HOLBROOK has become a real estate hot spot for farmland with a string of multi-million dollar sales in the first half of this year.
One of the most recent sales was for Ladykirk which has been under the control of seven generations of the Heriot family since the 1830s.
Ladykirk comprises 505 hectares (1250 acres) north-west of the Holbrook township and was the latest property to sell for around $4000 per acre in the tightly held area.
The property was sold privately by agents Landmark Harcourts, which also sold a 322 hectare farm, Hillview, for $3.25 million recently.
Another 270 hectare farm in Ravenswood Road has also sold for $2.9 million.
The confirmed sales _ plus others _ have been achieved against the back-drop of dry conditions since Christmas before the arrival of some welcome and timely rains in recent weeks.
Strong commodity prices and historic low interest rates are other key drivers.
Twelve months ago farms in the Holbrook area were averaging around the $3000 per acre or $7500 per hectare mark.
But Landmark Harcourts agent Brian Liston confirmed the area, like most other higher rainfall regions, had witnessed a sharp increase in values over the past 12 to 18 months.
“The benchmark pricing for rural property at Holbrook has been around $4000 per acre since the start of 2018,” Mr Liston said.
“Numerous properties have sold at auction or privately at this new level.
“Rains over the last few weeks should confirm the continued enquiry and enthusiasm for rural land.”
The purchaser of Ladykirk was the Laffan family which had been farming since the mid-1800s in the Beveridge-Wallan area on the outskirks of Melbourne.
The Laffans, who have been long-time hereford cattle breeders, plan to continue beef production with their acquisition of Ladykirk along with some other local purchases which will give them about 1400 hectares.
Mr Heriot, who has mostly grown cattle on the property, also served one term on Greater Hume Shire from 2012.
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