A property near Ararat sold for a record place at an auction on Friday, March 12.
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The 442-acre property at Lot 3 St Marnocks Road, Yalla-Y-Poora sold for $9550 per acre, more than $4.2 million in total.
This dwarfed the previous record sale for a property within Ararat Rural City of about $6500 per acre.
The property was previously sold in 1978 and has since mainly been used for cropping and prime lambs, and hay production.
It includes five paddocks, three dams and a hay shed.
Ararat Ballarat Real Estate selling agent Brad Jensen had predicted the property would sell for a record price but was still surprised at how high the bidding went.
"It was certainly well above where we were expecting the price to land," he said.
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"It really is a huge result for the region. It is definitely the talk of the town among the tight-knit farming community. Our vendors are obviously ecstatic with the result."
More than 100 people attended the auction at Buangor Cobb & Co.
Australian Bureau of Agricultural and Resource Economics most recent crop report estimated Victoria's 2020-21 winter crop production to be the state's highest on record.
Auctioneer Allister Morrison said the sale was representative of the health of the regional agriculture industry.
"It is great that there is such strong confidence in agriculture at present which is clearly feeding into the value of farming land in the area," he said.
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"Now we need to find more land for the under bidders."
Five different bidders vied for the property at the auction, with 27 bids being placed on the property before the gavel landed.
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