The Cox family has sold its 6749-hectare Booabula mixed-farming property near Wanganella amid strong demand for rural properties in the NSW Riverina.
An undisclosed local buyer has acquired the Billabong Creek holding, which is likely to be returned to a Merino sheep-breeding operation.
Situated east of Wanganella, the property was home to the renowned Booabula Merino Stud until 1994 when it was acquired by the Redeski family and converted to a beef cattle breeding operation with some rice and hay production.
The Cox family purchased the property in 2014 for $4.36 million and had been consistently running between 800 and 1000 breeders at Booabula, as well as growing dryland and irrigated winter cereals.
While the sale price has not been disclosed, CBRE agent Boo Harvey said grazing land in the southern Riverina was commanding more than $1000 a dry sheep equivalent and $2000/wheat tonne equivalent depending on rainfall reliability, location and the standard of improvements.
CBRE Managing director David Goodfellow noted that demand for rural properties in the NSW Riverina was very strong with "continued interest from investors seeking to secure low-input grazing land".
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