Values for sheep grazing property in eastern Australia have strengthened following recent rains, higher commodity prices, and some notable land sales.
According to The Australian Financial Review, in the past six months buyers such as the Qatar-based Hassad Group and London-based fund manager Michael Hintze have bought up more than $50 million worth of prime grazing land in NSW, Victoria and Queensland.
Even prices for marginal country in the west of NSW are rising.
Herron Todd White valuer Shane Noonan notes the sale of the western division pastoral holding of Warwick Station for $1.04 million as a key indicator. The isolated 18,200-hectare station, about 140 kilometres north-west of Mildura, has no rural power and it has had only modest improvements. Yet the price shows an improved sheep area value of about $200 per dry sheep equivalent.
"That's probably the highest it has ever been – we have never had it that high before," he said.
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