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$1.8m of red soil goes under the hammer in Bundaberg

SOLD: The property at Howletts Rd, Alloway, which went under the hammer on the weekend for $1.8 million.
SOLD: The property at Howletts Rd, Alloway, which went under the hammer on the weekend for $1.8 million. Domain

A BUNDABERG farming family has paid $1.8 million for an 83ha property at Alloway.

Red soil, fruit trees and a backing onto the Elliott River are some of the features that attracted attention from across the agricultural community.

The sale comes on the back of a rural land value boom.

Elders Bundaberg marketing agent Baden Lowrie told Queensland Country Life the property had created plenty of interest during the course of the marketing campaign, particularly in the macadamia industry, given the farm's soil types and water security.

 

SOLD: The property at Howletts Rd, Alloway.
SOLD: The property at Howletts Rd, Alloway. Domain

There are 96mL and 240mL water licences from the Elliott River. Underground mains and hydrants traverse the farm.

The farm has 53ha of cultivation and 10ha with 1770 avocado, 391 mango and 61 custard apple trees irrigated by under-tree drippers.

The balance of the land is undeveloped timbered country, with a home, cottage and sheds.

The sale price is equal to about $21,687/ha.

Last week it was revealed a 123ha Bucca farm sold to an Asian-based buyer for $2 million with plans to convert the property from sugar cane to macadamias.

 

SOLD: The property at Howletts Rd, Alloway.
SOLD: The property at Howletts Rd, Alloway. Domain

It follows the release of the Valuer-General Property Market Movement Report showing primary production land values in the Bundaberg region jumped by 10.3% over the last year.

The boom brings the total value of primary production land in Bundy to $488,526,000.

Ashley Lynch, of Four Walls Realty, said agricultural land here was "as good as it gets".

He cited strong prices for produce and a tight-knit business community as some of the attractions.

"People are looking to the future. Bundaberg is the place to be."

Topics:  alloway farm land value primary production property real estate



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