THE LAND buying frenzy throughout the Wimmera region has hit a new peak with a 347 hectare (857 acre) parcel of land at Miga Lake, halfway between Natimuk and Edenhope, selling for a record $7750 an acre.
The price is a Wimmera record for dedicated farm land, comfortably eclipsing the $6820/ac paid at Kaniva last month.
It was offered by Theo Chasey, who had owned the block for 55 years and was bought by Tom and Lucinda Bourchier, who farm locally.
Max Brown, Nutrien Harcourts, who were responsible for selling the property, said it represented a quantum shift in pricing in the region.
"Around five years ago average values in the Miga Lake district were between $1800 to $2200 an acre," Mr Brown said.
"This type of sale represents a great vote of confidence in agriculture from a young farming family and a fantastic result for the vendor."
Mr Brown said there were two bidders at the auction, conducted by Rodwells Horsham manager Wayne Driscoll, while there was other interest that did not bid as it became apparent the price of the block would exceed expectations.
"Both bidders are based close to the block and the current dynamic, where there has been a run of good harvests and interest rates are low, means people are willing to invest in land."
Mr Brown said the block was nearly all arable, primarily heavy grey clays.
"It is fairly typical of what you find in the south-west Wimmera and it is very even which would appeal to croppers."
The reliable 485mm annual rainfall at Miga Lake was a major attraction, similar to Kaniva, which also enjoys slightly higher rainfall than the traditional 'blue ribbon' cropping ground of the Wimmera plains.