The sale of an out paddock in the heart of the dairy belt, which fetched $4800 an acre at auction on Friday, has been described as a "fabulous result".
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Elders Warrnambool real estate agent Tom Luxton said the auction of the 305-acre grazing out paddock on Coulahans Road in the Naringal East/Laang area attracted five bidders.
Bids initially rose in $100 lots from $3500 to $4600 per acre in front of a crowd of about 45 people.
Bids of $50 then drove the price up to $4750 an acre before bids of $25 took it to the sale price of $4800 per acre.
Mr Luxton said the property was right in the heart of the dairy belt but had recently been used for breeding 100 beef cows.
The paddock, which features Brucknell Creek frontage, also had an electronically equipped bore and lock-up machinery shed.
It's a very good price for the property at the moment.
- Tom Luxton
The property was sold to a local grazing family.
"The dairy story hasn't been good, and this is a good result," Mr Luxton said.
"It's a very good price for the property at the moment.
"It was a fabulous result.
"It's been a bit quiet from a dairy interest perspective.
"The enquiries are stronger than previously.
"Farm sales have improved, enquiries have improved from graziers from up north and local grazing people and some dairy interest."
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