A 488ha South Waikato rural property sold at auction last week for $5.25 million, says PGG Wrightson Real Estate.
The Lichfield property, which is a partially converted forestry block located midway between Putaruru and Tokoroa, attracted strong interest, with about 50 people attending the auction.
When the hammer fell, the successful bid was from a beef farmer, whose intention is to fully develop the property in pasture and finish cattle, said Richard Leach of PGG Wrightson Real Estate.
"Interestingly, all of the other bidders were local dairy farmers, aiming to purchase the property for use as a support block, or possibly convert to dairy," he said.
"Their appetite to push the price to that degree indicates the continued resilience of the dairy sector."
