An Australian dairy farm has sold for over €33,000/ha at auction.

The 51.26ha farm located in Victoria, along the iconic Great Ocean Road, was sold for €33,796/ha ($55,719/ha) at an on-site auction.

The hammer came down on the farm for a total of €1.73m ($2.856m) on Thursday 15 February.

Media in Victoria reported that bidding started at €17,985/ha ($29,651/ha) on the day and that the farm was eventually bought by a local farming family to use as an additional block to nearby operations.

The farm at Mepunga West was sold by Elders Real Estate.

‘Sought after’

The auctioneer’s website describes the farm as “tightly held, highly productive and sought-after farming land”.

It said the farm has “undulating, fertile loam soils, including a substantial limestone deposit”.

The farm is subdivided into 12 main paddocks, serviced by a central laneway system.

It has stock and domestic bore water reticulated to troughs throughout, plus the option of centre pivot irrigation.

There is a 75ft x 25ft machinery shed, disused dairy with yards and connected power, as well as future home sites, established shelter plantations and two extensive road frontages.

The website also noted that the buyer has first right to purchase a 47megalitre ground water licence at $3,500\megalitre.