A 740-acre farm at Pembertons Road, Vite Vite, just over an hour from Warrnambool near Skipton, went under the hammer this month for a record price of $7550 per acre.

Rob Rickard, Elders Camperdown and Mortlake Real Estate manager, said it was a game-changer for the region.

"I don't think there's been a value near that level in that cropping grazing region for a large-scale holding," he said.

"The vendors were extremely happy with the result, it sold to a local farming family who had been looking to expand their family operation for some time.

"They thought the country in that region was as good a buyer opportunity as there is anywhere.

"It will probably make some people looking at retirement consider the possibility of going to the market perhaps earlier than what they were thinking due to the high prices around in the current climate.

"We've also had a number of dairy farms in the higher rainfall areas sold in the last couple of weeks at levels above the vendors expectations too."

The Vite Vite property featured a large family home with three bedrooms plus a study, separate formal and informal living areas, and surrounded by a private mature garden.

It has two standard shearing sheds, sheep and cattle yards, a five bay machinery shed and workshop and a separate hay shed.

The property boasts arable red and brown, clay loam soils highly suitable for cropping, fodder production, sheep and cattle, and reliable stock and domestic water supply from a number of dams.

The picturesque Mount Emu Creek runs along the western boundary.

There were nine registered bidders for the farm.

Mr Rickard said the south-west rural property market was strong.

"There's good seasonal conditions with the low interest rates and above-average commodity for beef, dairy, grain and sheep," he said.

"Inquiry is very good throughout south-west Victoria driving the values to all-time-high levels.

"If the prices stay at the same levels and interest rates stay low we expect the market to come in very strong.

"Late spring into early summer is a popular time for people to sell farms.

"It's a buyers opportunity to buy now and be prepared for when they take possession in late summer, early autumn and set themselves up for the coming season."

Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.