MORE farmland across Australia will fall into the distressed sale category following a number of high-profile receivership appointments.
In April, The Australian Financial Review surveyed the nation's top seven major insolvency specialists to find that at least 80 major farming operations across Australia, each worth more than $1 million were in receivership – or some form of distress.
The most recent high-profile appointments include R.M. Williams Agricultural Holdings and companies associated with agricultural land identity Craig Doyle.
Evidence is also building around discounted pricing with Queensland a hotbed of activity.
The 8480 hectare Brookvale in south-east Queensland was sold last month through Elders for a discount of about 30 per cent to previous expectations. A cattle property called Plattaway Station sold at a mortgagee auction for $5.1 million after once being listed for sale at $7.5 million.
Rural financial counsellor at Emerald in central Queensland Richard Lewis said the market for land was down. "If you are highly leveraged, your banks are going to be a bit anxious," Mr Lewis said.