Agriculture
3 November, 2024
Benchmark price set after tightly-held farm sold
A NEW benchmark price has been set for tightly-held Loddon agricultural land. The historic 1305-acre Longview property at Fernihurst sold at auction last week for $5.1 million. It was the first time in 152 years the property had been on the market...
A NEW benchmark price has been set for tightly-held Loddon agricultural land.
The historic 1305-acre Longview property at Fernihurst sold at auction last week for $5.1 million.
It was the first time in 152 years the property had been on the market as Rob and Colleen Coutts prepare for retirement.
Successful bidder was neighbour and Concordia Merino Stud owner Bob Rollinson.
Auctioneer Luke Nevins, of FP Nevins and Co, said: “Local buyers knew the land and knew its value.”
More than 80 people were at the auction that saw three of four lots sold.
Mr Rollinson paid $3900 an acre for the main Longview property that includes the historic Coutts family home dating from the 1870s.
The auction opened with a vendor bid of $2200 and quickly reached the selling price. There were two active bidders for the property renowned for sheep and wool production.
An initial vendor bid of $2500 an acre for the adjoining Russ’s paddock fell just short before the auction resumed and the Knight family of Yando secured the 859.49 acres for $2.16 million, paying $2550 an acre.
Lot three - Lewis’s of 323.05 acres including 70 acres of lasered irrigation land - had an initial vendor bid of $2500 an acre, a market offer of $2600 and a second vendor bid of $2900.
The parcel was passed in and later sold privately.
The fourth lot - George Franks’s of 235.81 acres - was passed in with negotiations continuing, Mr Nevins said.
Mr Nevins said interest in the properties before auction had been from locals.
“They know what this land can do. Property in the area is tightly-held and it is rare for these farms to be put to auction,” he said.
“These sales set a precedent for future sales in the area whether at auction or privately.
“We were very happy with the interest and the price received for the parcels of prime agricultural land in the Loddon Shire.”