A local farmer has purchased 782 acres at ‘Redbank’ near Cowra in NSW’s central west for over $4 million
Despite having a year and a half lease left on the contract, a local buyer has purchased ‘Redbank’ near Cowra.
Josh Keefe from Agri Rural NSW said the conditions of the sale did restrict a few offers but in the end it sold above expectations for $4.15 million.
“The property was tenanted over a 10 year period, so it didn’t suit a lot of people,” he said. “There’s still another year and a half lease attached to it but despite that it sold very well, well and truly over expectations.”
The property is ideal for growing cereals, canola, lucerne and other crops, while having the ideal ability and climate for breeding and fattening cattle or sheep.
Mr Keefe said the property attracted plenty of interest.
“It went to an auction and we had people in the room and online at AuctionsPlus. I would say conservatively there’s a good 80 per cent of buyers from Sydney at the moment so that’s a big market but this property was sold to a local buyer.”
Mr Keefe has been in real estate for some time but recently launched his own agency, Agri Rural New South Wales.
“I launched my business about four months ago and in the first three weeks we had 93 farm appraisals, so from the get go there’s been a lot of interest from clients to sell property this year with a lot coming onto the market now. Our clearance rates are still extremely high compared to metropolitan areas,” he said.