Yalla-Y-Poora farmland sells for $23,500 a hectare ($9550 an acre)

A farm in Victoria’s Western District has sold for more than $23,500 a hectare, or $9550 an acre. The new record smashed price expectations. Full details here.

The property at Yalla-Y-Poora sold for a record price.

A FARM near Skipton at Yalla-Y-Poora in Victoria’s Western District has sold for a record price.

The 179ha cropping and grazing property, located on St Marnocks Road, sold under the hammer last Friday for a whopping $23,588 a hectare or $9550 an acre – smashing expectations.

The property was purchased for $4.22 million by a farming family from the area.

It received 27 bids from five separate buyers in front of a crowd of over 100 people.

Selling agent Brad Jensen from Ararat Ballarat Real Estate said he was astounded by the record price, and believes it will spur more sales.

“It was certainly well above where we were expecting the price to land. It really is a huge result for the region and is a new record,” Mr Jensen said.

“It is definitely the talk of the town among the tight knit farming community.

“Our vendors are obviously ecstatic with the result”.

The Yalla-Y-Poora property features five main paddocks, extensive pasture improvement and three dams. It had been run predominantly as a cropping operation alongside prime lamb and hay production.

It comes as a number of other farms have sold for huge prices in recent weeks including:

A sheep and grazing farm at Miga Lake which sold for $6.65 million – equating to $19,164 a hectare, or $7758 an acre;

A dairy farm at Tallangatta South which sold for $4.9 million – equating to more than $37,000 a hectare, or $15,000 an acre;

A grazing farm at Terang which sold for nearly $6 million — equating to $17,529 a hectare.

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