An impromptu online auction last Friday set what agents believe is a new record price for dryland cereal farming land in Victoria's Mallee district, shocking the vendors.
"It went crazy, it went really, really well," Nutrien Harcourts rural real estate, auctioneer and clearing sale specialist Michael Fernandez said.
"This result was a massive 61 per cent above the vendor's expectations and reserve."
To complicate things, the state went into lockdown less than a week before the on-property auction on the outskirts of the Ouyen township was scheduled, forcing it to go unexpectedly online.
The property was broken into two parcels, Nutrien Harcourts rural real estate, auctioneer and clearing sale specialist Michael Fernandez said.
The first parcel, 544 Vine Lane, comprised 268 hectares, which sold for $1,050,000 or $3907 a hectare ($1581 an acre) after spirited competition from neighbours and nearby farmers.
Mr Fernandez said the 308ha, Lot 2 Calder Highway, block also attracted strong bidding before selling for $1,050,000 or $3414/ha ($1382/ac).
Both were purchased by first-time farmland owner and local businessperson, Colin Mole.
Combined, the total 576ha aggregation made an average price of $3644/ha ($1475/ac).
"To my knowledge this is a record price for agricultural dryland farming land in the greater Ouyen and Mallee district under auction conditions," Mr Fernandez said.
"These sale results either match or exceed the benchmark areas west, south and east of Ouyen, who knows where it will go to."
It was promoted as suited to a continuous winter cropping and hay production program, including wheat, barley, oats, vetch and lupins.
The land is currently leased until February 2023 for $86.49/ha and the district has an annual rainfall range of 300-400 millimetres.
Overall, 36 people registered to participate or observe the auctions and 12 made bids.
Although some potential buyers had concerns about the reliability of their internet connections, everyone who had inspected the property agreed to take part.
"Within 24 hours of the Victorian regional lockdown announcement we managed to arrange a virtual online auction," Mr Fernandez said.
"I congratulate the vendors and all interested parties in working with me in the process of achieving a tremendous result.
"I respect that many clients had never participated in a virtual online sale before - let alone for the purchase of a significant property asset."