Edi property fetches $5.6m!

A MAJESTIC 125-hectare King Valley property has sold for a record price of $5.6 million at the weekend with a Wodonga buyer snapping up the much sought-after gem. Sold at auction by Morris Bros Real Estate, which attracted 22 registered bidders, the Edi property fetched a record per hectare price of $44,800. Bidding started at $4.5 million and was increased at $50,000 increments.

Morris Bros auctioneer Brett Goodwin was impressed with the property and all it has to offer.
He said the property included 1.3km of King River frontage and it has been owned by the Brockhoffs for more than 30 years. "It is one of the most special properties in the King Valley and has well and truly lived up to its expectation" he said after the auction, Mr Goodwin said.

"The selling price was above expectations. "What we had here was quality soils, quality rainfall, magnificent shade trees and things of that nature."
Wangaratta district properties have surged in price, with the Real Estate Institute of Victoria's (REIV) September report showing Wangaratta had a 19 per cent increase of median house prices over the past 12 months.

Morris Bros Business Development Manager Rob Bell said there has been unprecedented demand in both sales and rentals for residential and rural properties. He said based on the results Morris Bros has seen, the market increase appears to be greater than 19 per cent and more at the 25 per cent mark. "Properties are selling over asking prices and this is a huge opportunity for current investors to cash in on their properties but on the flip side first home buyers are really finding it difficult to purchase in this market," Mr Bell said.

"Now that we are moving into a non COVID lock down world and with more freedoms due to vaccination rates, this will only continue to create more activity as buyers will have more opportunity to inspect properties in person. "After the difficult prolonged lock down in Melbourne they will be seeking space and the lifestyle on offer in the North East, with many buyers purchasing with site unseen."