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Property profile: Cobungra

This profile contains details of the RFF owned Cobungra, located in Victoria’s high country. RFF purchased Cobungra in 2019 and it is leased to a multi award winning wagyu beef producer. The profile also highlights the long history of cattle production at Cobungra and the region.

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Property profile: Cobungra
Mustering cattle during light snowfall, Cobungra Station, East Gippsland Victoria, October 2021.


Cobungra is a Rural Funds Group (ASX: RFF) cattle breeding and backgrounding property located at the foot of Mount Hotham in Victoria’s high country. RFF acquired the property in March 2019, and subsequently entered a 10-year lease with Stone Axe Pastoral Company (Stone Axe). Cobungra is one of six RFF owned properties leased to Stone Axe, a premium Wagyu beef producer.

Premium beef production

The founders of Stone Axe, which was established in 2014, have a long history of working in Wagyu cattle production and are some of the first cattle producers in Australia to have access to Wagyu full blood breeding stock. Stone Axe owns three premium Wagyu beef brands, including the “Cobungra Station Full Blood Wagyu” brand, which has won numerous awards, such as a Gold Medal at the 2023 World Steak Challenge and a Gold Medal for Fullblood Wagyu at Wagyu Branded Beef Competition. The Wagyu beef produced on Cobungra is also accredited under the European Union Cattle Accreditation Scheme.  

Wagyu is a Japanese beef cattle breed, widely regarded as one of the world’s premium beef products. Wagyu beef is prized for its quality marbling and tenderness. In Australia, Wagyu beef is graded based on its marbling from a score of 1 (lowest) to 9 (highest), with the average Australian Wagyu beef rated 3 to 7. Cobungra Station’s 2023 Gold Medal winning full blood Wagyu was graded at 8.2.

Cobungra Station in Victoria's high country, East Gippsland Victoria, December 2021.

Climate and history

The high altitude and cool climate in Victoria’s high country provides a pristine environment and abundant natural resources that is well suited to producing high quality beef from Wagyu cattle. With the majority of Stone Axe’s breeding and backgrounding properties located in NSW and WA, Cobungra provided an opportunity for Stone Axe to climatically diversify their full blood Wagyu beef operation.

Mustering cattle during light snowfall, Cobungra Station, East Gippsland, Victoria, October 2021.

Cobungra has been used for cattle breeding and backgrounding for over 170 years. The property also bred horses which were supplied to the Indian Army. Cobungra was originally farmed by George Henry Gray in 1851 after a cattle drive brought his family to the Omeo area. The stockmen on the drive were credited for finding the Bogong High Plains, which were valuable for alpine grazing. They were shown the way to Cobungra by a local indigenous man, who was known to them as Larnie. When RFF purchased the property in 2019, it was only the third time the property had been on the market in the last 100 years.

Since acquisition, RFM has improved the property by increasing the pasture areas, upgrading fencing and roads. The most recent property valuation in December 2022 of $52.2m represents an uplift of almost 50% since acquisition.

Cobungra Station, East Gippsland Victoria, December 2021.


LocationLocationEast Gippsland, Victoria
SizeSize6,497 ha
LesseeLesseeStone Axe Pastoral Company
Aquisition valueAquisition value$35.0m (March 2019)
Adjusted property valueAdjusted property value$52.2m (31 December 2023)

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