Deluge brings massive price rise for property near Rocky
THE PERFECT timing of Cyclone Debbie's deluge has dramatically increased the selling price of an historic Central Queensland cattle property.
A deluge of about 500mm in the days before the sale forced Landmark Harcourts auctioneer Ray Taylor to delay the sale campaign for Yaamba's "Balmoral" property, dragging it out over months.
But Mr Taylor said the extra 760mm of rain that fell on the property over the two-month campaign helped it to a whopping $3 million selling price at Thursday's auction.
"It helped the sale, for sure," he said.
"It helped the whole pastoral industry, it gave it a lot more confidence.
"It has had a big impact on the whole area, because it wasn't looking that bright for the winter."
Jim and Jannette Harvey beat five other registered bidders to the 2507 hectare in front of a crowd of 40 people.
At the end of a sale campaign that saw 15 parties inspect the property. Bidding started at $2.5 million but Mr Taylor said it quickly rose to $3 million.
"It started at $2.5 million, went to $3 million fairly quickly and that's where it settled, and then the owners gave the green light to sell it," he said.
He said he believes the Harveys, who paid about $1197 for every hectare, plan to continue using the property for a breeding operation.
He said "it's hard to judge" exactly what kind of value the downpour added to the selling price but the price of properties in Central Queensland has risen about 10% to 20% over the past nine months.
"That's across the board, because of the high cattle prices, grain prices, and rain," he said.
"It (Balmoral) was a strong sale, and it was up to market expectations."
It is just the third time the historic property, formerly known as "Kilcummin Station" and "Lenox Station", has changed hands since the descendants of the well-known Central Queensland pastoralist family, the Geddes, settled on it in 1860.
Mr Taylor said the Geddes family sold it after about 142 years of ownership before it was sold to the Howard family three years later.