Banks hit to make dirt pay

14 Jul, 2014 05:30 AM
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The sale price was a shock and showed in­ter­est had surged back into the market

THE start of the new financial year has seen a range of banks force a dozen rural properties in Queensland to the market likely to reap at least $50 million.

On Friday a competitive of auction of more than 20 bids secured a $5.2 million acquisition of the 3100-hectare Hyland Downs at Clermont, central Queensland, which had been placed in receivership with Bentleys.

Ray White's Bruce Douglas said the sale price was a shock and showed in­ter­est had surged back into the market.

ANZ, which revealed in May it had $1.12 billion worth of non-performing loans in agriculture, has also pushed more properties into receivership.

A collection of cattle grazing properties covering 1238 hectares in the Boyne Valley was pushed to the market by the bank and will be auctioned as early as next week.

Elders' Kaye Pownall and Baden Lowrie are handling the sale of the five-property portfolio.

The bank also has Korda Mentha selling a 12,000-hectare farming aggregation in the Condamine formerly owned by Rowell Walton, who chaired Rural Finance Roundtable. A sales campaign being run through CBRE for the aggregation in the Western Downs area is likely to attract offers of about $15 million when it closes in a fortnight. Debbie Cowley, rural financial counsellor for Goondiwindi, said the financial pressure had not changed over the past five years since the financial crisis hit hard in 2009.

National Australia Bank has also been on the move, placing several major cattle stations in receivership, including the 45,200-hectare Corfield Downs north-east of Winton and the 31,200-hectare Strathdarr north of Longreach. Both properties were destocked last year and are now listed for sale. Corfield was bought at the top of the cattle market in 2008 for $13.8 million by the Milton family. Strathdarr, on the Darr River, was bought in 2001 for $2.3 million.

Brodie Agencies' Tom Brodie and Colliers International's Thomas Warriner and Rawdon Briggs are handling the properties' sale.

NAB has also appointed Ferrier Hodgson receiver Will Colwell to Currajong Station and properties Terrica and Pikedale, spanning 19,200 hectares of quality grazing country near Stanthorpe in southern Queensland. Elders has the listing.

Bendigo and Adelaide Bank's Rural Finance has appointed Ferrier Hodgson to the 5401-hectare Coronation Station south of Charters Towers. It could sell for up to $2 million, through Elders agent Lorin Bishop.

AFR
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READER COMMENTS

andrew
14/07/2014 6:25:39 AM

Banks are just sharks, charging exorbitant interest to people who cannot pay.
missing it.
14/07/2014 7:59:18 AM

Seems a bit of money has gone missing from client payments in one of the above mentioned banks. So far, bank ombudsman, asic,the ato have been unable to make this bank return or find the money. Pretty hard to pay accounts when a bank shamelessly operates in this manner.
missing it.
14/07/2014 8:03:35 AM

Correction, the bank was not mentioned in this article.
Beef man
14/07/2014 10:24:48 AM

Banks are there to lend money they are buisness like a farm if you can't pay them you loose your property it's simple.ifyou were a money lender and someone didn't pay you would want to be able to recoup your funds.be carefull when given a shovel because you have the capability of digging a hole you can't. Get out of
Qlander
14/07/2014 11:03:42 AM

Beef man; Too true, and with interest subsidies it was more like a frontend loader then a shovel.
Love the country
15/07/2014 6:40:10 AM

One of the major banks advertise we are here to help your business ! Don't think so, it should be we are here to screw your business ! Our bank, on the business loan, if you have credit up to $1mil pay you a whopping 0.01 percent...wow , and when you use the overdraft charge, 10.13 percent, that's on no risk, 100 percent equity , that's really helping.
Qlander
15/07/2014 6:48:10 AM

Banks are there to help themselves, everyone who deals with them needs to remember that.
chris
15/07/2014 10:53:17 AM

Though not understood, banks create all the money they loan out of thin air. It is called credit creation and the facts can be easily established if you go beyond the childish mythology that banks loan deposits. The opposite is the case, banks create money/debt from thin air which can in part become a deposit. Except for legal tender all money is created as debt from nothing. This is the money changer deception that concentrates wealth and power in the hands of a tiny few while the majority are kept under a spell of deliberate clever confusion. Most politicians and journalists are ignorant.
wtf
15/07/2014 12:31:02 PM

Dont worry I got suckered into the deception Chris when I started looking, by what means is such a trusted position bestowed upon the banks? Are they divine creatures?
Unhappy cocky
15/07/2014 1:20:00 PM

Chris, you must be a member of the rural action movement on the old credit creation bandwagon. Always a conspiracy to dupe honest hardworking farmers. Well try not borrowing, failing that repaying the loan or failing that get the hell out. Just don't blame others for the position you have put yourself in.
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