Roseochi, a 2225-hectare broadacre aggregation near Swan Hill in Victoria's north-west, has smashed auction expectations to sell for $8.1 million.
Owned and farmed by the Jobling family since 1951, Roseochi had pre-auction hopes of around $6.3 million. It was bought by a Queensland farming family with connections to Swan Hill.
The price excluded the growing crop. Roseochi was sown to canola, lentils, peas, wheat, vetch, barley, oats and hay.
"Nothing like it has sold up here before," said selling agent Peter Robertson of Elders Real Estate. "It was the best cropping country offered for sale here."
Mr Robertson said the outstanding result – a record for the area – was due to competition between two bidders at auction.
"The new owners might operate it themselves or lease it out," he said.
When the Jobling family first acquired Roseochi it was a 407ha property which farmed sheep and grew wheat, barley and oats. It sold as an eight lot aggregation.
Alec Jobling and his father added to the property by buying up neighbouring blocks. Mr Jobling told the Weekly Times he was selling to retire with his wife to Swan Hill after a bumper crop last year.
"The technological changes have been incredible. The big equipment in particular has made it a whole lot easier to farm," he said.
The seven other lots, which sold were Erics (259ha); Rees and Oppys Rees (258ha), Bishs (258ha), Farneys (259ha), Farneys House & Kellys (253ha), Teagues Hayshed (259ha) and Teagues Small & Curnows (272ha).
The sale included a four-bedroom home, machinery sheds, workshop, 560 tonnes of grain storage, 100-tonne rollover fertiliser shed, three-stand shearing shed and steel sheep yards;
Land values in Swan Hill, 338 kilometres northwest of Melbourne, increased 6 per cent in 2016, according to the latest Valuer-General of Victoria report.