New record price set for Mallee cropping farms with sale of Arkana lifting prices by 30 per cent

A new record price has been set for cropping farms in the Mallee. Here we reveal how much money farmers in the region could now see for per hectare for their properties.

A new record has been set for Mallee cropping farms after a recent sale.

A NEW record price has been set for cropping country in the Mallee after an aggregation sold for almost $13 million – a whopping 30 per cent increase for the region.

Arkana Cropping Aggregation at Panitya, in the northern Mallee, sold to five local producers for more than $3700 per hectare, or $1500 an acre.

The 4223ha aggregation, which comprised of eight semi-contiguous landholdings, had been owned by the Bridge family since 1965.

Selling agent Phil Schell from CBRE said the sale was a new record and benchmark for the region.

“Previously we would have seen about $1150 an acre ($2840/ha) for better cropping land so we are looking at a 30 per cent increase,” Mr Schell said.

“It may trigger other vendors to consider their options, especially if they were already looking to sell”.

Mr Schell said the Arkana Cropping Aggregation, which was listed for sale earlier this year, was marketed in saleable sizes of eight land parcels, over 15 titles, which made it appealing to the five local buyers.

“They were ranging in smaller blocks of 640 acres (259ha) up to 1200 acres (485ha). So right in that sweet spot for buying,” Mr Schell said.

“We were presented with 26 different offers and had over 60 inquiries with about 26 inspections”.

The new owners will have access to their lots as for the new cropping season.

In December last year, former blue gum country in the Western District sold for a record price of $6175 per hectare, well above the expected price of $4446 per hectare.

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