THE 414-hectare Oakholme grazing property located in Ben Lomond, NSW, recently sold under the hammer after 47 years of ownership by the Melville family for $4.8 million.
Oakholme is considered a high yielding property, on top of the Great Dividing Range at 1400 metres above sea level.
After what Ray White Rural NSW co-director Andrew Starr said was an excellent campaign, the productive grazing property, which also came with a four-bedroom home, attracted seven registered bidders.
With four active participants, the competitive online auction began with a $3 million starting bid and received a total of 17 bids.
"From this, the property received both local and interstate interest throughout the campaign and all in all it was very strong all the way through with the quality of interest being very high," Mr Starr said.
"Buyers were really drawn in by the area, Ben Lomond is held in high regard for its elevation, rich basalt soils and high average annual rainfall which is a hard combination to find in the Australian landscape."
With an average annual rainfall of approximately 1000 millimetres, combined with the heavy basalt soils, gently undulating and highly arable terrain, Oakholme is regarded as one of New England's very best.
