Rural
6 March, 2023
Cropping land still in demand
A 320 acre property south east of Warracknabeal has sold at public auction recently, proving that the bottom may be falling out of the residential market, but the demand for land is still high. The property, located on Mellis Road, north of Sheep...
A 320 acre property south east of Warracknabeal has sold at public auction recently, proving that the bottom may be falling out of the residential market, but the demand for land is still high.
The property, located on Mellis Road, north of Sheep Hills, was purchased by the vendor’s family in the early 1900’s, with Mr Geoff Schultz offering it up for sale in order to finance the relocation of himself and his wife, Bev, later in the year.
The February 24 auction was held in the Warracknabeal Community Centre, Anzac Park, and was attended by over 70 people showing interest in either buying the property or just watching the proceedings.
The price was set per acre and bidding commenced at $4500.
A spirited competition drove the price up in $50 and $25 increments until the final bid of $7100 per acre was made by local buyers Somhill Land Holdings Pty Ltd of Warracknabeal.
The sale is due for settlement on March 24, and Mr and Ms Schultz will remain living in the residence on the property until September before moving to Adelaide where they are looking to purchase a home.
Auctioneer Bill Ower, principal of Bill Ower Real Estate, said he believed the price paid was an excellent result for the vendor and reflects the strong enquiry for good Wimmera farming land.
“This sale follows a season where possibly 80 per cent of Wimmera and Southern Mallee grain growers have had an excellent season,” he said.
“Although some commentators suggest that farming land values may ease following recent Reserve Bank interest rate rises, I can’t see any evidence of this in the districts, where little land had changed hands in recent months.”
Mr Ower also said that these days a considerable amount of land was being leased rather than sold by farmers retiring from active farming, and this was putting upward pressure on land prices across a wide area.