A small North East agricultural holding has sold for more than $700,000.
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The 48 hectare property Magee's in the Laceby district, east of Glenrowan, sold for $722,000 at auction on Friday by Corcoran Parker Rural - which equates to more than $15,000 per hectare.
The property was described as being "well suited to livestock breeding and grazing" and was used as a "sound cattle fattening enterprise" by the Magee family before the sale.
Divided into two paddocks, with stock water via four surface run-off dams, the property has frontage to both the unsealed Laceby-Glenrowan Road to the north and the sealed Wangaratta-Kilfeera Road to the east.
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Auctioneer Justin Keane accepted a starting bid of $500,000 before a handful of bidders drove the price up.
"The rain has been enormous this autumn and as you can see it is already starting to roar out of the ground," he said during the public auction on the property.
"All you have got to do is open the gate and put the cattle in, it looks like we are going to double up and have another great autumn."
The property boasts an average annual rainfall in excess of 600 millimetres.
The grazing property was sold with a lockable colourbond shed on a half concrete base as well as steel cattle yards including a loading ramp, race and crush.
The new owners have an opportunity to build a homestead on the property with a building site available, described as "idyllic" with "uninterrupted views of Mount Buffalo", with mains power accessible.
