Western Victorian farms at Ararat, Warracknabeal and Croxton East sold through auction

Farms at Ararat, Warracknabeal and Croxton East in the state’s west have made millions despite reserved bidding from potential buyers.

Three western Victorian farms at Ararat, Warracknabeal and Croxton East have sold at auction to kick off the autumn selling season, despite a lack of “urgency” in the rural property market so far this year.

At the Ararat RSL on Friday morning, a well-known local family secured a 285ha grazing block for more than $3.5 million. Two other holdings also on offer were passed in without a bid from the floor.

Shepparton-based Peter Law offered the cropping and grazing aggregation, partly located at 884 Warrayatkin Rd, in three non-contingent lots, selling the largest to Ararat’s Shea family.

A vendor bid at $12,120 a hectare ($4900 an acre) started the auction before an offer of $12,368 a hectare ($5000 an acre) from the Sheas. The property was then passed in below reserve and sold privately to the Sheas post auction.

The Shea family purchased the 285ha grazing block at 884 Warrayatkin Road, Ararat, on Friday.

Lot B (182ha) and Lot C (217ha) were both passed in on a vendor bid of $11,620 a hectare ($4700 an acre) after no bids from the floor.

Lead auctioneer and Elders Real Estate Ballarat selling agent Sean Simpson said Victoria’s rural property market had cooled from the bullish highs experienced 12 months ago.

“The urgency has come out of the market and potential buyers are now more reserved and taking more time to do their due diligence. With our vendors, we might need to adjust expectations,” he said.

Mick and Cassy Roche had managed the property on behalf of Mr Law for the past five years.

3500 Merino ewes joined to Border Leicesters on had been run on Lots A and B at 884 Warrayatkin Rd.

Also on Friday, a 134.32ha cropping property at 156 S Rentschs Lane, Croxton East, in the southern Grampians, was sold for about $2.6 million.

After “medium” interest in the property, it was snapped up by a neighbouring farming family for a top bid of about $19,514 a hectare ($7900 an acre).

Further north, a 260ha cropping property at Warracknabeal was sold through auction on Thursday.

A neighbouring farming family purchased the property at Tarrant Rd, Warracknabeal, as a whole with a winning bid of about $16,420 a hectare ($6650 an acre) for a total of about $4.256 million.

Meanwhile, the 516ha Alkoomie farm at Apsley, in the West Wimmera, was passed in at auction on Friday and will now be offered for private sale.

The property, capable of sheep, cropping and hay pursuits, is for sale for $5.95 million.

The mixed bag of auction results comes after two historic western Victorian farms were passed in at auction last month after receiving little interest on the day.