Perfect gauge for region

RURAL properties around Geelong are in strong demand as producers, investors and lifestyle buyers compete for a place in the sun.

But it was the water gauge that attracted most interest at a Barwon Downs auction yesterday, which sold for more than $1.87 million.

The 15mm reading at Alfa Downs satisfied buyers Trevor and Dianne Richardson, who run Geelong concrete business Local Mix, that the 96ha property would be an ideal addition to their cattle operation.

“We’ve got 1300 acres up the road at Deans Marsh and, as (selling agent) Ken (Drysdale) said, it’s nice undulating land and 35 inches of rainfall,” Mr Richardson said.

He said he planned to finish his cattle at Alfa Downs, which provides an extra month of fattening time.

Mr Drysdale, Elders’ Geelong rural real estate manager, said the campaign to sell the property had attracted interest from overseas and the eastern states, and was well above a realistic reserve.

“This property is in an absolutely amazing position. If you add productivity and water — water today is simply gold, and we have an abundance of it,” he said.

While interest was about productivity, smaller landholdings and properties closer to Geelong were attracting more interest from lifestyle buyers.

Richardson Newtown agent Ken McDonald said duplication of the Princes Highway had opened the area up to lifestyle buyers. Mr McDonald sold a 40ha property near Birregurra for $740,000 recently. “New people are moving into the area and they are paying higher values than the local farmers are prepared to pay,” he said. He said properties over 80ha were too big for part-time farmers, who in turn saw the prices achieved for smaller holdings as too dear.

Richardson Newtown agent Tony Hyde said the buyers of Clifford Hill, at 805 Princes Highway, Mt Moriac, planned to renovate the cottage and run their horse business after paying $1.285 million for the 29ha property.

The Newtown agents will have auction three of the seven remaining lots at the Hinterland estate at Moriac, which measure 5304sq m.