Luke Tranter made a "generational" decision today which has cost his family just over $8 million.
Mr Tranter bought his neighbour's farm, Agnew, to add 455 hectares (1124 acres) to his existing farm west of Penola, on the South Australian-Victorian border.
He started bidding at the public auction at Penola's RSL Club which started slowly from $6 million and he was still there when the hammer fell at $8,050,000.
It was another enormous auction result for farm land in the Penola district where locals agreed the farm country "has never looked better".
At that price, The Tranter's secured Jock and Sue Agnew's adjoining farm for $7162 per acre.
Agents from TDC agreed it was one of those happy sales where both buyer and vendor's were happy with the result.
Mr Agnew said he was pleased with the price and that his neighbour had secured it.
"Look, you are always hoping for more but it was above the reserve so we are happy it has sold."
Farm prices have reached giddy heights across South Australia during the spring sales.
TDC sold a long-held farm at Lucindale late last month for a district record of $22 million.
Just last week TDC sold Hodges (266 hectares, 657 acres) here at the Penola RSL for $5.4 million to realise $8219 per acre.
Today's Penola auction, again before a full house, was for Agnew about 20km west of Penola in the Wattle Range East area.
It is a highly regarded and versatile irrigation property with two pivots.
It is a 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 almost 500 megalitres was included in the sale, allowing for further expansion of irrigation.
It also has a tidy three-bedroom brick home, a three-stand wool shed with yards, steel cattle yards and various other shedding.
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Mr Agnew said he and his wife would look forward to building a home in Penola as well as improving another property they have at Beachport.
Mr Tranter said the purchase would "set my family" up for the future.
He said they needed to increase their acreage and buying the adjoining farm made sense.
"It is a lot of money but that's what you have to do for the future of the family here on the land."
TDC selling agent and auctioneer Tom Pearce said the auction was slow to begin but he knew from the many inspections the land was in demand.
"The land is this area is well held for a reason, and people are looking forward to another good season this year."
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Chris McLennan
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
