelands rural sale

Size: 1,367ha

Location: Lake Bathurst, NSW

Sale price: $18 million - plus

A large-scale Southern Tablelands farming holding has changed hands for more than $18 million, with the sale of ‘Inveralochy’ underscoring sustained demand for premium rural assets within reach of Sydney and Canberra.

The 1,367ha mixed farming property at Lake Bathurst, near Goulburn, was sold by Nicolas Heath of Raine & Horne Rural Goulburn following strong interest from both local and offshore buyers.

Mr Heath said the campaign attracted multi-generational farming families alongside international parties, reflecting the scarcity of large, high-quality assets in tightly held regions.

“Inveralochy is a rare turnkey opportunity offering scale, high productivity, reliable water infrastructure, and a highly accessible location,” he said.

“Demand for quality assets of this size and calibre remains very strong, particularly those so close to Sydney and Canberra.”

Located just 15 minutes from Goulburn, the property combines accessibility with a high-performing agricultural operation. It is currently running about 4,800 sheep and 400 cattle, with the capacity to scale to 850 cows and calves or up to 15,000 dry sheep equivalents.

The holding is underpinned by strong soil fertility and improved pastures, supported by extensive infrastructure including a six-stand shearing shed, livestock yards, machinery and hay sheds, grain silos and three residences.

Water security proved a key drawcard, with 38 dams, two bores and about 7.2 kilometres of dual frontage to the Mulwaree River, alongside 520,000 litres of storage and average annual rainfall of around 650 millimetres.

Mr Heath said the property’s balance of scale, infrastructure and water security drove the result.

“This is a blue-ribbon rural asset with ample infrastructure, multiple residences, and outstanding water security, which offers immediate productivity with long-term upside,” he said.

Originally launched with a guide of about $7000 per acre, Inveralochy’s result highlights continued competition for institutional-grade rural holdings in strategic lifestyle-agricultural corridors.

Two Cobar holdings tipped to attract strong local demand

Size: Lot 83: 28.45ha, Lot 187: 67.33ha

Location: Cobar, NSW

Sale method: AuctionsPlus auction on April 15 from 11am

Price guide: N/A

Two rural lifestyle properties on the outskirts of Cobar are set to go under the hammer, with local interest expected to drive strong competition.

The adjoining holdings at Lerida Road – ‘Colloraine Valley’ and Lot 83 and Lot 187 – will be auctioned separately online via AuctionsPlus on April 15, offering buyers the chance to secure either a lifestyle-ready home or a larger parcel of land, or both.

The auction for Lot 83 will start at 11am (AEST), while Lot 187 will go under the hammer at 11.30am (AEST).

Harcourts Nutrien Cobar sales agent Brinley Obray said the flexibility of the offering was expected to appeal to a broad range of local buyers.

“They’re owned by the same person, but they are separate lots,” she said.

“You could buy just one or you could buy both.”

The smaller holding, of Lot 83, spans about 28.45ha and features a four-bedroom home with modern finishes, established gardens and extensive shedding.

The larger block, which comprises 67.33ha, offers a machinery shed and plenty of scope for future development.

Ms Obray said the properties’ proximity to town was a key drawcard.

“It’s a very sought-after location, as it’s literally a three-minute drive from town,” she said.

She added the scale and versatility of the holdings would suit a range of buyers, particularly those seeking a balance between lifestyle and practicality.

“It’ll suit someone who probably works full time, but wants to still have a bit of space around them,” Ms Obray said.

“You can still run stock on it, just not as much as a huge farm,” she said.

Interest is expected to come largely from within the local market.

“I definitely think they’ll be sold to local buyers,” Ms Obray said.

The decision to take the campaign online reflects broader changes in rural property marketing.

“There’s just more reach and more convenience when you do it online,” she said.

Harvest and land values fall out of sync across key cropping states

A divergence is emerging between farm performance and land values across Australia’s key cropping regions, with some markets moving in lockstep and others telling a very different story.

Drawing on Australian Bureau of Statistics production data and farmland transactions, Ray White Head of Research Vanessa Rader said the relationship between harvest outcomes and land prices has “never been more instructive” for buyers and sellers navigating current conditions.

“Across Australia's dry cropping regions, the relationship between what farmers grew in 2024-25 and what their land is worth has never been more instructive,” Ms Rader said.

Nationally, wheat production rebounded 24% to 34.8 million tonnes, while barley rose 25% to 13.7 million tonnes.

However, Ms Rader noted that “averages obscure as much as they reveal”, with state-level results painting a far more nuanced picture.

Victoria and Western Australia offered the clearest examples of alignment between seasonal conditions and land values.

In Victoria, widespread dry conditions drove sharp production declines across major crops, with median dryland values falling 3.23% to $10,187 per hectare.

By contrast, Western Australia recorded a strong rebound on the back of favourable rainfall and mild spring conditions, with wheat output lifting 46.7% and land values rising 13.41%.

Queensland followed a similar trend, with production and values both surging.

Wheat output rose 72.8% and median land values climbed 13.56% to $16,174 per hectare, the highest in the dataset.

NSW, however, told a more complex story.

Despite one of its strongest production years in recent memory, land values fell 2.33%.

“The explanation lies not in what was grown but in what it was worth,” Ms Rader said, pointing to soft global grain prices and higher interest rates weighing on buyer appetite.

South Australia, meanwhile, delivered a sharp recovery in values despite poor production, with prices rising 40.2% as buyers responded to relative affordability following earlier declines.

“The affordability gap that opened during the drought years proved to be a circuit breaker,” Ms Rader said.

Looking ahead, Ms Rader said the key question for buyers is whether they are paying for recent performance or long-term potential.

“That distinction, between paying for what land has recently produced and paying for what it is capable of producing, is the central question facing buyers across all states heading into 2026.”

Blue-chip Wagyu powerhouse Bonnie Doon hits the market in rare Riverina offering

Size: 1060.28ha

Location: Morven, NSW

Sale method: Expressions of Interest closes May 14 at 5pm

Price guide: About $35 million

The home of a large-scale Wagyu operation in southern NSW has been brought to market, offering buyers a rare opportunity to secure a highly developed, turnkey agricultural enterprise.

The 1,060.28ha Bonnie Doon Property Aggregation, located at 1948 Coach Road, Morven, is being offered for sale via expressions of interest closing May 14.

Described in the listing as a “world-class turnkey ag investment”, the aggregation is positioned within one of the state’s most productive farming regions, with proximity to key service centres enhancing both operational efficiency and market access.

The property is expected to fetch about $35 million, according to sources.

According to the listing, the asset is “strategically positioned within a highly productive and sought-after farming region of NSW”, sitting 54km from Albury-Wodonga, 78km from Wagga Wagga and just 13km from Culcairn.

At the centre of the operation is the established Bonnie Doon Wagyu Stud, alongside a large-scale commercial herd comprising 1,000 breeding females.

The enterprise is structured as a fully integrated production system, with cattle managed from birth through to feedlot finishing.

The listing notes the operation is “designed for vertical integration, with progeny systematically taken through the entire production pipeline”, targeting premium export markets, particularly in Asia.

Significant capital investment has been made across the aggregation, with the vendors undertaking a comprehensive program of improvements aimed at boosting productivity and operational efficiency.

“The vendors have implemented a significant program of capital improvements throughout their tenure, transforming Bonnie Doon into a highly efficient and modern farming enterprise,” the listing states.

Infrastructure includes extensive fencing, a reticulated water system and well-designed working yards, alongside a considered paddock layout supported by an integrated laneway system to streamline livestock movement.

Water security and feed production are key features of the holding. The property benefits from 674ML of water entitlements and a developed irrigation system supporting irrigated lucerne production.

“A critical and defining feature of the Bonnie Doon operation is its capacity for self-sufficiency in fodder production,” the listing states.

The offering is expected to attract strong interest from institutional investors, large-scale operators and those seeking a premium, diversified agricultural asset.

“The sale of Bonnie Doon offers a rare and distinguished opportunity to secure a premier, highly developed and exceptionally productive holding,” the listing states.

Ray White Rural Albury-Wodonga has the listing.

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.