The two Queensland properties together cover 400,000 hectares, but do not have water licences.

According to the Australian Financial Review, they are now on the market at $23m and $12m.

Two overseas companies are in negotiations with the vendors, and a result is expected this week.

"We had several parties that we thought would have performed on the day but some fell over - one on the night before and one before the auction," a disappointed Clyde Agriculture managing director John McKillop said.

Clyde has two more properties on the block in Sydney tomorrow, Brewon at Walgett, NSW, and Toorale Station, at Bourke, NSW.

There is strong speculation that the Federal Government will bid on Toorale in order to return its vast irrigation holdings back to the Darling River system.