Avenix River, a 130.8-hectare property on the Tumut River at Brungle and owned by the Piper family in Tumut, fetched $4 55 million at auction last Tuesday.
The property, which was sold by Sydney-based agent David Nolan of Webster Nolan, attracted 135 enquiries, 27 inspections, 13 registered bidders and 46 bids before selling for this impressive price.
The $14,000 per acre figure sets a new benchmark value for non-irrigated Tumut River flats.
“Avenix River” was a rare opportunity to purchase a parcel of highly productive river country,” Mr Nolan said.
“Productivity, livestock water security and location are a few of the many features.”
While confident the final price for the Nimbo Road property would be good, Mr Nolan wasn’t sure what it would be.
“Given the quality of the country and the obvious demand it was nearly impossible to predict where the bidding would finish up,” he said.
However, that there was so much interest in the property didn’t surprise him.
Both buyer and seller are said to be pleased with the outcome.
“I believe all parties are very happy,” he said.
Mr Nolan says the current optimism in the rural property market is due to excellent livestock prices, low interest rates, the positive outlook for agriculture and “the kids returning to the bush.”
“Land prices are strong due to the lack of supply and the very strong demand from all sectors of the market,” he said.
The property has 2.88 km frontage to the Tumut River.
