Rob Lawrance and Georgie Luckock’s Banool at Gatum for sale

A family-owned sheep and wool farm in Victoria’s Western District, tightly-held since the 1950s, has hit the market. Take a look inside.

A livestock farm in Victoria’s Western District has hit the market with an asking price of $20 million-plus.

The 1304ha property, Banool at Gatum near Cavendish, will be sold as a whole or in two lots – Banool (783ha) and Banool North (521ha).

The property is currently owned by Rob Lawrance and Georgie Luckock who took the reins in 2002, following on from the pioneering work of his Rob’s father, Neil, and grandfather Richard, who bought the original property in 1956.

Banool North was added to the property in the early 1960s.

It comes as a string of family-owned farms have hit the market during the spring selling season, including the Burgess family’s Darialda property at Holbrook in NSW.

Banool spans 1304ha.

Over the past 20 years, Banool has produced crops of wheat, barley, oats, canola and monola, including a four-year contract for seed production.

More recently, management has focused on livestock – predominantly a superfine Merino self-replacing flock and Hereford beef cattle breeding at more than 20,000dse.

The homestead features four bedrooms, two bathrooms a sunlit central atrium and a music room.

Soils are primarily grey sandy loam over orange clays with some heavier grey clays on the lower country, while the perennial pastures with a phalaris, lucerne, fescue and sub-clover base have been renovated in recent times.

Most of the well-drained property is gently undulating, with around 60 per cent of the boundary triple-fenced and shelter belts planted for quarantine purposes.

Banool North is fenced into 18 paddocks and Banool has 28, with an extensive laneway system running for more than 9km from the front gate.

A key feature of the farm is its 380Ml private reservoir, while a reticulated system supplies dual-purpose concrete troughs supported by eight integrated dams and 18-20 independent stock dams.

Sheep and wool and cattle have been run on the property.

Basking in postcard views of the Grampians, the homestead offers four bedrooms, two bathrooms and a range of reception rooms including sunlit central atrium, dining and sitting room, an office, music room, vestibule and double garage.

The classed, self-replacing Merino flock will also be for separate sale.

Recently, a cropping farm, also in Victoria’s Western District, was listed for sale with an asking price of $70 million.

The 3353ha property, Woorndoo Aggregation near Lake Bolac, is owned by the Laguna Bay Agricultural Fund.

It comes as a Rabobank report released earlier this month found Australia’s record high agricultural land prices are set to increase over at least the next five years.