The first increase in interest rates in years hasn't seemed to dampen the NSW farmland market, based on five auction results in the past week.
Lowes Swamp, Tarana, a 166-hectare grazing property less than 30 minutes from Oberon and Bathurst, was sold for the first time in 151 years this week for $2,840,000, the equivalent of $6927 an acre.
Described as a blank canvas by Ray White Emms Mooney agent Sam D'Arcy, the block has little infrastructure other than a 50-tonne silo but had some "beautiful black dirt in a lovely valley setting".
Lowes Swamp attracted seven registered bidders but, in the end, it was a two-horse race won by an unidentified local grazier who paid the winning price.
Mr D'Arcy said they price was "on par" with recent property sales in the region and the demand for farmland seemed as strong as ever, with auctions drawing an average of close to 10 bidders.
Kalonga, Ballimore, a 369-hectare well-established grazing property suited to cattle, sheep and wool production with farming for fodder cropping and pasture, was sold at auction for $2,950,000 or $3234 an acre.
The property is well established, with shedding, yards, shearing shed and well-maintained, three-bedroom, circa-1922 double-brick homestead.
Its location, 35 kilometres east of Dubbo and 2km south of Ballimore, was important to the sales result, Elders agent Richard Gemmell said.
It had attracted a lot of interest from local and more far-flung graziers as well as town-based investors but the final bid was from a Dubbo grazier Russell Halloran.
Mr Gemmell said he hadn't yet seen any impact on the enthusiasm of farmland buyers.
Albertina, Inverell, sold for $7.6 million, the equivalent of about $3592/ha ($1454/acre).
It sits on the Severn River near Ashford, about 60km from both Inverell and Texas, and had been running 860 cows.
The 2116ha property went to an undisclosed family with grazing land in the local area after a competition between three bidders.
Preston Farm, Cowra, was bought by local sheep graziers Phil and Fiona Gay for $2.35 million, punching through the $6000 an acre barrier.
Its historic double-brick homestead, soils and infrastructure added to the allure of the 157-hectare property at Godfreys Creek near Cowra.
Before the auction, agents had been offering price guidance in the range of $2.1m-$2.2m.
Preston Farm drew more than 30 bids from a field of five registered bidders and Flemings Property Services agent Richard Fleming said all but one of them, a vet keen to get into the farmland market, were also graziers from the district.
There was plenty to offer buyers, he said.
"It has a beautiful home, firstly, good arable country, very good infrastructure for the size of the property and most of all, it's good land," Mr Fleming said.
Bambi, Aberfoyle, made $6.95 million for vendors Simon and Michelle Murray, the equivalent of $3046 an acre for the 923ha property near Guyra.
The Perry family, known for their Trent Bridge Wagyu business are the adjoining neighbours and won the property from a field of four active bidders.
Ray White agent Andrew Starr said the quality of the infrastructure and water security attracted bidders both locally and from as far away as the Liverpool Plains and Brisbane.
The price came as little surprise to Mr Starr.
"I think it's another example of the level of consistency of value in the New England based on production," he said.
Mr Starr said interest rates appeared to have had an impact on one element of the market but that it remained strong.
"I think it's probably just a bit early to see but might have condensed our inquiry volume a little bit," he said.
"I guess people who were almost there probably got a more conservative view but for well-qualified entities who are very sure of what they're doing, I don't think it's influenced their thinking too much, there is still an appetite to expand."
Mr Starr thought strong farmland prices would likely continue if other farm business conditions remained favourable.
"I'm pretty comfortable that where the commodity prices and the season are, the rate of appreciation may steady, but I'm pretty confident we won't see a correction," he said.