Four parties provided spirited bidding for 382 hectares of bare farming land at Pingelly last week that was put to auction and got knocked down for $4.1 million, or about $13,355 per arable hectare.
Elders Narrogin, rural real estate specialist Jeff Douglas conducted the auction of the block on Lullfitz Road for sellers Alan and Sue Parsons.
The property, which is just a few kilometres south west of the Pingelly townsite, will stay in the Parsons name, having been secured by Colin, Alanna, Simon and Charissa Parsons - who are no relation to the sellers.
Mr Douglas said the buyers were neighbours and had indicated they would keep it running as a mixed farm enterprise.
He said about 307ha was arable and it was in the highly sought-after West Pingelly district.
The property features strong York gum, jam and granite loam soils and much of the land is gently sloping and opened up for easy cropping.
Good water is available from several bores, dams and a soak.
The farm is fenced into six paddocks and has a basic sheep yard set up.
"With no sheds or house to worry about, this was a great opportunity to secure good quality farmland west of Pingelly," Mr Douglas said.
He said the price was outstanding and set a new benchmark for farming land in that area.
"The fact four bidders were willing to pay around the $4m mark reinforces that prices being paid for quality land are not abating and the market is still very strong," he said.
"This block is in a good area and surrounded by good quality land, which paid off on the day."
The auction of the Pingelly farmland took place last Friday in the new Elders building at Pingelly, which has been undergoing renovations.