A DAIRY farm is believed to have set a new record for land prices in the south-west.
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The 214 acre farm at Nirranda South sold $10,650 per acre at an auction on Friday.
Gerard Delaney from Ray White Rural in Timboon said the property, known as Four Winds, was hotly contested with bidding opening at $6500 per acre.
He said it quickly rose in increments of $100 to $9500 per acre before reaching $10,650 per acre.
Mr Delaney said the result was believed to be a new record for the district.
He said the property was well positioned on the Great Ocean Road and had a modest four-bedroom house and a 27 a side dairy.
He said the strong interest in the property highlighted the confidence in the agricultural sector and "tangible assets on the back of strong commodity returns and historically low lending rates."
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Meanwhile two properties sold at online auctions in Warrnambool with one house selling for $67,000 above the expected selling price.
The three-bedroom house in Clyde Crescent got off to a slow start before selling for $467,000 at an online auction.
About 48 people registered for the auction with a vendor's bid of $350,000 starting the bidding. The house was built in the 1960s and has had two owners in that time.
A second auction for a Merrivale Drive house was also held with 41 people registering. The indicative selling price estimated was estimated to be between $385,000 to $420,000 and the four bedroom house sold for $403,500.
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