logo

news-News

PRESS RELEASE: Coreena East | Renowned Eurongilly Valley | Eastern Riverina NSW

PRESS RELEASE: Coreena East | Renowned Eurongilly Valley | Eastern Riverina NSW-for-sale-coreena-east-Riverina-nsw-1

Located in one of the most sought after rural areas of Southern NSW, the Eurongilly Valley, well known Coreena East was passed in at auction earlier today by Sydney-based rural property specialists Meares & Associates and is now for sale privately at $3,250 per acre ($3.785m).

Situated in the heart of the valley, Coreena East, comprising 471ha (1,164 acres), and part of well known Coreena has been extremely well held over generations – for the past 26 years by the Bunn family, and prior to that for long periods by the Blair and Ashton families. Close to the Hume Highway to its east and the Olympic Way to the west, Coreena East is well serviced by several major rural centres including Wagga Wagga, the largest rural city in NSW, with commercial airport and flights daily to Sydney and Melbourne, Gundagai, Cootamundra and Junee. Apart from being a major rail stopover between Sydney and Melbourne, it is also an important grain receival centre for the property.

One of the special features of Coreena East is its excellent balance of country, and therefore versatility, with 75% (370ha) of it ideal farming country, the balance being low hill grazing country. This together with its favourable 550mm annual rainfall have seen management operate it both as a highly productive cash and fodder cropping property, and an excellent livestock breeding and fattening programme, run on improved and native pastures. Running a select Pooginook and Bundilla blood Merino breeding flock producing 18 to 18.5-micron quality wool. The district is also renowned for its pasture and fodder production as well as its prime lamb and beef production capabilities.

Coreena East is well serviced by a network of livestock exchanges including Wagga, Yass, and Wodonga, with abattoirs at Wagga, Gundagai, Goulburn and Wodonga.

The property has been well developed and comprises 12 main well fenced paddocks with an efficient laneway system connecting most of the paddocks to the centrally located ‘all steel’ sheep yards, and also has an efficient livestock water system – a new equipped bore supplying a reliable flow (3 litres/second) of good quality stock water to approximately 9 troughs, together with a network of 11 surface dams.

Rated to carry up to 4,500 DSE, management suggests that an ideal mix of operations for Coreena East could include the growing of 180ha of cash or fodder crop per annum, together with the running of say 1,500 Merino ewes for wool and lambs or 1,000 crossbred ewes producing prime lambs for the domestic market.

Chris Meares for marketing agents Meares & Associates stated “The rural property market at the moment is going through an interesting phase – with still a shortage of quality versatile rural holdings such as Coreena East for sale, especially those with stock feed available, together with some relatively strong sales in southern and central NSW of over $4,000 per acre”.

This appears to have led to a recent spike in the market which has tended to make both buyers and bankers wary about participating in today’s market. However this in itself can cause an over reaction and consequently lead to good buying opportunities where vendors such as the owners of Coreena East are prepared to reduce their price down to $3,250 per acre to make a sale”.

It is quite evident from the recent strong property sales in the Eastern Riverina how highly regarded the Eurongilly Valley is held – this is undoubtedly due to its accessibility and location, strong soil types, above average rainfall and productivity, quality and assured water reserves, and closeness to the major service centres such as Wagga, Cootamundra, Gundagai and Junee.”

The above, together with the popularity of investment in the rural sector due to its strong capital growth and operating returns in recent years together with forecasts for strong commodity prices in the near future, a relatively low risk factor and current climatic conditions in the district providing a good feed base make an investment in quality holdings such as Coreena East a sound investment”, he concluded.

For more information on this property, please click here.

Chris Meares

Meares & Associates

Monday November 4th 2019Chris Meares