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Some multimillion-dollar farm deals have been sealed in 2024.
A large number of Australian farms have changed hands for multimillion-dollar sums across the year, owned by a mix of foreign and local prominent families. It comes as other major players look to expand their Aussie agricultural portfolios.
See some of the most notable sales of 2024.
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Rinehart expands her empire
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Valley River Holdings Pty Ltd, a wholly-owned subsidiary of Gina Rinehart’s Hancock Prospecting has purchased 467ha of farmland near Simpson in Victoria’s Western District.
Gina Rinehart continued her expansion into Victoria, when she bought up 460ha of farmland in July.
The nation’s richest person acquired three farms in Victoria’s renowned Western District for almost $10m in total, according to The Weekly Times.
Valley River Holdings Pty Ltd, a wholly-owned subsidiary of Gina Rinehart’s Hancock Prospecting, acquired the Kennedys Creek farms through an off-market deal, the Weekly Times reported.
The Hancock Prospecting subsidiary paid the equivalent of about $21,000 a hectare across each of the three properties.
Hancock Prospecting chair Mrs Gina Rinehart in WA.
The three transactions took Rinehart’s total landholdings in the Victorian Western District to four properties and almost 1000ha, following the acquisition of the Tonissen family’s 511ha Branxholme property, Chrome Park, earlier in 2024 fork more than $8.6m.
Comedian scores $1.8m potato farm
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Comedian Carl Barron is getting in on the farm game.
Stand-up comedian Carl Barron may have had his share of spud nights on the mic among his al-time performances, but it hasn’t stopped him buying up again in NSW’s Southern Highlands.
The inner Sydney -based Barron bought in Mount Murray in June, the small enclave just outside of Robertson, where he’s owned a getaway since 2017.
The eco-friendly farmhouse Carl Barron bought in the Southern Highlands. Source: realestate.com.au
He dropped $1.8m on an eco-friendly, solar-passive, two-storey home on 3.6ha that was once a potato farm.
The four-bedroom home was built facing due north four decades ago by environmentalists Helen and David Tranter, with basalt stone from the property.
Historic farms to sell in monster $780m deal
Australian Food and Agriculture is selling its entire 225,000ha NSW property portfolio to special purpose acquisition company Agriculture & Natural Solutions Acquisition Corporation.
About 225,000ha of NSW farmland, including two famous sheep stations near Deniliquin, were snapped up in a monster sale in September.
Marked as the largest rural property transaction in four years, Australian Food and Agriculture decided to sell its entire 225,000ha NSW property portfolio.
Including historic sheep stations Wanganella and Boonoke — regarded as the birthplace of the modern Merino sheep – foreign investors swooped on the massive AFA company.
The NASDAQ-listed and Cayman Island incorporated Agriculture & Natural Solutions Acquisition Corporation (ANSC) – a special purpose acquisition company — announced it had agreed to acquire Australian Food and Agriculture for $780m (US$510m), via a business combination.
Agriculture & Natural Solutions Acquisition Corporation CEO Bert Glover.
ANSC, which is backed by Riverstone Investment Group and Impact Ag Partners — founded by Bert Glover and led by chief executive Hugh Killen – has a significant Australian agricultural portfolio which is part of $900m in assets under management globally.
Mormon church buys Queensland farmland for $300m+
The Worral Creek Aggregation produces cotton, crops and cattle.
Renowned cotton and cattle farmers Robert and Jennie Reardon sold their 26,885ha Worral Creek Aggregation in southern Queensland for more than $300m.
The buyers were a subsidiary of Utah-based Farmland Reserve, backed by the Church of Jesus Christ of Latter Day Saints, alternatively known as the Mormon church, which has acquired farmland for almost a century, primarily in the US and Latin America.
The Reardon family acquired Worral Creek more than 30 years ago in 1990, developing the portfolio during their tenure.
Robert and Jennie are reportedly retiring, and the sale will give them a huge chunk of money to sail off into the sunset.
Canadians, Aussies sell huge aggregation area
Excel Farms have sold its 967ha Karrara Aggregation, located near Ecklin South.
A huge Canadian agricultural investor, in partnership with a prominent Victorian farming family, has offloaded a 967ha aggregation of farms in Victoria’s highly regarded Western District.
Excel Farms, operated by Nick Paterson – the son of prominent Western District landholders and ACE Radio founders Rowly and Judy Paterson – backed by Canada’s Fiera Comox Partners, have sold the 967ha Karrara Aggregation about three years after they acquired it.
Located near Ecklin South, about 45km east of Warrnambool, the aggregation comprises both the Karrara Farms (559ha) and Acacia Downs dairy (409ha), which were listed for sale in April this year.
The Karrara Aggregation comprises the 559ha Karrara Farms and the 409ha Acacia Downs farms.
It is understood a South Australian family has acquired the aggregation as a whole for about the $20m asking price.
The transactions are the latest in a series of major moves by Excel Farms, which has significantly expanded its Australian agricultural portfolio, growing to hold more than $1 billion in farmland assets nationwide.
Historic western Victorian homestead
Ingleby Homestead owner Georgie Thomson.
A slice of Victorian history changed hands again in 2024, several years after it was acquired by a neighbouring western Victorian farming family.
Ingleby Homestead, a two-storey, six-bedroom, Georgian-style, bluestone homestead was built more than 160 years ago, was put on the market in August by Winchelsea local Georgie Thomson and family.
Ms Thomson and family purchased it 2020 for more than $5m, adding the 339ha grazing property to their existing landholdings in Victoria’s Surf Coast region.
The Thomson family are selling the historic Ingleby Homestead.
However, four years later the Thomsons chose to retain about 300ha of the larger working sheep and cattle farmland, subdividing the Ingleby Homestead and surrounding land and offering it for sale.
The large property sold in October, although the final price is yet to be revealed.
NT cattle station sold to farming family for $40m+
Romeo Roxas, via his entity Australian Green Properties, has sold the 559,500ha Murray Downs station.
A family of Central Queensland Wagyu beef producers have made their first purchase in the Northern Territory, after acquiring a 559,500-hectare cattle station from a Filipino businessman and property developer.
Romeo Roxas, via his entity Australian Green Properties, sold the Murray Downs station in September, located 400km north of Alice Springs in the NT’s lower Barkly Downs region, trading it with the Hughes family’s Wentworth Cattle Co.
Richard and Dyan Hughes’ son Bristow and wife Ureisha manage Strathalbyn Station, near Bowen QLD, grazing about 6500 head of cattle.
Mr Roxas listed Murray Downs for sale in July, and it was expected to receive offers worth more than $40m, walk-in walk-out, inclusive of a herd of 10,000 Santa Gertrudis cows, heifers and followers.
Aussie farming family snap up six South Australian farms
The Fairview grazing property. Picture: Colliers
Late in the year a leading South Australian beef farming family emerged as the buyer of a stellar six-farm aggregation.
The massive 4360 hectare Fairview Aggregation, located near Lucindale in SA’s South East region was initially listed for sale more than a year ago by Switzerland-based investors.
News broke in December that it had been snapped up by The Ogilvie Group for a price understood to be around $65m in total.
Duncan Ogilvie and his agent, Miller Whan and John Mt Gambier’s Andrew Whan. Picture: Kate Dowler
Although the value of the transaction remains undisclosed, the Ogilvie Group – a major supplier to Woolworths – have acquired the aggregation as a whole, adding it to their vast pastoral portfolio throughout western Victoria and eastern South Australia.
Dairy farm changes hands in Vic
A 32ha dairy farm in southwest Victoria sold this year.
A 32ha dairy farm in southwest Victoria, home to a herd of 80 cows sold in November at hotly contested auction.
The 32.37ha dairy farm at Nirranda South, 40km from Warrnambool, was sold under the hammer for about $56,800 a hectare ($23,000 an acre) through a recent auction, ending the Bushell family’s longstanding tenure at the historic farm.
Bidding for the property started at $29,460 a hectare before a race between two neighbouring farmers pushed the winning price to near record levels on a per hectare basis.
The 32ha dairy farm in southwest Victoria has been sold for $1.84 million.
A crowd of about 60 people witnessed the auction at the Nirranda South Football Clubrooms, where the property was sold for a total of $1.84 million.
But while some huge deals have been signed, other landmark sites remain on the market around the state.
Late art dealer Rod Menzies’ family, who put a grand 20-room Italianate mansion in Victoria’s north on the market in September, is still seeking a buyer.
The 64.75ha Noorilim Estate features a private beach on the Goulburn River, vineyards, an ornamental lake and boathouse, 10 bedrooms, 15 fireplaces and seven staircases in its circa 1879-house.
There is also a minstrels’ gallery where famous Australia opera singer Dame Nellie Melba once performed.
Inside the stunning building at 205 Wahring Murchison East Road.
Originally listed with a $15m+ price tag, the property is still listed with expressions of interest.
Elsewhere, Julie Entwistle and her husband Jason, director of strategic development at investment firm Hub24, are still looking for a buyer for their 521ha rural retreat at Bungonia near Goulburn.
The farmhouse veranda at 1224 Jerrara Rd, Bungonia.
The pair, who purchased the property in 2021 for $8.75m, had a change of plans this year, forcing the Sydney-based couple to put it under the hammer in November.
The huge property, which includes a homestead and several other houses had a $12m-$13m price guide via Elias Sleiman of @Realty, but remains on the market seeking expressions of interest.
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