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Family rakes in $40MILLION after selling their 100-year-old farm on the outskirts of a popular town to developers
- Victorian family sell 100-year-old farm to developers for $40million
- Echuca Park farm sold to Melbourne-based firm who plan to overhaul property
- They are looking to build 1,200-home residence on the 123-hectare land
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A 100-year-old farm on the Victorian-New South Wales border has been sold for an eyewatering $40million.
The 123-hectare property in Echuca in the state’s far north was purchased by developers who are planning to build a 1,200 lot residence.
The Echuca Park farm has been with the same family for more than a century but will now be a key cog in revitalising the regional town.
A 100-year-old farm on the Victorian-New South Wales border has been sold for an eyewatering $40million to a Melbourne-based firm
The 123-hectare property in Echuca in the state’s far north was purchased by developers who are planning to build a 1,200 lot residence
The property was bought by a Melbourne-based development firm City and International Developers, with the deal currently undisclosed but believed to be north of $40million.
The company has built residential subdivisions around Australia and the world, choosing Echuca Park to secure the long-term growth of the town.
Echuca has seen booming housing prices in recent years, recording the 10th highest median house price in Victoria in the 12 months to June this year.
That figure has risen from $459,000 in 2021 to $620,250 in 2022.
The Echuca Park farm has been with the same family for more than a century but will now be a key cog in revitalising the regional town
Campaspe Shire Council are looking to see more properties sold off and converted into homes as it looks to capitalise on demand.
Mayor Chrissy Weller said the Echuca Park farm plan could provide 40 years worth of land supply, with up to 5,000 new homes for 14,000 new residents.
Last month, a 40-hectare property in Victoria’s High Country sold to the Deague Group for $35million.
The group plans to invest $450million into building the estate to build 300 homes.