Victoria's Upper Murray farmland has hit another benchmark when a Greg Greg property alongside the Murray River sold at auction for a staggering $16 million on Tuesday.
Woonoona, which has has belonged to Ernst Weyhausen and wife Mary-Anne for more than two decades, consisted of 928 acres (or 375 hectares) and sold for a whopping $17,260 per acre.
The auction conducted only was jointly handled by Elders Albury and Inglis Rural Property.
An undisclosed buyer from the Upper Murray fought off three other major bidders in the auction conducted online.
Bidding started at $11.35 million and rose in $50,000 increments before hitting the market at $13 million.
The eventual purchaser met competition from other interested locals and others with existing farming interests in the highly sought after area.
"The vendor was pleased with the overall result," Elders Albury agent Henry Mackinnon said.
"There hasn't been anything of this calibre sell while the market is this competitive and while all the fundamentals are aligning.
"Them being high stock prices and low interest rates.
"So this has been a real test of the market.
"It's just proven this area is very popular for a number of reasons including the security in rainfall and seasons we have, but the final selling price is well above expectations."
IN OTHER NEWS:
Other farms in the area, Myora and Gannons, sold recently for $10,500 and $10,200 per acre respectively.
Almost 12 months ago, another Upper Murray farm, Dunollie Park, was sold for close to $7000 per acre.
Mr Weyhausen and his wife are leaving the Upper Murray moving to Sydney to be closer to family.
Woonoona, which has been conservatively carrying 400 breeding cows and progeny in recent times, consists of three parcels, Delta (156 acres), Woonoona Homestead (110 acres) and Woonoona (109 acres).
Water is a key feature of the property, with almost 1.25km of Murray River frontage as well as water access licences totalling 125 megalitres.
It's in addition to annual rainfall of 790mm.
Other improvements to the property include cattle yards with undercover work area, shearing shed, and adjoining sheep yards, machinery, chemical and hay shedding.
Sign up for our newsletter to stay up to date.