Three south-west agents agreed it was too early to make a firm statement on the future growth or decrease in prices of dairy farming properties.

Over the weekend the auction of a Nullawarre property yielded a successful result.

Elders real estate manager Rob Rickard said the property attracted plenty of attention, with six different bidders. 

“We had a very satisfying auction at 410 Baileys Road, Nullawarre North where a well-supported local crowd attended the Nullawarre Hall and bidding was robust,” Mr Rickard said.

“Six separate bidders contended for a 153-acre out paddock with bidding starting at $3000 per acre.

“There was 25 bids in total and the property sold to a local dairy farmer for $5500 per acre. It was pleasing to see a number of dairy farmers who obviously see a long term positive future in the dairy industry following the disappointing news over the last couple of weeks.”

Mr Rickard said there had been “reasonably good” enquiries about farming properties.

“It is mainly because of low interest rates,” he said.

“There are a lot of people in the market that are looking to expand their operations. It’s a positive time in that regard.”

Mr Rickard said the current dairy crisis situation could change quickly.

“Things can improve for the better as soon as they can go down,” he said.

“It’s very unknown what is around the corner. The rain has been a saving grace.”

Brian O’Halloran and Co real estate director Brian Hancock said the agency was still receiving inquiries about dairy farming properties.

“It is in a somewhat muted way,” he said.

“Because it is early stages and has only been going on for a few it is hard to tell. We don’t know the full ramifications of what may happen. Hopefully things will turn around. At this stage there is still interest in land, people are just being cautious.”

Mr Hancock noted farmer’s mental health should be of the utmost importance during tough times.

Charles Stewart Western Victoria director Nick Adamson said there had been a lot of press about the crisis, but really until the dust settled we the full affect would not be known.

“The autumn rain has been great, but we are just waiting now for the opening price,” he said.

“At this stage we are sitting back and watching.

“There has been no immediate decrease or deflation of prices.”