Mt Elephant, Victoria’s Western District, Sells For About $20 Million

At Mt Elephant, near Lismore, it’s expected to stay business as usual, as the conditions of sale were for “walk in-walk out.”

Mr Baillieu said farms values have held up fairly well “which says a lot about this investment class.”

Demand for rural property has been negatively affected in recent years by the drought, fires, tighter credit conditions and a stronger Australian dollar.

Mr Elephant is described as “one of the best mixed farming properties in Victoria” and had been on the market since 2008, when it was initially listed for sale by tender.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of