First public auction at Old Parliament House sees farm sell for $3.6M

RAY White Rural Canberra | Yass hosted the first ever public auction at Old Parliament House today, with five properties for sale and more than 75 people in attendance.

The feature property of the day, 'Castle Hill', a farm in Canberra attracted eight registered bidders and sold for $3.6 million.

Castle Hill is a 526ha property on the western side of the famous Murrumbidgee River directly across from the Lanyon Homestead.

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Front row L-R: Maureen and Geoff Hyles (vendors), John and Anna Hyles (buyers) and their friend Jamie Lindsay. Back row L-R: George, Janie and Simon Southwell of Ray White.[/caption]

“Properties like this, in the ACT, are as rare as hens' teeth,” Ray White Rural Canberra | Yass agent Simon Southwell said.

“The property sold on behalf of Geoff and Maureen Hyles, who had owned it for 47 years, to John and Anna Hyles from the same family. The Hyles' family history in the local farming region is legendary."

Mr Southwell said it was a pleasure to be involved in the transaction, especially considering the fact that Geoff Hyles had owned Castle Hill for half a century.

“Castle Hill attracted overseas and corporate interest," he said.

"Enquiries domestically ranged from north of Perth to Melbourne, Brisbane and the Darling Downs as well as closer to ACT. Ninety per cent of the parties engaged in the campaign were true generational family farmers, which indicates that while drought has an impact on the market there is still strong confidence in the rural sector.”

Ray White Yass | Canberra took five properties to market and sold two on the day.

Justin and Janine Coot's property at 108 Kirkton Rd, Yass sold to a Canberra buyer through agent Dominic Johns for $742,500.