The 137.4 acres was auctioned on Friday afternoon with a big crowd of interested onlookers joining bidders at the sale.

Real estate manager at Elders Camperdown and Mortlake Rob Rickard said the land was sold for $3240 an acre.

Mr Rickard said 50 people gathered for the auction, with three local families contesting the bidding.

“Interest was high for land and there were potentially more bidders in the crowd,” Mr Rickard said.

“We started at a bid of $2080 and it went up from there to the sale price.

“There’s no doubt it was a really good result. This is some very nice grazing land. ”

Mr Rickard said the acreage was volcanic soil which had been used as grazing for beef cattle.

He said the new owners were likely to also use the land for grazing.