Table Top, Walwa properties sell for high prices

Elders Real Estate Albury Rural Henry Mackinnon said the current market is booming with a number of district records set in recent weeks.

"The market is pretty hot," he said.

"I think there's a lot of appetite for more land particularly in the Upper Murray from local buyers.

"Each property sold up there [recently] was bought by local families.

"There's been out of region interest but locals seem to be the ones winning come crunch time.

"It's probably based on the security of the area, locals are seeing how valuable land is and know if they don't buy now they probably won't be able to buy it in the future."

Recently Table Top Homestead - 115 Burma Road - and two neighbouring parcels of land sold before auction for an undisclosed amount to a single buyer.

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The homestead was being advertised for sale between $2.2 million and $2.4 million.

The agency was quoting $10,000 an acre for the 270 vacant blocks for a total of $2.70 million.

Earlier this month, Elders Real Estate Albury Rural sold a 458 acre rural property in Walwa for $5 million.

Buchhorn, 1985 Cudgewa Bluff Road, Walwa, sold at auction for $10,917 an acre, which Mr Mackinnon labelled a district record.

Mr Mackinnon said high commodity prices and low interest rates had created the 'perfect storm' for agricultural real estate.

He expects the market strength to continue until interest rates rise.

"At the moment money is cheap and people are able to borrow money while all the fundamentals are aligning," he said.

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