A farm which has been in the same family for four generations sold for $7960 per acre.
The 272 acre farm at Macarthur sold at auction for $2.16 million.
Nick Adamson, director of Charles Stewart, said the sale was a record for the greater Macarthur district.
"It was well above expectations," he said.
"Considering the property doesn't have a house on it, it's basically an out paddock."
He said the farm had been in the same family for four generations.
"It has obviously been very safely held," he said.
"It's versatile land for the agricultural sector.
"It's suitable for sheep and cattle and other farming."
Mr Adamson said about 60 people attended the auction at the Macarthur Reserve on Friday with five bidders.
"There were a number of local buyers and it went to a local buyer," he said.
"I'd have to say it's a record for the greater Macarthur district. It's what we've seen across Western Victoria.
"It's a very strong result and indicative of the momentum in the rural market."
He said the property consisted of a woolshed, sheep yards and 10 well fenced paddocks. The property was four kilometres from Macarthur.
Meanwhile three houses sold at auctions in Warrnambool and district over the weekend with one three bedroom house fetching $710,000. Bidding on the Heazlewood Road house opened at $550,000 with four bidders vying for the property.
Auctioneer Fergus Torpy, from Ray White Warrnambool, said it was a cracker of an auction with the indicative selling price listed at $600,000 to $660,000.
He said with interest rates remaining at an all-time low it was the perfect time to be putting money into property.
He said the 10-year-old house had one owner and was bought by a couple relocating from Melbourne.
"This location is extremely tightly held," he said.
A four-bedroom house on Whites Road sold for $663,200 with a hotly contested auction. Ray White Warrnambool sales agent Chris Thomas said the owners were ecstatic with the result given the indicative selling price listed as $480,000 to $520,000.
"We're blown away, it was beyond our expectations," he said. "It was unexpected but I guess it's a sign of what the market is like at the moment."
A three bedroom house in Koroit sold for $605,000 at auction on Saturday. Auctioneer Jason Thwaites said the house sold for about $120,000 above the expected range. He said the buyers were from Melbourne and were moving to be closer to family and friends.
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