ON the steps of the iconic homestead at Broomehill West, Kilburnie was sold under the hammer at auction last week, achieving a premium price.
The start of the day was looking rather damp with rain forecast – not ideal for an outdoors on-site auction – but fortunately the weather took a turn and with the sun briefly shining, the hammer went down at $6.17 million.
Given the positive market, as termed by Landmark Harcourts real estate team, where for some time there has been high demand for quality farmland but limited listings to meet interest, it was expected that Kilburnie would sell for a top price.
The sale was handled by Landmark Harcourts real estate specialist David Jannings who said he had received considerable interest in the weeks leading up to the auction.
Whether it be genuine buyers, people in support of the vendors or landowners wanting to gain some insight into the local market, the auction drew a large crowd of about 75 people.
“It was the first transparent sale or auction for the 2018 spring selling season for this area and is a true indication of what people are prepared to pay at this point in time,” Mr Jannings said.
Regarded as a top notch farm for the Great Southern region, Kilburnie was known for its good country and soils, infrastructure, extensive maintenance and historic homestead which was built in 1929.
“This property has a very good reputation in this area – it has been well farmed and maintained and has good production capabilities,” Mr Jannings said.
Kilburnie measures 1521 hectares, with about 1071ha considered croppable.
Based on the sale price of $6.17m, Kilburnie sold for $4056.54 per hectare or about $5760.97 per croppable hectare.
There were four registered bidders and the auction started at $5.1m with a bid placed on behalf of the vendor.
As typical of an auction, the bidders remained shy which resulted in more of a slower-paced auction.
Landmark Harcourts auctioneer Terry Norrish paused the auction at $6.15m to discuss with the vendors before declaring the property officially on the market.
“The auction went as expected, with very bullish and robust competition,” Mr Norrish said.
“Kilburnie is an outstanding property with the best presentation that I have seen for a long time.
“It’s great to see a wonderful result for the buyers and sellers, where both parties are happy.”
Vendors David Kinsey and Lyn O’Brien, who purchased the property in 2006, were pleased with the outcome.
“We are very pleased with the result and wish the new owners the very best at the farm that we have been very happy at,” Mr Kinsey said.
“It means that we can move on to the next step of our lives.”
Kilburnie was purchased by Ray White Rural WA buying agent Michael Bachelor on behalf of the Tucker family, who have extensive interests in the Esperance farming region and wanti to diversify their property portfolio.
The family’s agricultural operations is headed by Alistair Tucker.
Mr Jannings said the sale of Kilburnie was a good indication of the status of the local market.
“Land values have definitely lifted from previously listed properties and the sale of this farm may give people greater confidence if they may decide to sell their property,” Mr Jannings said.
Kilburnie is well known for its rich history with its first title dating back to 1899.
Under Mr Kinsey and Ms O’Brien’s ownership, the property has been operated at 25 per cent sheep for prime lamb production and 75pc cropping basis.
It has well-drained country with very fertile soils ranging from red granite loams, gravelly loams and flooded gum.
Water was another buyer drawcard with two natural springs, a historic well to service livestock and 24 dams and four troughs that supply reliable water to the farm.
Infrastructure was also a feature, comprising four machinery sheds with a workshop to one, a general purpose shed, shearing shed, 750 head sheep yards, seven silos and assortment of tanks for domestic, farm and fuel use.
