Yuulong Estate, near Ballarat, sold for more than $5m

After hundreds of inquiries, Yuulong Estate has been sold in a top-dollar deal – fetching more than the initial asking price.

One of Victoria’s premier farming homesteads has been sold, fetching a sum well in excess of the initial asking price.

Yuulong Estate, nestled in the foothills of Mt Buninyong, 17km south of Ballarat, has been sold after just a month on the market.

The Weekly Times understands the property was sold to a local buyer in a deal worth more than $5m.

During the marketing process selling agents LAWD upped it’s initial $4.5m asking price to $5m due to the volume of inquiries.

It is understood the result exceeded agent expectations and there were numerous bids received above the asking price.

LAWD director Erica Semmens said her team handled a substantial number of offers for the 19th century homestead.

The Yuulong Estate was constructed in 1889.

“We ran an expressions of interest campaign over a five-week period, in which time we received 250 inquiries, conducted more than 25 one-on-one inspections, and secured an unconditional sale at the conclusion of the sale process, after having received a multitude of compelling bids,” she said.

“Our vendor put an enormous amount of effort into improving the property and maintaining its original character over their tenure and it was an absolute pleasure to work on such a beautiful, unique asset.

“We were lucky to meet so many wonderful prospective purchasers within the Ballarat and surrounding regions and we are sure the new owners and their family will enjoy Yuulong Estate for many years.”

The 19th century homestead is located in the foothills of Mt Buninyong, 17km south of Ballarat.

The property was listed for sale in March for just the fourth time in its history, since its establishment in 1889.

The historic homestead comprises five bedrooms, two bathrooms, two grand living rooms with Italian ornate fireplaces and 22-foot ceilings.

The vendors used the 68ha lifestyle property for grazing carrying 100 head of cattle.

Yuulong Estate also has access to water, through a 113ml groundwater entitlement, three natural springs flowing through the property, a private lake and an average annual rainfall of 775mm.

Earlier this month a Western District farming aggregation at Glenthompson was purchased by two neighbouring farmers in a deal believed to be worth about $6.5m.