Declining cattle prices are among the reasons that drove the Laurie family to decide to sell their New South Wales farm, which has been passed through seven generations.

Riamukka is situated in Nowendoc on the Northern Tablelands.

The property was originally purchased by brothers Joseph and Thomas Laurie from the Australian Agricultural Company in 1852 using the money they made from the Victorian gold rush.

In a statement to the ABC, Alex Laurie, 29, and his wife Breanna said they had decided to "downsize" to a smaller farm.

The expansive property spans 1,030 hectares and has been running 250 cows and calves as well as trading 1,200 cattle into feedlots and the supermarket trade.

In his 32 years in real estate, selling agent Simon Burke said he has not sold a property that's been in one family for so long.

"So that in itself makes it very, very unique," he said.

Cattle prices help decision

Mr Laurie said the decision to sell was a difficult one, given his family's very long history with Riamukka.

He said many factors, including plummeting cattle prices, caused the couple to re-evaluate. 

Commodity prices have halved cattle market prices in the past 12 months, which Mr Burke said no one in the industry had foreseen.

"When those sorts of things happen, people reassess," he said.

"They reassess their financial position, they reassess their business decisions.

Mr Burke expects farmers will watch next week's Reserve Bank meeting closely.

He was also quick to point out the volatility of the farming sector.

"Interest rates certainly comes into people's calculations if they are looking at buying a property," Mr Burke said.

"It was very, very tough during the 2018–2020 drought, that was a very costly couple of years on the land.

"People don't forget those sorts of experiences, and that perhaps is in the back of their mind."

The property will be auctioned on July 27, with price expectations upwards of $15 million.