A PADDOCK near Timboon has sold for $8550 per acre proving record land prices around the district are showing no sign of slowing down.
The 124-acre grazing property on Murfitts Road at Scotts Creek sold for $1.06 million and attracted 12 registered bidders at auction.
Ray White Rural Timboon agent Gerard Delaney said bidding opened at $5100 with nine bidders fighting it out.
"We paused the auction at $7500 just to give people a breath and then we reopened the bidding and it found another $1050 to pull up at $8550 per acre," he said.
Mr Delaney said the result exceeded expectations with the property attracting strong interest from around the state.
"It was a bit of new ground that we have been yet to see in the district," he said.
"We had a fairly extensive campaign, we attracted buyers from all over the state which was pleasing."
Mr Delaney said the paddock had a basic set of cattle and sheep yards and an old shearing shed.
"It's nicely set up," he said.
"It was attractive to all types of buyers, whether they be lifestyle or investor... ultimately we put it to auction and we had nine bidders going at once which is always exciting."
Mr Delaney said the paddock was bought by locals who would use it as an out paddock but also had the potential to become a lifestyle property.
"It was an unknown that was why we went to auction, I think it was above everyone's (expectations)," he said.
"There's a few things happening further north in the southern grain belt so we don't really know what things are worth, that's why we put things to auction.
"It's hard to put a maximum and it's careless to put a ceiling on it, that's why we put it at auction."
Mr Delaney said it was an honour to sell the property on behalf of the descendants of Geoff and Nancy Baker of Southern Pastures Southdown Stud at Jancourt.
"It was very emotional for the family and it was a fantastic result for the them," he said.
The 272 acre farm at 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.
"I'd have to say it's a record for the greater Macarthur district. It's what we've seen across Western Victoria," he said.
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