A local buyer has Milton Downs East, the final piece of Moree farmer Ron Greentree’s holdings in the area.
Nestled in the Bellata District it’s seen as one of the premier cropping areas in Australia. The property was the last section of Ron Greentree’s large Milton Downs portfolio to sell. The rest of the block sold at the end of last year. Mr Greentree purchased the property in 2007 and it was part of Mr Greentree’s wider Milton Downs portfolio, which was owned in partnership with the Harris family. “It’s his last bit at Bellata,” selling agent Sandy Bailey from Moree Real Estate said. “He’s still got country in Coonamble and he’s got interests in Western Australia as well up in Kununurra.”
The property was fully planted with dryland cotton this season but it’s also suited to winter crops, such as wheat, barley and chickpeas.
“The cotton was all picked this year and the property was sold bare,” Mr Bailey added.
He would not disclose the selling price but the Australian Financial Review reported it sold for around $23 million.
“We had a lot of local interest and we had three parties registered. It went to a local buyer and met reserve. It was a great result and it certainly set a new record for the area,” he said.
That falls in line with expectations from Rabobank that farmland values will end the 2022 calendar year up more than 20 per cent.