Dairy Farm Pehuen Park at Tallangatta South in North East Vic sells for $4.9 million

A dairy farm in North East Victoria has smashed price expectations selling for $4.9 million – equating to more than $37,000 a hectare, or $15,000 an acre. 

Pehuen Park at Tallangatta South sold under the hammer last week.

A DAIRY farm in North East Victoria has sold for $4.9 million – equating to more than $37,000 a hectare, or $15,000 an acre.

The 132ha property, Pehuen Park at Tallangatta South, sold under the hammer last week and smashed price expectations by almost $1 million.

It had an asking price of about $4 million when it was listed for sale earlier this year.

The price per hectare is believed to be nearing record territory for this area.

Pehuen Park was purchased by Meurer Investments.

The property has 2.5km of frontage to the Mitta Mitta River and the vendors, who had purchased the farm in 2011, had been milking 180-220 cows.

Selling agent Mike Weller from Corcoran Parker told The Weekly Times Pehuen Park was originally part of the much larger Tallandoon Station.

“It now boasts an extensive history as a dairy farm but is also well suited to an intensive beef cattle breeding or fattening operation,” Mr Weller said.

The property was sold with a 10-megalitre high reliability water license and all irrigation infrastructure.

That water had been used to grow summer crops including corn, which was used for forage and silage – producing up to 600 wet tonnes in good years and 500 tonnes in most years.

It comes as a livestock farm at Terang recently sold for more than $17,000 per ha.

The 340ha property, Gwinganna, sold for nearly $6 million at auction.

An undersupplied property market, low interest rates and strong seasonal conditions are the main factors driving high prices according to agents.

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