Valley draws investors

The sale of Sunshine (4820 hectares) and Round Cowal (1640 hectares) south west of Forbes was announced by Forbes-based stock and station agent Gary Johnston of Johnston Rural Group.

Mr Johnston said details of the sales remain confidential at this time, but the gross sale price for the total purchase exceeded $16 million.

"Sunshine", 65 kilometres west of Forbes and a similar distance from West Wyalong and Condobolin, incorporated the homestead portion of historic Moora Moora Station.

Moora Moora Station, originally comprising about 8000 acres (3200ha) was taken up in 1871 by Thomas McCormack, an Irishman whose family had earlier settled at Wheeo, in the Crookwell district.

Along with Round Cowal, it has now been purchased by Brisbane-based AAM Investment Group.

Underpinning the sale, the agent said, were water entitlements and two stock and domestic water schemes.

Mr Johnston says it's a strong signal the Lachlan Valley is being recognised by investors as a versatile "go-to area" on a value-for-money basis.

Good soils, the capacity for mixed farming and the recently-established cotton industry are drawing investors, he said.

Buyers, off-shore and local, "are prepared to invest and pay a premium for the right land despite the drought and a short-term reduction in on-farm productivity".

Record high livestock sales and the proximity of the Central West Livestock Exchange also add to the attraction of the Lachlan Valley.

Mr Johnston says investment in rural property in the Lachlan Valley has remained strong over the past 12 months and will continue to do so.

While a large portion of buyers have their sights set on higher rainfall country, he believes the coming year will see a growing focus on rural property with a reliable water source and secure entitlement.

Some of his other recent sales have included Jemalong Station and Jemalong Citrus in 2018; Wowingragong; Glenorie and Dorset in 2019.

"I have genuine ongoing interest from a number of separate private and institutional investors that are actively looking for high quality rural investments either with or without water," Mr Johnston said.