NT property market red hot

Strong demand for NT country


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NORTHERN TERRITORY: Very dry conditions have not dampened strong demand for grazing country.

NORTHERN TERRITORY: Very dry conditions have not dampened strong demand for grazing country.

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Very dry conditions have not dampened strong demand for grazing country in the Northern Territory.

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IT has been an extremely active six month period for pastoral properties in the Northern Territory.

Darwin based Herron Todd White valuer Frank Peacocke said analysis of sales in 2019 indicated adult equivalent values ranging from about $1500 through to nearly $3000, bare of stock and plant.

"The huge variation can be put down to an equally wide range of opinions on the long-term productive capacity of the lease of purchasers, vendors, financiers, land agents and valuers," Mr Peacocke said.

"As a valuer, who has inspected most of these stations more than once over the past 20 years, a consistent approach to assessing productivity across these leases provides me with a fairly accurate picture of which buyers have clearly overestimated.

Lower Barkly Tableland property Epenarra sold for about $7.7 million on a bare basis.

Lower Barkly Tableland property Epenarra sold for about $7.7 million on a bare basis.

"There are one or two pastoral leases that have just hit the market for sale in the Northern Territory. If they sell, it will be after only two or three years since they were acquired. That's a very quick turnaround and the marketing process should be intriguing to say the least."

Sales include the 3797 square kilometre breeding block Manbulloo, at Katherine, for $23.4 million bare, as part of the CPC sell-down.

The deal was negotiated with Cross Pacific Investments, which is understood to be a mix of foreign (the Americas) and local investors.

The 3036sq km property, Mount Skinner, located about 270km north-north west of Alice Springs settled for close to $7.5m (real estate) in a circa $9m to $9.5m walk in, walk out sale to a South Australian family.

Mr Peacocke said the sale fell in line with the continuing theme of strengthening value levels for Centralian pastoral land which has been sustained by strong competition for the tightly held leases now for at least three years.

Idracowra (4628sq km) about 240km south of Alice Springs, is also reported to have already secured a buyer.

"The very dry conditions have not dampened strong demand for grazing country in the Alice," Mr Peacocke said.

Epenarra (2658sq km) on the lower Barkly Tableland sold for about $7.7 million on a bare basis.The property had been offered with 7400 Droughtmaster-cross females and followers, and previously listed with a sale price of $16 million.

Mr Peacocke said it was understood that Scott Creek Station (1018sq km) at Katherine was also under contract for about its asking price.

"We are also aware of two other pastoral holdings in the north of the Northern Territory with offers accepted."

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