TAMWORTH region property Lagoona Downs sold at auction for $7.75 million, reflecting the ongoing strong demand for quality cattle country.
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Located on the southern edge of the New England Tablelands at Niangala, the 392 hectare (968 acre) high rainfall property offered by Jill Clarke sold for the equivalent of about $19,770/ha ($8006/acre).
Three of the five registered bidders were active at the Ray White Rural auction.
Situated 78km from Tamworth and 65km from Walcha, Lagoona Downs is at an altitude of about 1300m and has predominantly red basalt soils.
The property has an estimated carrying capacity of about 250-300 breeders, suggesting a value of $25,833-$31,000/breeder area.
Lagoona Downs has been used for past 39 years to produce vealers straight off the cow as well as growing out cattle out to feedlot and processing weights.
The well fenced property has 14 main paddocks. Water is supplied from 17 dams along with several springs and streams. There is also a bore near the house.
The average annual rainfall is about 1270-1400mm (50-55 inches).
Superphosphate has been applied to about 140ha each year for the past three years backed a previous regular history. Some 48ha was also sown to rye and clovers in 2020.
Improvements include timber and steel cattle yards, machinery and hay shed.
There is also a three bedroom home with a spacious kitchen and double lock up garage.
The marketing of Lagoona Downs was handled by Riley Gibson, Ray White Rural, Tamworth.