The $1.415 million sale of a vacant NSW rural property in the Hilltops region to a local farming family has set a new record for the district.
‘Riverview’, a 172.2-hectare property situated on Cumbamurra River on Cumbamurra Road, in Berremangra, near Jugiong, sold on Friday, 14 May, for $8217 per hectare ($3325 per acre) to the Hufton family from Harden.
This is a significant rise on the average price of $6764 per hectare of farmland in the Hilltops region in 2020, according to the Australian Farmland Values 2021 report by Rural Bank.
Back in 1995, farmland sold, on average, for $1400 per hectare in southeast NSW. That figure jumped to $3300 in 2005, and climbed to $7000 in 2020.
Ray White Rural Canberra/Yass agent George Southwell said the sale price is a district sales record for vacant land.
“It doesn’t have a hay shed, not even a set of yards,” he said.
Mr Southwell said the Hufton family outbid two business owners from Canberra and Cootamundra who had an interest in farming, but it wasn’t their primary business.
‘Riverview’ has been run by the Bewley family as a beef farming enterprise, however it has also successfully run as a mixed sheep and cattle business, with two dams and access to Cumbamurra River.
Accessed by an all-weather unsealed road, ‘Riverview’ is split into three paddocks with plenty of trees, as well as natural and introduced pastures on granite-based loam soils.
Owners Trisha Stadtmiller Bewley and Stuart Bewley said they put the property up for sale so they could “shift down a gear” and pass the property onto a new generation.
“Riverview has been in our family for 70 years,” said Ms Bewley. “It’s part of the fabric of our lives. It is where we worked, grew up and prospered together.
“The property is unique. The river running through it and its water security; being picturesque; and productive were all contributing factors to the sale.
“It is also in a tightly held area so this was an opportunity in a buoyant market to gain land.”
Mr Southwell said the “incredible” results show a renewed optimism in rural living and confidence in the economy.
“It is testament to the confidence that is out there for rural enterprises and commodities,” he said.