Former Commonwealth Bank chief David Murray has recently bought a $7.35 million farm in the Upper Hunter Valley.
Based on records, Murray purchased the historic Dales homestead in Merriwa two weeks ago for $4.7 million and also acquired the adjoining Ersyldene property from cattle breeders Mark and Colleen Constable for $2.95 million.
The 1750-hectare holding was bought under the name of the Lyndcote, which is also the name of Murray’s Hunters Hill trophy residence.
In 1999, Murray purchased Lyndcote for $3.3 million from retired newspaper publisher John Armati. He then added the adjoining property for $4.1 million in 2005. Heritage architects Tanner and Associates worked on the extension and renovation of the home.
The Dales homestead has an impressive history which is originally part of the Brindley Park, founded by pastoralist James Brindley Bettington in 1838 and is known as Australia's oldest sheep breeding establishments. The sale of the ends the ownership of Bettington's family who own the property for five generations in 178 years.
The home was originally built for Bettington’s father Albermarle Bettington in 1936. It has a blue-stone exterior which is quarried from the creek near the site. The estate features a swimming pool, tennis court, a second cottage, and an orchard.
According to MacCallum Inglis agent Michael Burke, there is a shortage of prestige rural property stock in the Hunter Valley. He recently sold another property in Glenburnie which is a Merriwa beef cattle operation for $3.77 million.
“Further to last year’s sale of Glenrock Station, in Scone, to an international purchaser, the sale of Glenburnie reinforces the continued strength of demand for reliable beef cattle properties from the international market,” Burke said, according to Domain.
“Where this rural property market goes is yet to be seen, but it has certainly received a well-needed shot in the arm from the current high cattle prices, and continued demand for our end product overseas.”
