Size: 1550ha
Location: Euroa, Vic
Sale method: Private treaty
Price Guide: $14 million
A renowned grazing property known for producing tender prime lamb has hit the market in North East Victoria, with an asking price of $14 million.
The 1550ha ‘Balmullin’ aggregation is available as a whole or in three separate lots.
If purchased separately, the 868ha ‘Balmullin’ parcel is priced at $8 million, while the 350ha ‘Berridale’ has a $3.25 million price tag and the 330ha ‘Boxwood Park’ has an asking price of $2.75 million.
The aggregation has a current carrying capacity of 15,000 DSE through improved soil quality, renovated pastures, significant infrastructure and new fencing.
CBRE selling agent Matt Childs said the property, at 1350 Geodetic Rd, Euroa, said three main factors made the property special.
“The scale of it is one appealing aspect and then the infrastructure and improvements that have been made to it in recent years,” he said.
“All the sheep handling facilities, accommodation, fencing, laneways and water supply have all been replaced and modified over the past five to 10 years.”
Set in the foothills of the Strathbogie Ranges, ‘Balmullin’ is a renowned producer of tender prime lamb, trading as Molka Lamb.
The property previously had a $15 million price tag.
Improvements on the property include a state-of-the-art shearing complex, machinery sheds, workshops, hay sheds and containment areas.
A reliable water supply for extensive irrigation comes from two turkey nest irrigation dams totalling 205 megalitres, supplemented by an additional bore for stock and domestic water.
The four-bedroom homestead on the property was fully renovated in 2023 and features three bathrooms, an open-plan living area and multiple outdoor entertaining areas.
Mr Childs said interest had come from both local and interstate buyers, with a few corporates also looking at the property.
“You’re looking at somewhere between $3500 to $4000 an acre, which is pretty good value compared to what you pay in other parts of Victoria,” he said.
Size: 29.94ha
Location: Lower Portland, NSW
Sale price: $9.5 million
A Hawkesbury farm with ties to Mary Reibey, whose portrait is on the Australian $20 note, has sold for $9.5 million.
The 29.94ha Reibey Farm is steeped in history and offers a rare combination of prime grazing land, an extensive orchard and facilities tailored for cattle and horses.
The estate, fed by the pristine Colo River, features 2km of river frontage and some of the best alluvial soil in the region.
Its orchard includes a diverse array of fruit trees such as figs, mangoes, avocados, citrus, and lychees, supported by a 108ML water licence and full irrigation systems.
The farm, at 115B West Portland Rd, Lower Portland, also offers six horse stables, steel-framed paddocks, and ample storage across three large sheds, catering to both equestrian and agricultural pursuits.
The property once belonged to Mary Reibey, who came to Australia as a 15-year-old convict in 1792 for horse theft, and who later became one of the country’s most celebrated entrepreneurs.
Widowed in 1811, she took control of her late husband Thomas’s shipping and property empire, growing it into a powerhouse of early colonial commerce.
Today, her extraordinary journey from criminal exile to business trailblazer is immortalised on Australia’s $20 note.
Reibey Farm also included a luxury six-bedroom home and a rustic three-bedroom studio. Pic: Supplied
The main house features an entertainer’s kitchen, spacious verandah, and heated pool, while the studio is crafted from recycled materials, exuding charm with exposed sandstone and reclaimed timber.
Sold by Cutcliffe Properties' Paul Cutliffe and Lisa Harris, the listing description said Reibey Farm would also be suited to commercial ventures.
“Reibey Farm is an idyllic place to live and farm but, as a commercial venture, it's also ideal for a corporate or wellbeing retreat, wedding or private function venue, and/or a film location (STCA) being just 1 hour and 15 minutes from Sydney's CBD,” they said.
Australia’s northern pastoral area has emerged as a two-speed property market with premium properties maintaining strong demand while second-tier assets face challenges.
According to Herron Todd White’s Month In Review, key sales in the Northern Territory demonstrated stability, with prices aligning with 2023 levels.
Australia’s northern pastoral area has emerged as a two-speed property market. Pic: AgriShots
HTW director Will McLay said in 2024 notable sales included ‘Murray Downs Station’, spanning 5,595sq km, sold for $46.5 million on a walk-in-walk-out basis, or $27.5 million bare.
Similarly, ‘Aileron Station’, covering 4,076sq km, was acquired for $22.5 million WIWO or $14.7 million bare.
In North Queensland, larger breeder property sales were sparse, Mr McLay said.
Among the limited sales was ‘Harvest Home’, which sold in mid 2024 for $17.7 million, reinforcing the steady demand for well-positioned assets.
Mr McLay highlighted that properties with lower operating input requirements continue to attract buyer interest.
However, challenges remain for other parts of the market.
“Second-tier assets, which are often subject to higher operating input requirements, have met a level of market resistance,” Mr McLay explained.
This divergence in buyer appetite underscores the importance of property attributes in influencing demand.
Mr McLay said the northern beef market’s outlook remained cautiously optimistic, supported by strong fundamentals for premium properties.
“The 2024 year has seen a moderation in the volume of sales,” he said.
“Values for better quality assets which attract competition remain in line with the peak levels set in 2022 and 2023.
Values for second and third tier assets have softened to varying degrees although there have been few sales as vendors continue to hold out or withdraw
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.