A highly productive Macquarie River property with irrigation has sold at an Elders auction for a combined $6.99 million.
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Maybrook, a 310 hectare (765 acre) property located in the highly regarded Ponto area 12km from Geurie, sold under the hammer at an Elders auction for $4.75m.
The sale price of the land is equal to about $15,323/ha ($6209/acre).
The 646 megalitres of Upper Macquarie ground water aquifer water sold for $2.24m, also to the undisclosed local buyer of the property.
That puts the value of the water at about $3467/ML.
Three of five parties that registered to bid on Maybrook were active at the auction in Dubbo, with bidding opening at $3m.
Maybrook is 95 per cent arable with fertile alluvial soils and a 6km frontage to the Macquarie River.
Established pastures include a 20ha phalaris fescue mix, 9ha of premier digit, and 26ha of phalaris.
The production powerhouse is underpinned by its irrigation capability with three centre pivots watering 34ha, 16ha and 21ha.
In addition, there is a 16ha and 15ha field that can be irrigated using the towable pivot irrigators.
Water is also sourced from a well that pumps to a 200,000-litre tank that gravity supply 17 troughs.
Infrastructure includes a three stand shearing shed with a workshop, sheep yards, cattle yards, three hay sheds, and three silos.
The homestead enjoys stunning views to the north east, looking over the irrigation fields.
The modernised four bedroom homestead features an impressive gourmet kitchen.
The under the hammer sale of Maybrook makes it three in a row for Elders' Dubbo office following the auction sales of Kaemar, a 791ha (1955 acre) mixed farm at Coonamble, for $2.255m, and Wollombi, a 202ha (499 acre) Benolong that made $3.22m.
Brian McAneney, Elders, Dubbo, said there was a "flicker in the flag" of the rural property market with Maybrook selling "inline with pre-auction expectations.
"There are some very encouraging, positive signs," Mr McAneney said.
"The good season is sticking with us, investors might not like them but they have become comfortable with the current level of interest rates, and commodity are continuing to improve."
Marketing of Maybrook was handled by Brian McAneney and Joe Simpson, Elders Real Estate Rural Dubbo.
