In The Spotlight – McGrath Orange | Molong
This month, we talk with McGrath Orange and Molong Rural Specialist Scott Petersen to discuss what’s happening in his area of the Central West.
There’s been an appetite from rural sellers to test the auction market on the back of excellent seasonal conditions and a favourable weather outlook in the immediate term.
In the Central West region encompassing Orange and Molong, McGrath Rural Specialist Scott Petersen has seen competition for farms first-hand. He recently auctioned a 3,500 acre property which fetched $1m over reserve. Additionally, he sold a farm to an adjoining neighbour seeking to expand their agricultural operations for $7,827 an acre.
On October 20, Petersen will put under the hammer one of the largest rural opportunities in the region for the year.
Four adjoining properties on the Mitchell Highway – Three Rivers, Cardington, Cardington North and Gunyah - will go under the hammer, but can also be bought as a single aggregation running across 3,877 acres.
Across the different properties are homesteads, a raft of agricultural improvements, basalt-ricj soil primed for fattening and breeding, and frontage to the Bell River. Cardington also carries a 156 megalitre licence for the Bell.
“We’ve had a huge amount of interest for the auction, locally, and from as far away as WA,” said Mr Petersen.
“The rural market remains robust and this is one of the most exciting listings we’ve seen this year.
“Auctions are the most transparent way to sell and give buyer the confidence that they’ve secured the property at market value.”
Interest in rural property hasn’t, however, been confined to large-scale offerings around the Orange and Molong areas.
The tree-change movement has been well-documented during and post-Covid, with many citysiders moving to the Central West, drawn to its friendly communities, comparative affordability and a lifestyle that celebrates rural living, wineries and gourmet food producers.
But there’s also been a movement from retired farmers from further west who have come into the region for its lifestyle, as well. The medical services at the Orange Base Hospital – which benefits from modern oncology services - have been a particular drawcard for older relocators.
“The tree changers from the city have been enjoying a lot of bang for their buck by coming to the region. But we’ve also had some farmers and graziers who have sold up their operations out west for $20m and are choosing here, as well.
“Combined, these movements have triggered a high-demand for rural lifestyle properties up to 100 acres.”
With a strong likelihood of generous rainfall over the warmer months, Petersen said the region continued to ‘go from strength to strength’.