The Bungowannah property consisting of 678 acres and a magnificently restored Federation homestead was keenly contested at the auction conducted by Elders Albury yesterday with the selling price of $7,025,000 being more than $10,000 per acre.

Mayfield was owned by the Harding and Flangan families with the successful purchaser being from the Southern Highlands with other farming and business interests in areas including Albury.

David Harding is a former vet and along with wife Francien bought the property in 2004.

The 1885 seven bedroom homestead has been extensively renovated in recent years.

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Auctioneer Brett Shea announced the property was on the market when bidding hit $6.9 million before rising to the final selling price with the under bidder being a Melbourne party.

"Properties like Mayfield are rarely offered in such a tightly held part of the world," Mr Shea said.

The breeding stock was sold recently at a dispersal sale and averaged over 700kg.

A feature of the property is 2.5km of Murray River frontage.

It also two sets of cattleyards , two machinery sheds, large hayshed, eight silos and fencing in good condition.

The homestead comprises master bedroom with ensuite, three additional bedrooms, study, formal dining area, billiard room and large gourmet kitchen.

A guest wing has three bedrooms with inground pool another feature.

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