Described as an “absolutely enormous sale”, the Peel family on Friday received a combined $27.5 million for the sale of its two signature Blackall properties.
Before a standing-room-only auction, the 19,715ha Northampton Downs was sold for $13.59m or $279/acre to neighbours Ted, Iain and Craig Scholes, including stock and plant.
This represents a price of $250/acre bare.
Inverness, situated 20km south of Blackall, was purchased by Allan and Lorna Parker, Allambie, Clermont for $13,925m.
At 22,582ha, this is a similar price of $250 an acre.
The Parkers also own Eastmere at Aramac and Clare at Jericho.
There were 13 registered bidders for Northampton and 9 listed for Inverness.
Ray White Livestock’s Blackall branch manager, Paton Fitzsimons said the result was well ahead of the vendor’s expectations but was great for the district.
“It shows the confidence that’s building in the cattle industry, off the back of good prices,” he said.
“They really are signature properties and they certainly warrant that result.
“They’re highly improved as far as timber management goes, with yards and are watered beautifully.”
Northampton Downs, 20kms south east of Blackall, includes three sets of steel cattle yards, 1465 head of cattle, quality grazing land, great water supply, a homestead, machinery sheds and plant equipment.
Inverness, 20km south of Blackall, has a very strong reputation in the Blackall area for turning off quality cattle.
It it comprises developed grazing country, water supply, an estimated carrying capacity of 3500 head of cattle, a six-bedroom homestead, two machinery sheds and a number of other buildings.
Landmark’s Boyd Curran said it was only a matter of time before improved cattle prices began being reflected in property prices in the central west.
“I think if it rains we’ll see property reach record levels,” he predicted.
“When land hit these prices before, people were receiving $2/kg. Now there’s been a 300 per cent increase in profit margins for cattle enterprises.”
In saying that, he was cognisant of the many people suffering severe drought who had been unable to take advantage of the profits.