Discover some of the cheapest farm land in Australia

A mothballed sheep station in Western Australia's arid outback is on the sales market for a bargain basement price.

But fasten your seat belts, Wynyangoo Station on offer near Mount Magnet in the Mid North takes in 404,458 acres (163,682 hectares).

The station is west of the old gold mining town of Mount Magnet nearer the ghost town of Paynesville.

The area is about 600km north of Perth with fewer than 500 people living there.

But even at 1637 square kilometres, the station is still a minnow compared with the cattle station to its east - South Australia's Anna Creek's mighty 23,876 square km.

Greg Smith from Elders Real Estate expects the sprawling station to the south of the Lake Austin salt lake will sell for just over a million dollars.

At that price, the station is worth a look at about $2.50 per acre, about the price of a loaf of bread.

A carbon farming group had cast their eyes over Wynyangoo Station but the de-stocking upset their calculations and now Mr Smith said although a price range was difficult to say but thought it could still sell for more than $1 million.

It is far from abandoned, agents say it has lots of potential with two homes, one a six-bedroom stone homestead, well built sheds, solar power system plus 40 wells or bores.

In terms of affordability, in comparison Australia's richest farming postcode around Wonthaggi in south Gippsland has land regularly selling for around $20,000 per acre.

Of course annual rainfall on the fertile loamy soils of the Victorian coast is around around 900mm while over in the west at Wynyangoo Station the yearly rain total is about 250mm.

This week the Mid North is in the grip of a heatwave with temperatures reaching 45 degrees.

The station is west of the old gold mining town of Mount Magnet nearer the ghost town of Paynesville.

The area is about 600km north of Perth with fewer than 500 people living there.

The station might be de-stocked but still has good bones for a working agricultural property.

It was founded as a sheep station which regularly shore between 10,000-15,000 sheep.

Several decades ago it was converted to a rangeland goat enterprise running around 8500 breeder aged nannies with a commercial goat depot - at the time it was said to be one of the state's largest commercial goat operations.

It was once operated in a farm aggregation with Narndee and Boodanoo stations.

"The property is inside the dog fenced area and can run cattle now," Mr Smith said.

The station's potential carrying capacity is rated at 10,460DSE or 1494 cattle units.

The stone homestead has a pool with a second three-bedroom double brick residence.

It has large sheds and workshop, solar power with genset back up.

"This presents as an opportunity to secure a sizable area of good pastoral country with above average houses and sheds and restore the waters and fences and have a viable sized station," Mr Smith said.

"It is currently ineligible for a carbon project but that could change with some stocking and proposed new sequestration systems."

The first stage of expressions of interest close on February 29.

Mr Smith said it was a non-binding stage followed by the next step where inspections are arranged for the short listed potential buyers.

"Following an inspection participants can review their initial offer which may be higher or lower depending on your opinion of the property it may exceed your expectation in the positive or negative."

For more information contact Mr Smith on 0428 486806.