Another big auction looms for Penola farm land after the hammer falls at $5.4m

The hammer fell at $5.4 million on Friday afternoon at Penola's RSL for Hodges (266 hectares, 657 acres) to realise $8219 per acre.

Bidding started at $4m and rose quickly to the selling price in $100,000 bid increments.

TDC's Tom Pearce said the final price was slightly above expectations "which does reflect the interest levels we experienced throughout the marketing campaign".

Hodges was one of two farms in the Coles region, located just nine kilometres apart, offered at the auction.

Woodebo (502ha, 1240 acres) failed to sell on the day.

"But we are confident of achieving a result in the near future. It is well set up and presented property," Mr Pearce said.

Now the attention turns to Agnew (455ha, 1124 acres) about 20km west of Penola in the Wattle Range East area going to auction on Thursday.

Again TDC is running the sale for this highly regarded and versatile irrigation property up for sale at 11am again at the Penola RSL.

MORE READING: Large scale farming available north of Kaniva.

The Hodges auction results was similar to another farm sold at auction at Dookie, near Shepparton, on Friday.

Ken Gall's Noonameena (267 hectares, 660 acres) sold for a stellar $5,225,000 or $7917 per acre offered by Kevin Hicks Real Estate.

Hodges, near Penola, has historically been used as a prime lamb breeding and finishing property with the potential for cropping.

Woodebo is currently used as a self replacing Merino and first cross breeding enterprise.

Hodges offers medium loam soils over clay scattered with gums grading to heavy black loam with depth over an original square mile block.

Hodges has a three-stand woolshed with partially covered steel yards.

The property has been held by the vendor's family since 1964.

There are about 56ha of pines planted with some close to harvest.

With this comes the 124Ml water licence allowing for future development.

Woodebo offered a four-bedroom stone home with two bathrooms and an in-ground pool plus tennis court.

The four-stand woolshed has partial undercover steel yards with room for a sheep handler.

Now the attention is on Agnew, which is known finisher both sheep and cattle as well offering income from potatoes from one of two equipped pivot sites, with a third site available.

A taking licence of 500Ml will be included in the sale of the property, allowing for further expansion of irrigation.

Well set up and secure stock water is also a feature.

A tidy three-bedroom brick home with a large out door area assures comfortable living.

Agnew has a three-stand wool shed with yards, steel cattle yards with loading ramp, 90 sqm open fronted machinery shed and a hay shed.

For more information contact Tom Pearce 0427 642138 or Mark De Garis 0428 372124.

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