Record price for historic Riverina property: what it says about shifting market

For the first time in more than a century, this remaining parcel of the renowned "Kimo Estate" - held by the Robertson family across four generations for 114 years - sold under the hammer.

The 4.01-hectare (10-acre) property, representing the last of the family's vast pastoral holdings, significantly exceeded expectations, fetching a price $330,000 above the published reserve of $1.25 million.

The result underscores the robust demand and soaring prices being achieved in the regional lifestyle property market, even for acreage with such deep historical roots.

The auction attracted spirited bidding from three registered parties connected to the Central Coast, Sydney, and Camden. The strong competition indicates that regional properties near hubs like Wagga are increasingly attracting significant interest and capital from metropolitan buyers.

The current owners, representing the latest generation of the founding family, initiated the sale to expand their farming operations with more substantial acreage elsewhere.

Originally settled in 1911, the 'Nargoon' homestead on Nangus Road is defined by its unique heritage. The residence features rare pisé construction, high 12-foot ceilings, and wide verandahs, complete with an original underground cellar.

Offering picturesque views over the Murrumbidgee River, the property's accessibility is a key asset: five minutes from Gundagai, 50 minutes from Wagga, and two hours from Canberra.

Ray White Yass principal George Southwell, who conducted the sale in conjunction with Ray White Gundagai, said the result demonstrated the strength of the rural lifestyle market when the right strategy is employed.

The successful marketing campaign saw immense interest, generating 52 enquiries and achieving more than 27,800 combined views across major property portals.

While maintaining its historic character, the homestead benefited from extensive renovations between 2011 and 2021, and includes a modern in-ground mineral pool and substantial water security via two registered bores and over 200,000 litres of rainwater storage.

Owners Mr and Mrs Shannon spoke about the bittersweet nature of the November 30 auction.

"After 114 years of family ownership, entrusting the right team with the sale of 'Nargoon' was very important to us," they said.

"They understood the significance of the sale from the beginning and did an outstanding job."

The sale marks a poignant end to over a century of continuous ownership for one of the Riverina's foundation families.