Sheather family’s Myora at Welaregang sold to local buyer

The tightly held property, located near Corryong, sold for almost $26,000 a hectare or $10,500 an acre — after ten buyers registered interest.

A farm in the Upper Murray sold for $3.3 million at auction yesterday, equating to $25,984 a hectare or $10,577 an acre.

The 127ha property, Myora at Welaregang near Corryong, was purchased by a local buyer who will use the property as an add on block.

Myora was put up for auction by the Sheather family, who had owned the property since the 1930s.

The huge price left selling agents David Gittoes and Henry Mackinnon from Elders astonished.

The sale was held online due to coronavirus travel restrictions and attracted ten registered bidders.

Mr Mackinnon said the price was beyond their optimistic expectations.

“It was a very good place, and it would have to be one of the highest prices we have seen for country of that type, which is great productive land but does have some hill areas,” Mr Mackinnon said.

“I understand that potential buyers may be worried about how the prices are rising and it does make it a lot harder for new entrants.

“On the other hand, for existing farmers, this is exciting as they will now have increased equity in their own properties because land values are up.”

Mr Mackinnon said this week’s sale of Myora could encourage other farmers to consider selling their properties or even a portion of them.

“They may think of divesting some of their land when they see how much it can make,” Mr Mackinnon said.

It comes as a string of farms in the Upper Murray have recently sold for millions.

A grazing property at Ournie sold under the hammer in May for $5 million.

The 617ha property, Mauna Loa, was snapped up by a family out of the area.

The auction attracted four bidders and was attended by about 30 people.

And in July, a grazing farm at Jingellic sold for $2.91 million at auction.

The 514ha property, Glenside, was sold by the Davis family and located at 400 Horse Creek Rd.

The spring-property selling season kicks off next week with one of the first properties to be sold the 969ha Simpson Family Company Aggregation at Deniliquin.

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