$1.6m sale signals WA

28 Mar, 2002 07:00 PM
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By CHELSEA CORMELL

A RECORD-BREAKING land sale in Cunderdin recently has offered further evidence that growers are keen to purchase land, according to WA property experts.

The $1.6m sale of Woorabin Springs was achieved at auction, with the property broken into four parcels.

The first parcel sold for more than $605/ac, which was a record for the region, with the $468/ac average of the four parcels also topping most other sales in the area.

Elders WA Real Estate sales manager Peter Storch, who was at the sale, described buyers as "hungry" to snap up available land.

He said the key element was keen neighbour interest, which was a growing trend across the state.

With the latest commodity price booms, neighbours have begun to fight more for land to increase production, he said.

"Buyers are cashed up, ready to pounce," he said.

The latest wave of sales, which was typical at this time of the year, had produced even stronger results than usual due to the "neighbour element", according to Mr Storch.

He said with growers in acquisition mode, vendors had been placed in a position where they were receiving the asking price or even more in some cases.

Elders Real Estate agent Lance Bushell said the strength of the Woorabin sale had been a direct result of neighbour contest, but Elders Real Estate had experienced one of its best years on record due to the renewed health of the agricultural industry.

In light of the trend, it was decided Woorabin would be sold in four parcels to appeal to neighbours, which were expected to push to acquire land, Mr Bushell said.

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