Snap! It’s sold

A LOCAL real estate agent has been swamped with enquiries for farms for sale in what has been a particularly good selling season in the rural property market.

An auction on Friday for 196 acres of cultivation land at 9400 South Gippsland Highway in Ruby saw 70 people in attendance and 49 bids placed for the successful purchase above the property’s reserve of $8700 per acre.

The property sold for just under $2 million.

The successful bid of $9800 per acre ($1, 920, 800) by Frank Condoluci for the South Gippsland Highway property will see the family run business, Condoluci Produce expand across the road from their current property.

Landmark Harcourts Leongatha owner and sales manager Barry Redmond said he had not seen this kind of interest and sales in farming properties in more than 40 years in the industry.

Most of the rural property sales Mr Redmond had undertaken were for farming enterprise rather than rural properties for potential residential development.

“There’s a lot of Melbourne money, there’s a lot of local money. Farms are getting bigger and enquiries are the strongest I’ve ever seen them,” he said.

“We haven’t had many dairy farms for sale. We have had a couple going on the market now because of the uncertainty of the factories but it’s mainly been the larger grazing properties.

“Normally I would have a hundred properties for sale but I’m running out because we have sold so many.”

Mr Redmond said the 562 hectare Goorabil property in Inverloch was recently snapped up for $10 million with another property in the Inverloch area going for auction in coming weeks.

The Condoluci’s started 67 years ago in the table pea industry carrying 400 bags of peas to the local market, Mr Condoluci said he was pleased with the purchase.

Condoluci Produce supplies snow and sugar snap peas to Footscray, Sydney and Adelaide markets and employs more than 25 people.

Happy buyer: from left, Landmark Harcourts sales manager Barry Redmond with property buyer Frank Condoluci, and sons Frank junior and Loui Condoluci.

Short URL: http://thestar.com.au/?p=25368

Posted by on Jul 10 2018. Filed under Featured, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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