PRESS RELEASE: Coreena East, Eurongilly – Eastern Riverina NSW

PRESS RELEASE: Coreena East, Eurongilly – Eastern Riverina NSW-property-sale-nsw-australia

Eastern Riverina, New South Wales

Located in one of the most sought after rural areas of Southern NSW, the Eurongilly Valley, well known Coreena East is to be offered for sale via online auction on 29th October, by Sydney-based rural property specialists Meares & Associates.

Situated in the heart of the valley, Coreena East, comprising 477ha (1,177 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 comprising rich red loam soil farming country, the balance being basalt 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 surrounded by a well established 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 – an equipped bore supplies 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 “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 in relation to markets, abattoirs, transport links and grain receival sites, strong soil types, above average rainfall and productivity, and closeness to major service centres such as Wagga, Cootamundra, Gundagai and Junee.”

Also, the fact that the property has traditionally used shedding and cattle yards on the homestead lot provides the buyer of Coreena East with a blank canvas - allowing them to install suitable improvements to support their choice of cropping or livestock programmes.”

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

The marketing agents expect that, given recent sales in the Eastern Riverina, the property should sell in a range of $4m to $4.5m ($3,500 to $3,750 per acre) when offered for sale via online auction, the sale commencing 11:00am Tuesday 29th October and closing 12 noon Wednesday 30th October 2019.

For more information on this property, please click here.

Chris Meares

Meares & Associates

Friday April 3rd 2020Chris Meares