Deniliquin rural landholding ‘Westdale’ was sold for a record local price after being passed in at auction last Friday.
Elders Rural Deniliquin real estate agent Matt Horne said the sale was negotiated by private sale following the auction.
While he could not reveal the price, he confirmed it was passed in at an ‘‘unsurpassed level’’.
The auction was held at the Coach House Hotel in Deniliquin, and Mr Horne said there was strong competition for the property.
‘‘The property, which has been held by the Whyborn family for 39 years, attracted significant interest with many registered bidders and competitive bidding from the outset,’’ Mr Horne said.
‘‘Whilst the property was passed in at an unsurpassed level, it sold immediately following the auction to the highest bidder — a local farmer — for an undisclosed figure.
‘‘It was a great result for the vendors and it was pleasing to see the property sell to a progressive local farmer.’’
Mr Horne said quality rural investments are being highly sought after due to strong livestock and wool markets, a significant improvement in grain prices and historically low interest rates.
‘‘We are experiencing a wave of younger farmers coming through in which many are highly motivated to expand on existing family agri-operations,’’ he said.
‘‘The timing couldn’t be better for those who are looking at exiting farming, as there is genuine competition for rural property in the Deniliquin and surrounding districts.’’
‘Westdale’ is a 277.8 hectare property on Aratula Rd North.
It has been described as a ‘‘highly versatile rural holding’’ approved for rice production, consisting of nine main paddocks, well developed water points and an excellent mix of productive soils.
Other improvements on the property include shearing shed and yards, machinery and hay sheds and steel cattle yards.