Magilton family sell Western District dairy farm, at Camperdown, for around $7 million

A tightly-held family farming operation near Camperdown has been sold in a deal worth around $17,000 per hectare.

After 40 years operating their Western District dairy and grazing farm, the Magilton family have sold their property for a premium price.

Located at 30 Foxhow Road, Camperdown, the Koreetnung farm sold in a deal believed to be worth about $7 million.

Glenn and Ellen Magilton’s farm was listed for sale in March, with a price tag of $16,000-$17,200 per hectare.

The Weekly Times understands the 411ha farm was sold at the higher end of the expected price range.

Elders Real Estate Camperdown selling agent Rob Rickard said a Victorian-based, experienced beef operator from outside the district was the buyer.

He said they were planning to use the property for livestock.

“The property is a long-held dairy, but that will close and it will be run as a beef cattle operation,” he said.

“It is a bit of a common trend in the southwest with dairy farms closing and converting to sheep or beef farms.

Glenn and Ellen Magilton’s Camperdown farm was listed for sale in March, with a price tag of $16,000-$17,200 per hectare.

“With our high rainfall and reliable country it is probably reasonably priced compared to other parts of Victoria to run a livestock farm.”

In the past 12 months, southwest Victoria was home to the state’s largest median price growth per hectare, exploding in value by 35.5 per cent according to the Rural Bank Australian Farmland Values 2022 report.

The Camperdown farm spent less than two months on the market and was sold following a wave of Victorian-based interest.

The Magilton family purchased the farm in 1982, before totally renovating the dairy in 1993.

At the farm’s peak the Magilton’s milked 420 cows, but have held a heard size of about 320 cows in recent years.

Dairy facilities included a 26-a-side DeLaval herringbone design complete with a 17,500 litre milk vat and a staffroom.

The property is also split into 60 paddocks, has frontage to Lake Koreetnung, a family homestead and a 1900s manager’s house

A clearing sale for the farm will be held on Friday, May 20.

Another Western District property, Yuulong Estate, was last month purchased by a local buyer in a deal worth more than $5 million.