Recent Developments in South Australia’s Property Market

Recent transactions in the property market of eastern South Australia have seen significant movements, including the sale of Glenrae by Allen and Jenny Buckley, the listing of two properties from the Rowe family, and a renewed marketing campaign for the Boorala Aggregation owned by Excel Farms.

Razorback and Kercolo

The esteemed Rowe family from Princess Royal Station at Burra has placed two of their properties, Razorback and Kercolo, on the market. Known for their quality in cropping and livestock production, these two holdings span a combined area of 2,167 hectares and are situated in the highly regarded Mt Bryan area of South Australia’s Mid North.

These properties have been aggregated over more than 15 years and are being sold to facilitate the expansion of the family’s existing feedlot operations. The sales are being managed by Ray White Rural SA agents, including Geoff Schell, Daniel Schell, and Sam Krieg, who are offering the properties for sale as a whole, separately, or in various combinations.

Razorback covers 1,779 hectares and is located 15 kilometers northeast of Mount Bryan and 21 kilometers southeast of Hallett. In contrast, the adjacent Kercolo spans 388 hectares and is positioned just 5 kilometers to the north. Razorback features a diverse landscape that includes open undulating arable land, grazing hills, and plains. Approximately 766 hectares of the property are arable, characterized by predominantly red and brown loam soils, which have been utilized for a cropping rotation of wheat, barley, and vetch.

The remaining 1,013 hectares comprise open and undulating grazing terrain, with the Razorback Ranges prominently featured in the western section. Over the years, advanced agronomic practices have been implemented, including the application of up to 30 tonnes per hectare of cattle manure to cropping areas and the aerial application of approximately 30 kilograms of seed and fertilizer every three to four years in grazing areas.

The properties benefit from a rainfall range of 300-400mm, with water supplied by five bores, four of which are equipped. Infrastructure includes a recently renovated three-bedroom home, a cottage, a shearing shed, and yards. Kercolo, on the other hand, contains 240 hectares of gently undulating arable land with clay and loam soils, well-suited for cropping and hay production, along with 148 hectares of open grass plains for grazing. An equipped bore provides water for the property, which also features basic cattle and sheep yards and an older shearing shed.

The expressions of interest campaign for Razorback and Kercolo will conclude on March 21.

Glenrae

Glenrae vendors Allen and Jenny Buckley. Photo: Elders

In a notable transaction, the mixed-use farm Glenrae, located in the Holder Siding district south of Waikerie, has been sold to a developer following an extensive sales process. Spanning 7,532 hectares, Glenrae has been in the Buckley family for over a century, and its sale marks a significant change in ownership. Initially listed in 2020, the Boolgun portion was acquired by a Victorian investor, while the remaining 1,703-hectare Home Block has recently been sold for $4 million, setting a district record.

Although sold without livestock, the property included a 1,600-head sheep feedlot and 2,050 tonnes of vertical grain storage. An additional 1,569 hectares known as Wenske’s is currently under contract following its listing in 2020.

Glenrae near Waikerie in South Australia includes an advanced sheep feedlot. Photo: Elders

Following the sale, Allen Buckley plans to focus on a smaller block near the river and continue assisting local farmers with problem-solving. As a founding member of Mallee Sustainable Farming (MSF), he has been instrumental in reshaping perceptions regarding no-till farming systems, particularly in sandy loam soils mixed with sheep grazing. His contributions to sustainable farming practices were recognized in 2018 when he received the MSF’s David Roget Award for farming excellence.

With an average annual rainfall of 250mm, including 160mm during the winter cropping window, improved soil health and no-till farming methods have significantly enhanced Glenrae’s capacity to produce both crops and grazing material. The property, which last changed hands in 1925, has been a site for numerous trials and field days aimed at disseminating knowledge within the agricultural community.

Elders agent Adam Chilcott remarked that while the transaction took considerable time, the final outcome was mutually beneficial for both parties involved.

Boorala and Manton

The Boorala Aggregation, spanning 2,821 hectares and owned by Excel Farms in partnership with a Canadian investment fund, has garnered renewed interest as an institutional-scale farming opportunity in South Australia’s South East. This aggregation comprises two properties: the 1,980-hectare Boorala and the 841-hectare Manton, located approximately 40 kilometers northeast of Naracoorte, close to the Victorian border.

Initially brought to market in April of last year, the mixed farm is projected to generate over $37 million and is now available for sale as a whole or as separate assets through LAWD and TDC Livestock & Property.

The Boorala Aggregation is located in SA’s renowned Frances district. Photo: TDC Livestock & Property/LAWD

TDC agent Tom Pearce indicated that, despite a challenging season, both properties experienced a good harvest, leading to promising yields. He noted a resurgence of interest from local farmers and families within a 50-kilometer radius, with potential for enhanced market activity should there be a favorable change in the weather and interest rates.

Currently utilized for dual-purpose winter cropping of cereals, oilseeds, and faba beans across 1,655 hectares, as well as for prime lamb and cattle production, the aggregation features generally level terrain with fertile brown loams over clay. Manton includes heavier loams and sandy soil types on its rises, while prime lambs and cattle thrive on improved perennial pastures composed of phalaris and ryegrass.

In 2023, Boorala supported 3,300 ewes and traded 28,000 lambs alongside 1,400 cattle. Plans to expand the 2024 cropping program aim to increase the capacity to 4,500 ewes, trading 7,500 lambs and 180 cattle. Located in a high-rainfall district, the properties benefit from water supplied through bores, dams, and seasonal creeks. Significant investments have been made to enhance cropping efficiencies, pasture development, water infrastructure, soil management, fencing, and overall property infrastructure.

The 841-hectare Manton is available for $6.29 million, while the 1,980-hectare Boorala can be divided into four separate holdings, each with distinct pricing:

• 912 hectares Boorala – $14.06 million, featuring two four-bedroom homes, two shearing sheds, two sheep yards, one cattle yard, 460 tonnes of grain storage, and newly installed water infrastructure.
• 434 hectares Cadgee – $6.4 million, including a five-bedroom home, new water infrastructure, and multiple sheds.
• 357 hectares Walkington West – $5.75 million, available with a solar pump-equipped bore and a new water system.
• 277 hectares Boorala North West – $4.5 million.

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