A Naracoorte district property has sold at auction for a record amount of more than $4000 an acre.
The dedicated cattle property known as Ebenezer Downs comprising 757ha or 1871 acres, located 16km west of Naracoorte, sold at auction for a record price of $7,800,000 last Wednesday.
The auction was held at the Naracoorte Town Hall with approximately 90 people attending with seven bidder registrations.
A strong opening bid of $6,000,000 was received from the floor which commenced the proceeding with animated bids of $100,000 and $50,000 following.
The property sold under the hammer, with the sum equating to $4168 per acre to Angas Brinkworth.
This is a new price record for the Stewarts Range district.
The property is currently dedicated to running a self-replacing Poll Hereford herd.
Vendors, the Randell family, have managed the property with a keen interest in sustainability.
This position has been established from the ground up with an emphasis on soil health and animal health.
Many of the key aspects of the cell grazing management system have been adopted including moderately large mobs depasturing relatively small paddocks.
'The property sold under the hammer for $7.8m - a new price record for the Stewarts Range district'
Intense grazing pressure is followed by the extended rest periods promoting pasture growth and longevity.
Improvements to the property included a three-bedroom solid Mount Gambier stone home, cattle yards and various ancillary shedding.
Selling agent Cameron Grundy of Ruralco Property - SAL Real Estate Naracoorte said the strong result was a direct reflection of the low interest rate environment, the security of the mid-South East and optimism surrounding the livestock sector.
The mid South East property market in general has increased rapidly during the past 6 to 12 months with some property lifting by as much as 25 to 30 per cent.
Several key properties offered recently in more favoured districts have been selling in excess of $4000 per acre.
Underground water taking licence has also started to increase in value with licence associated with more intensive and profitable enterprises fetching up to $2000 per megalitre.
Licence associated with less intensive irrigation pursuits is enjoying renewed interest with values closer to $550 to $700 per megalitre depending on the location.
For further details contact Mr Grundy 0408 843 096.