Size: 233,000ha
Location: Mt Isa, Queensland
Sale price: $47.5 million
A tightly held North West Queensland cattle station has changed hands for $47.5 million, with the 233,000ha ‘May Downs’ selling under the hammer at a spirited auction in Mount Isa.
Held at the Ibis Hotel and streamed simultaneously online via AuctionsPlus, the sale attracted strong interest from across Queensland, NSW, the Northern Territory and even overseas, reflecting ongoing demand for large-scale pastoral assets.
The successful buyer was McMillan Pastoral Pty Ltd, which purchased the property from long-term owners James and Marjorie Lord, who had held ‘May Downs’ for 38 years.
“We were interested in presenting our property to the market and accepting the result on the day. We are very happy with the result,” Mr Lord said.
Stockplace Marketing agent Luke Westaway said the sale price was above reserve.
“May Downs is a quality asset that has positively performed in the current market,” he said.
“The continued strength in the rural land sector was evident through the strong quantity of enquiry, large number of registered buyers in attendance and spirited bidding.”
Mr Westaway said the auction followed a dual-format model, with bidding occurring in-room and online.
Bidding started at $40 million, with the hammer falling at $47.5 million.
Mr Westaway said the property’s tightly held status, proximity to Mount Isa, just 28km from the CBD, made it highly attractive.
“It’s a strong area and tightly held. That was a big drawcard,” he said.
“Another highlight was its resilience for top feed and its ability to manage a consistent carrying capacity.”
Prior to sale, ‘May Downs’ supported a young, fertile composite herd with a selective breeding program ensuring high-quality stock with weight-for-age performance.
A muster of 8,000 head is guaranteed at settlement.
The station’s improvements are extensive, with multiple cattle yards, secure water systems including bores, dams and waterholes, and stockproof fencing across 13 large paddocks.
Operational facilities include homesteads, sheds, and staff accommodation, all set within Queensland’s renowned mineral province.
McMillian Pastoral, based in Cloncurry, is one of the largest pastoral companies in Australia, with holdings including Wollogorang and Wentworth stations.
Auctioneer Philip Black said the auction was one of the highlights of his 45-year career.
“The strength and energy in the room was dynamic,” he said.
Size: 3,646ha
Location: Lachlan Valley, NSW
Sale method: Expressions of Interest close at 12pm (AEST) on June 26
Price Guide: N/A
A major institutional-grade cropping portfolio in the NSW Lachlan Valley has hit the market, backed by more than 6,000ML of secure water entitlements and a large-scale packing facility.
Known as the ‘Mitolo Hillston Portfolio’, the 3,646ha aggregation includes four non-contiguous holdings - Moora, Shilo, Glenavon and the Lachlan River Packing Shed - all located within a 14km radius near Hillston.
LAWD Senior Director Jaclyn Hope said strong buyer interest was expected, with the portfolio offering scale, water security and the option to retain an experienced management team.
“Currently operated by Mitolo Family Farms, the ‘Mitolo Hillston Portfolio’ provides efficient, high-quality production at sought-after scale and is an outstanding example of why the Lachlan Valley is so highly regarded,” Ms Hope said.
“Infrastructure to support access to diverse markets and an experienced management team also provide scope for a smooth transition of ownership, and we believe high levels of interest will come from institutional investors and corporates looking for a premium investment opportunity in Australian agriculture.”
Around 1,872ha - more than half the portfolio - is under centre pivot irrigation, supported by 6,005ML of Lower Lachlan Groundwater entitlements with 150% carry-over capacity.
A further 1,543ha is used for dryland cropping.
Currently, the portfolio produces more than 40,000 tonnes of brushed potatoes annually, in addition to wheat, barley and canola.
The Mitolo Family Farms business dedicates 800ha per year to potato production, supplying major retailers and wholesalers through an established seed pipeline.
The Lachlan River Packing Shed includes a 4,948sq m grading and packing facility, 5,404sq m of cold storage and additional infrastructure that enables efficient access to domestic and export markets via the nearby Sturt Highway.
Expressions of Interest close at 12pm (AEST) on June 26.
Size: 31,000ha
Location: Leigh Creek, SA
Sale price: Undisclosed
After nearly nine decades in the same family, historic ‘Puttapa Station’ has been sold to a young South Australian family, marking the end of an era for the Ragless family.
The 31,000ha sheep station, located just 4km south of Leigh Creek in South Australia’s north, had been owned by the Ragless family since 1936, when it was purchased by Len Ragless.
Three generations later, his grandson Graham made the emotional decision to sell.
“It’s just time to wind down and have some semi-retirement,” Mr Ragless told AuctionsPlus when he listed the property in early 2025.
“It’s been a great place to grow up over the years… I guess the last time I drive out there, there’ll probably be a little tear in my eye.”
Ray White Rural SA agent Sam Krieg confirmed the station had received strong interest, with multiple offers submitted from South Australia, Victoria and NSW.
“It’s been kept within a young South Australian family,” Mr Krieg said.
“Graham, the owner, is very excited about that. He always wanted to see it go to a family who would give it the same love that his family has shown over many years.”
While the final sale price remains undisclosed, Krieg confirmed it was “in line with all the other stations that have sold in the past couple of years.”
In late 2024 the 44,696ha ‘Wilkatana Station’ sold for $7.4 million in a livestreamed auction.
‘Puttapa Station’ features extensive infrastructure, including eight sets of sheep/goat yards, 17 water troughs, three windmills, four solar systems, and three submersible pumps on mains power.
The station’s homestead, a four-bedroom house, has also been renovated, with additional accommodation in the connecting caretaker’s residence.
The property also boasts tourism potential, with established shearers’ quarters featuring nine rooms, along with 4WD tracks and popular motorbike routes.
Mr Krieg said ‘Puttapa Station’ was appealing for its versatility, ease of access and reliable water sources.
“A lot of it was obviously the underground water – a really big key feature,” he said.
“Having the flexibility to run Dorpers, Merinos or cattle appealed to a fair group of people. And the fact you could pretty much drive on bitumen road right to the property made a big difference.”
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