Buckley growth potential
Highway acreage is hot property
A chance to reap the reward of future growth in acreage rates in Buckley drew multiple buyers to a farm where three road frontages provided an extra carrot.
The 70ha property sold for $2.44m halfway through its expression of interest campaign after attracting four offers.
The result beat $2.4m top price hopes for the four-bedroom home and surrounding improved pastures at 1915 Princes Highway, Buckley.
HF Richardson, Newtown agent Matt Poustie said a Melbourne investor trumped the competition which emerged early in the campaign.
“After the second open home we had an offer that was good enough to buy the property but then we received three other offers as well,” he said.
He said the vendors had been using the property as an investment and to keep their farming passion alive after downsizing off larger acreage a decade ago.
“I think with the triple road frontage it’s going to lend itself to a wide variety of options further one,” he said.
“For the time being it will be
a farm and investment property and there probably is good scope through Buckley for growth in acreage rates.
“If you look at the land component through Buckley the lands tends to trade around $12,500 per acre, if you look at 10 minutes further back towards Geelong, in the Barrabool Hills, it can trade anywhere from $20,000 to $40,000.
“Being between Winchelsea and Waurn Ponds it’s a very
popular pocket and you do tend to get larger acreage parcels than you do closer to town so I think there is capital growth potential there over the coming years.”
He said the property had been well looked after and offered good pastures and carrying capacity.
The house has two living zones, with a bay window in the open-plan kitchen, dining and family room framing rural views, and two bathrooms.