The sale of land parcels in the Arkana Cropping Aggregation, 11 kilometres south-east of Pinnaroo, has set a record price for the area.
The 4223-hectare aggregation in Panitya, in Victoria's northern Mallee, sold in eight blocks, with six sites being sold in excess of $3700/ha - a new benchmark for the region - leading to an overall average across the sites of $3060/ha.
The combined total was nearly $13 million.
The land was put up for sale by the Bridge family, who have owned and operated the farm since 1965, and has been bought by five local producers.
The land is suited to winter crops, including wheat, barley, lentils, peas, rye, canola and lupins.
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The sale was managed by CBRE Agribusiness' Phil Schell and Angus Bills, and Mr Schell said it was a "great result" for the Bridge family.
"There was significant interest in the aggregation, with local producers keen to take advantage of the rare opportunity to expand their operations, along with corporate and institutional parties," he said.
"That demand helped set a new pricing benchmark in Mallee for the better cropping land."
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