A 22 hectare (53 acre) beef grazing property on the Woodford-Tower Hill Road at Yangery has sold at auction for $508,000, or nearly $9600 an acre.
Tom Luxton of Elders Warrnambool said the lifestyle property had a planning permit from Moyne Shire for the construction of home.
Mr Luxton said the property was bought by a local farming family who were going to build a home on the land.
He said there had been three bidders for the property.
Bidding started at $400,000 and then progressed in $10,000 bids to $500,000 before rising in $2000 bids to reach $598,000.
“It was a very good price,” Mr Luxton said.
The elevated property was divided into 10 paddocks and has a bore, cattle yards and a lock-up shed.