NT station fails to sell at auction

Buying the election in QueenslandA Northern Territory cattle station, owned by the Sultan of Brunei, has failed to sell at auction, after being passed in at $12 million.

Willeroo, located 130 kilometres south-west of Katherine, is over 170,000 hectares and relies heavily on the live export trade.

Agent Russell Wolff says there were four bidders at the auction and negotiations are continuing.

“We’re in negotiations today and this party is looking very positively at it, so I think we’ll have a result in the next few weeks,” he said.

“We are dealing with overseas people and it takes a while for those people to change their mind about how much (money) they want for it.

“It’s private information (about how much they’re asking), but I can say we’re not that far away, and I’d expect in the next few weeks we’ll do a deal.”

There’s reportedly 20 cattle stations on the market in the Northern Territory and it’s been more than a year since a NT station was sold (Tanumbirini in February 2012 for over $30 million).

Mr Wolff says there’s been a significant increase this year in the number of potential buyers making inquiries about Top End stations.

“There appears to be a bit more interest this year, with people who have been sitting on the sidelines now starting to come forward.”

He says there were 37 inquiries, seven inspections and four bidders for Willeroo.

By Matt Brann ABC