Demand for high quality rural property remains red hot with a Mitta Valley dairy farm selling at auction for $4.9 million on Thursday.
Pehuen Park, situated on the Omeo Highway at Tallangatta South was keenly sought after with five active bidders before Meurer Investments emerged as the successful buyer at a price close to $1 million above the reserve.
The 326 acre (or 131.7 hectares) farm sold for more than $15,000 on a per acre basis to underline the ongoing strong demand for rural property across the region.
A 186 acre property at nearby Tallandoon, Bonnie's, late last year sold for $2.3 million or in excess of $12,000 on a per acre basis with both properties the subject of auctions conducted by Corcoran Parker Rural.
"Rarely do Mitta River frontage properties get offered," agent Mike Weller said.
"Apart from the rising hill in the middle of property it is all highly productive, alluvial river flats.
"The competition today was definitely driven by the livestock guys."
The property had been owned by Wayne and Gwen Furze for a decade ago after they purchased it from the Harris family.
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For the past five years a nephew of Mr and Mrs Furze has leased the property and operated it as a dairy farm with one of its many features being an automated 20 aside double up dairy.
The successful purchaser also has other land holdings in the Mitta Valley district.
Other features of Pehuen Park include 2.5km of direct frontage to the Mitta River, approximately 32 hectares established to irrigation with water entitlement, top quality pastures and a three bedroom brick residence plus separate weatherboard cottage.
It is also located about 20km from Tallangatta and within an hour of Albury-Wodonga.
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