“The three buyers are all expanding family farm operations,” Mr Thomas said.
“I’ve been in real estate for 27 years and never seen the market as active as it is now. We cannot meet demand,” he told The Australian Financial Review.
Despite the lateness of the sales campaign for the Peacock family farms – Spring time is a more popular time for listings – Mr Thomas said the level of enquiries on the properties had been “unbelievable”
“It’s rare to get such a large aggregation [5717ha in total] coming to market,” he added.
In total Elders received 10 offers across the four mixed-farming properties which have been used to grow canola and barley as well as breed sheep.
The aggregation had been farmed by the third generation of the Peacock family – brothers Brad and Glen – after their parents Ian and Pam retired to Albany.
It was put up for sale in February as part of succession planning – the brothers are pursuing other ventures.
The strong sales outcome highlights the trend of local farming families, who have benefited from strengthening balance sheets due to rising farmland values and higher levels of profitability due to high commodity prices, expanding their holdings to increase production.
Australian farmers are expected to produce a record $81 billion in agricultural output this financial year – $3 billion more than previously expected – according to official forecasts from the Department of Agriculture.
Cash income for all broadacre farms (large-scale cropping or grazing properties) is projected to increase by around 34 per cent to average $278,000 per farm, 56 per cent above the longer-term average.
