Amazing $71,000 plus per acre for 'cow farm' sold on Melbourne's fringe

That grazier also cut some hay and watched as the city sprawl stretched out to envelop the 41 hectare (101 acre) property bordering the old Yan Yean Reservoir.

A decision had been made to rent out their large five-bedroom home in the rapidly growing family-friendly suburb of Doreen is about 60km from the city's GPO.

You can see the city's skyscrapers from higher points on the farm.

Finally it was time for the farmer to sell and agents pointed buyers to the "significant subdivision development" occurring just across the fence.

"The land is devoid of trees and presently serves as a cow farm," agents from Weast Real Estate said.

READ MORE: Offers above $15,000./ac sought for lush grazing in Gippsland

The "cow farm" has sold for $7.2 million or $71,287 per acre.

Handy price - although a piece of market garden country to the west of the city is on the market for around $100 million.

The 148.5 hectare (367 acre) Avalon farm would sell at $272,480 per acre at that price.

Given the unrelenting pressure for new housing, this Doreen farm land will likely soon be lost to housing development.

House and land packages in popular Doreen are selling for more than $700,000 often on blocks smaller than 300 square metres.

On that standard, the 101 acre farm can host almost 1400 homes collectively worth almost $100 million for the developer which makes $7.2m look like a bargain.

"This once-in-a-lifetime opportunity presents a vast expanse of prime land, surrounded by convenient public amenities, perfect for fulfilling your land banking aspirations,' agents had said.

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