Families team up to be a buying force

Families team up to be a buying force

Property
p The quality Three Springs property, Mt Loretta is due to be purchased by two neighbouring farming families for an undisclosed price. Photo: Nutrien Harcourts WA.

p The quality Three Springs property, Mt Loretta is due to be purchased by two neighbouring farming families for an undisclosed price. Photo: Nutrien Harcourts WA.

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Mt Lorretta, measured 5012 hectares with 3121ha being croppable

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SYNDICATES of family farmers buying premium properties are becoming commonplace in the Western Australian rural property sector.

With Mt Lorretta, at Three Springs, under contract and set to sell in two parcels to two farming families, it is another example of family operations being competitive in a tight market where land values are at all time highs in most areas.

Mt Lorretta, measuring 5012 hectares with 3121ha being croppable, was marketed by Nutrien Harcourts WA sales representative Brad King.

While Mr King declined to identify the buyers and prices offered, Farm Weekly understands the buyers both neighboured the property and paid a 'neighbourly premium'.

It's understood the strong prices offered reflected the high demand for farmland in reliable growing regions which were also spurred on by the buyers' desires to purchase adjoining land and being prepared to pay a little extra for it.

"I received a great deal of interest in the property from locals, farmers outside the region and there was also corporate enquiry," Mr King said.

The property was originally offered to the market in early 2020 and almost sold, but it was taken off the market momentarily for seeding.

Mt Lorretta was marketed as a 100 per cent cropping operation which had been run conservatively.

It's understood the buyers are majority cropping farmers.

Mr King said the key selling points of the property were its excellent infrastructure and good, varied soil types.

It also offered great access and open paddocks set up for controlled traffic farming for ease of operations.

The story Families team up to be a buying force first appeared on Farm Weekly.

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