Upper Gundowring property Apple Oaks sells for $2.65 million

The online auction conducted by agents Corcoran Parker lasted more than a hour with two parties trading bids for the Upper Gundowring property before the successful purchaser, a landowner in the southern Riverina, delivered a knockout $20,000 bid.

Apple Oaks, which has been owned by Greg and Vivienne Swift since 2016, sold for just over $15,500 on a per acre basis, underlining the strength of land in high rainfall areas such as the Kiewa Valley.

The property consists of 170 freehold acres plus around 20 acres of unused road and Crown river frontage leasehold land.

Corcoran Parker rural sales manager Mike Weller said the price per acre paid for Apple Oaks set a new benchmark for the area.

"It was representative of the demand we've got for rural property at the moment," he said.

Last year, a slightly smaller farm in the Kiewa Valley of 132 acres sold for around $7600 per acre.

An opening bid of $2 million was made for the property with close to two kilometres of Kiewa River frontage.

A third bidder dropped out once the property was declared on the market at $2.18 million.

The successful purchaser also put in a $15,000 bid late in the auction.

In total, there were eight registered bidders for the auction conducted online due to ongoing COVID-19 restrictions.

Apple Oaks is presently used for pasture production and cattle and sheep breeding and grazing.

Other features include nine main paddocks, two spring fed dams, two megalitre stock and domestic water licence from Kiewa River, solar system, hayshed, and cattle yards.

The area has an average annual rainfall of 1000 millimetres.

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