THE sale of a Naringal East dairy farm signals renewed confidence in the dairy industry, its selling agent says.
The property, The Dingey, was sold at auction yesterday for $5000 an acre.
Bidding rose quickly at the Ayrford Hall, with more than 80 people in attendance. Originally offered as a whole, the 365-hectare (902-acre) property was passed in on a vendor’s bid of $4000 per acre.
Split into three lots, lot one — comprising the dairy and farmhouse on 191ha (473a) — drew three bidders with a starting price of $4000-per acre.
Auctioneer Brian Hancock, from Brian O’Halloran and Co, said there had been immense interest surrounding the property, including enquiries from China and Ireland.
Lot two, an 89ha (220a) grazing property subdivided into 14 paddocks, was passed in on a vendor’s bid and sold after the auction for $3800-per acre.
Lot three, an 84.6ha (209a) outpaddock, was passed in at $2900 per acre. Mr Hancock said he expected the property to sell early next week.
While the farming real estate market has been depressed due to the dairy industry downturn, agents believe the market has turned a corner and improving.
“Its a fantastic result,” Mr Hancock said.
“It is fantastic for the dairy industry.
“It only proves it is on the up.”
Mr O’Halloran said a local farming family purchased the property.