Brymay, Tumut agricultural holding sold 30% over reserve at online auction

Demand for agricultural property is up, Ray White found with Brymay at Lot 8 Tumut Plains Road, Tumut, NSW the latest example.

The holding attracted 11 registered bidders and sold for $185,000 over reserve at online auction.

It was a competitive auction seeing 34 bids before finally selling for $785,000.

"I've been in the real estate game for 21 years and I can honestly say the last week has been the second busiest in terms of sales that I've ever had," said Ray White Tumut Principal Ray Piper.

"Agricultural land is becoming more and more popular, and even though this property wasn't presented as the best, buyers could see beyond the mess because of the potential and the fact it's in a high rainfall area.

"Despite the restrictions and limited access to the property, we still attracted 21 people to private inspections, and over half of them registered to bid.

"The auctioneer Alex Pattaro was excellent because he took the time to sit down and take us through how the online auction platform worked.

"We logged on as the whole team one evening to run a mock auction so we really understood the process and could ask/answer any questions ahead of the auction.

"It's a great tool for future business and our office actually sold two from two today using the online auction platform."

Ray White NSW Chief Auctioneer Alex Pattaro (above) said this was an excellent result and there was a sense of growing positivity around online auctions.