Long standing Central North Island market gardening firm Tim Young and Sons Ltd were successful in buying a 91 hectare farm bordering the Waimarino Golf Club in Ohakune.
The company bought the property at auction on June 14 for $1.9 million. Described as suitable for vegetable production, cropping, stock finishing or deer farming – this appealing property was marketed and sold by Bayleys Manager, Pete Stratton.
Some 41 people attended the auction, with eight parties wanting to bid. Bidding opened at $900,000 and quickly rose. Mr Stratton reported that three separate bidders were still keen at $1.8 million, before it was knocked down for $1.9 million.
Mr Stratton said strong interest in the flat to gently undulating property was underpinned by its diversity of production potential.
“Currently the land is utilised for multiple purposes – including dairy grazing, baleage production and market gardening. It is also suitable for cereal cropping, and is fully deer fenced, with a good quality deer and cattle yards,” Mr Stratton said.
“This diversity of available options was reflected in the interested parties – ranging from the market gardening interests and Dairy grazing options, to Sheep & Beef finishing and Lifestyle/Retirement.
“It was very encouraging to see such a broad range of interest in the property, and shows long-term confidence is returning to our primary industry.”
Mr Stratton said the sale price is 28% higher than the current Government Valuation. He says that pre-auction the current GV would have been considered as very reasonable, but with confidence returning to the area, the auction campaign allowed all parties to bid at free market levels in confidence. He said the auction campaign determined the true current value.