Size: 24,168ha
Location: Wallumbilla
Sale method: EOI closing 12pm (AEDT) on February 19
Price guide: $140 million-plus
A prime Queensland cattle property with a supplementary income from 22 Origin Energy gas wells has hit the market and is tipped to sell for more than $140 million.
LAWD Senior Director, Danny Thomas, said significant interest was expected to be sparked for Freeman Pastoral Co’s ‘Meeleebee Downs’, which is located 65km north-east of Roma.
The 24,168ha property is being offered either as a whole or as any combination of four separate holdings, with each having access to solar and electric powered Precipice bores.
Meeleebee Downs currently runs 3,000 breeders and has an estimated carrying capacity of 9,500 equivalents.
This stocking rate is supported by an extensive system of watering points from four bores that tap into the Sandstone Precipice, a major aquifer in the Surat Basin, plus 18 shallow bores that together supply 71 tanks to a network of more than 200 gravity-fed troughs.
The property also boasts 67 dams, further supported by an annual rainfall of 561mm.
After being impressed by the quality of Meeleebee Downs cattle at a sale in 1959, the Freeman family bought the property and began to implement their philosophy of bringing water to cattle, rather than cattle to water.
“When bought in 1975, Meeleebee Downs was an undeveloped brigalow, bottle tree and belah block and the Freemans set about establishing, on average, four watering points in each paddock, to best utilise available feed,” Kell Freeman said.
“The four solar and electric powered Precipice bores are deep and extremely reliable as they tap into the Great Artesian Basin and are capable of watering the entire holding.
“We also have frontage to the Slate Hill, Barton and Kangaroo Creeks, and extensive improved pastures of mainly Buffel and Rhodes grass, as well as native grasses and seasonal medics.
“The geographical location of the property means we’re often under early storms, and the rain we had in spring has continued, so we’re enjoying a very good season.”
Meeleebee Downs receives additional annuity from 22 Origin Energy gas wells, a communication tower and a Powerlink easement.
The property also comes with a lease on an adjoining former stock route reserve comprising 173ha. Pic: Supplied
Mr Thomas said Meeleebee Downs was a large-scale holding in one of Queensland’s most secure and proven beef production areas.
“The property is highly developed, it’s undergone significant transformation focusing on water infrastructure and reliability, improved pastures and extensive fencing, and there is the considerable ‘set and forget’ income from Origin Energy’s gas wells,” Mr Thomas said.
“We would expect Meeleebee Downs to appeal to a wide range of potential buyers, from institutional investors or corporate farming groups, to high net worth individuals and existing cattle industry operators seeking to expand.”
The predominantly undulating downs land consists of 10,250ha of Brigalow Belah scrub, 5,278ha hectares of Poplar Box on duplex soils, 3,815ha of Brigalow with Blackbutt and 1,875ha of Poplar Box on alluvial plains.
The breeder herds are split into three – Hereford, Hereford-cross and a terminal herd joined to Santa Gertrudis and Angus – with cattle finished for EU and PCAS markets.
The property has six sets of wet cattle yards and is a short drive from Roma Saleyards, the largest cattle selling centre in Australia.
The property is further benefitted by access to a network of cattle feedlots and beef processors in south-east Queensland.
A magnificent six-bedroom homestead with a large downstairs rumpus room was recently re-roofed and is set in established gardens. There are also significant accommodation options for staff on Meeleebee Downs.
Operational infrastructure includes machinery sheds, workshops, vehicle sheds, a chemical shed, as well as a steel frame aircraft hangar.
Meeleebee Downs is for sale via Expression of Interest closing at 12pm (AEDT) on February 19.
Size: 640ha
Location: Moree
Sale price: Undisclosed
Well known dryland cropping property ‘Muldoon’, 14km south of Moree, has been sold to a local buyer who plans to incorporate the farm into existing operations.
Located on the Newell Highway, ‘Muldoon’ was sold for an undisclosed sum, with buyers attracted to its excellent improvements including a 5965 tonne grain complex, with aeration and a full conveyor system that carries 240 tonnes per hour.
Sold by Moree Real Estate, agent Sandy Bailey said ‘Muldoon’ was a quality turnkey operation with a history of high productivity and efficiency.
“It had been really well farmed by the Wilkinson family, it had excellent improvements and it’s not too far from town,” he said.
The property comprised 640ha, including 597ha arable, with six main paddocks.
Mr Bailey said ‘Muldoon’ was a high yielding country with an excellent cropping history, including winning the district wheat crop in 2021.
Other improvements included a five bedroom homestead with an office complex, granny flat, workers quarters, cattle yards, machinery sheds and workshop.
The property is watered by three bores, 200,000L rainwater storage and a house dam.
Mr Bailey said the rural property market had steadied over 2024 after a downturn in 2023.
“We had a good season in 2024 and a few deals started to come through,” he said.
“That should continue this year, especially if commodity prices go up.”
Rural land values in NSW have increased 2.7% according to new data from the NSW Valuer General.
The land value for 137,989 properties has climbed from $189 billion at July 1, 2023 to $194 billion a year later.
NSW Valuer General Sally Dale said Gwydir, in the New England region of the state, recorded the highest jump, with land values up 23%.
This was driven by ongoing strong demand for good quality farming land in well-regarded, tightly held areas.
Snowy Monaro Regional and Lachlan LGAs also recorded strong land value increases, at 19.6% and 19.1% respectively.
In the Greater Hume LGA, land values dropped 11.1% between July 2023 and July 2024, with Federation (-7.3%) and Narrandera (-6.1%) also experiencing falls, with economic uncertainty resulting in cooling market conditions.
“While commercial and rural markets continue to increase, overall land value growth in the sector has remained marginal for the 12 months to July 1, 2024, and this is expected to continue in the current year,” Ms Dale said.
Across all types of land - residential, commercial, industrial, rural and other - values in regional NSW have surged by 2.7% from $329 billion to $338 billion between July 2023 and July 2024.
Residential land values jumped 2.7% from $113 billion to $116 billion from 432,486 properties.
Commercial land values rose 2.4% to $7.3 billion, while Industrial land values climbed 9.9%.
“The state’s constrained housing supply and resulting population shifts continue to support increases in residential land values across western NSW as people look for more affordable and available housing, " Ms Dale said.
“It’ll be interesting to see if this trend continues over the longer-term and whether the ‘tree change’ remains a trend in the future.”
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.