Lowan Estate and Didi-Bahini, Noradjuha family farm, sold for more than $10m combined to local buyers
One local buyer paid a record price for 314 hectares of “very well maintained” farmland.
Victorian farm prices have soared to new heights after 314ha of Wimmera farmland was sold under the hammer for a combined price of more than $10m this morning.
Two locals each secured a piece of the prime cropping land.
The two adjoining lots, Didi-Bahini and Lowan Estate, sold for more than $10.3m combined.
The properties are located at Noradjuha, 30 minutes southwest of Horsham.
The 129ha Lowan Estate, a predominantly cropping holding, was sold to an undisclosed local buyer for more than $36,200 per hectare.
The buyer, who owns adjoining farmland in the region, paid up about $4.6m in total for the farm.
Meanwhile the 185ha Didi-Bahini holding was sold to a separate local buyer with a winning bid of about $30,878 a hectare.
John and Melissa Heard and their three children Elliott, Nina and Rory were the winning bidders on the Didi-Bahini farm, paying about $5.7m in total.
Elders Real Estate completed the auction via agent Nick Myer, with Mat Taylor as the selling agent.
Mr Taylor said the eye-watering prices paid for the farms came after two separate bidding wars played out for the Wimmera farms.
“We had quite a few interested bidders, but the bidding opened higher than expected,” he said.
“These are extremely successful results, with the farms selling well above the reserve.
“The vendors are very happy, with the sale comfortably exceeding their expectations.”
The vendors took ownership of Lowan Estate and Didi-Bahini about 30 years ago.
In that time the farm has been “very well maintained” and has been home to heavy clay loam soils suitable for both cropping and grazing.
Mr Taylor said the slight difference in soil types and strong competition for the Lowan Estate farm was the reason behind its higher selling price.
In 2021, Victoria was home to the second-most valuable farmland in Australia, according to a recent report.
Last month, a South Australian farm set a new 2022 record selling at auction for $12.9m.
Regional Victoria and the Riverina sale and auction results, week ending April 26
Regional Victoria and the Riverina recorded 11 property sales over a million dollars last week, the latest auction and sales results reveal.
‘Notice of termination’: The real story behind NSW Farmers’ resignation from the NFF
NSW’s peak farmer lobby group has accused the media of deception over its decision to quit the NFF. This signed letter proves otherwise. See all the details.