THE historic Peweena Road homestead at Mingbool with 85ha of land sold at auction for more than $1.4m on Friday, which has been described as a buoyant result.
Up to 100 people attended the highly anticipated Peweena Station auction, which included three additional allotments of prime agricultural land.
The rural auction – held at the Peweena Station homestead – sparked multiple interest and spirited bidding.
Lot two – known as the Morton Block – offered 44.5ha acres and sold at auction for a bumper $660,000, while lot three comprising 23.5ha went under the hammer for $350,000.
Meanwhile, lot four – comprising 38ha – was passed in.
Ray White Real Estate and Gebhardts Real Estate jointly conducted the prominent rural auction.
Realtor Brian Spring – from Ray White Keatley Real Estate – said the auction result showed smaller sized agricultural blocks close to Mount Gambier were in high demand.
“The vendors were very happy with the result,” Mr Spring said.
He said the Peweena Homestead – which had been beautifully restored – was a special and rare offering.
“The auction was a very good result, it was a quality property with good horse stables and infrastructure,” Mr Spring said.
Mr Spring said the purchaser of the homestead block hailed from the Adelaide Hills.
Gebhardts Real Estate principal Paul Chuck said the auction results showed buoyancy in rural land sales in the wider Mount Gambier district.
“This result shows the confidence in the rural market, which is expected to remain in the near future,” Mr Chuck said.
“Demand for rural land in the Lower South East remains strong as shown last Friday.”
Meanwhile, a 53ha Glenburnie grazing property – which included a three bedroom stone home – also went under the hammer on Friday.
Also conducted by Ray White Keatley Real Estate, Mr Spring said the vendors of this property were also pleased with the result.
“There is good demand for small agricultural blocks,” he said.
