THE 414 hectare (1023 acre) New England NSW property Oakholme has sold under the hammer at a Ray White Rural online auction for $4.8 million.
Offered by the Melville family after 47 years of ownership, the high performing property is located on top of the Great Dividing Range, 1400m above sea level.
Marketing agent Ray White Rural NSW co-director Andrew Starr said four of the seven registered parties bidding online for the property. The auction kicked off at $3 million, reaching the sale price after 17 bids.
Oakholme sold to neighbour John Jackson, Jackson Agriculture.
The sale price is equal to about $11,594/ha ($4692/acre).
"Oakholme received very strong local and interstate interest throughout the campaign," Mr Starr said.
"Ben Lomond is held in high regard for it's elevation, rich basalt soils and high average, 1000mm annual rainfall which is a hard combination to find in the Australian landscape."
Improvements include a four bedroom homestead, three machinery sheds, hay shed, cattle yards and a shearing shed. There are 16 paddocks.
Oakholme is located 64km north of Armidale.
