An extensive tract of land encompassing nearly 500 hectares atop Mount Moriac, a notable peak located about 20 kilometres west of Geelong in western Victoria, has been sold for the first time in 85 years. The property was made available on the market last spring, attracting significant interest due to its unique characteristics and prime location.

Mount Moriac, rising to 251 metres above sea level, is classified as an inclined low cone and stands as a remnant of volcanic activity, part of a geological formation known for its agricultural fertility. This land type has historically supported robust farming operations, making it highly sought after in the region.

Matt Poustie, a selling agent from HF Richardson, remarked on the level of interest generated during the expressions of interest period, noting, “It garnered an incredible amount of interest… given the iconic nature of ‘The Mount’ and the rarity of such a large parcel of land so close to a major city.” He pointed out the exceptional views from the summit as a significant selling point, along with the multiple titles available.

Poustie indicated that the buyer interest primarily came from within Victoria, although there was notable interstate interest from agricultural investors in New South Wales. The property was ultimately sold as a single entity to a Melbourne-based investor looking to enhance their portfolio with agricultural land, viewing it as a long-term investment.

When the property was listed, price expectations ranged from $16 million to $18 million. While Poustie did not disclose the final sale price, industry sources suggest that it reached the upper end of the anticipated range.

The Champness family, the former owners, had possessed the land for four generations since acquiring it in 1939. The area surrounding Mount Moriac features a local pub along the highway, a recreation reserve, and a memorial dedicated to artist Arthur Streeton, who was born in the vicinity. Poustie described the panoramic views from the summit, stating, “When you’re standing at the top of the mount, you can see everything – Torquay, Barwon Heads, Bellarine, Peninsula, Corio Bay, You Yangs, Melbourne, Mount Elephant out to the northwest and Colac.”

Accompanying the property is a brick homestead from the 1940s, which Poustie noted has character but requires renovation, alongside a manager’s cottage, a two-stand shearing shed, a machinery shed, and additional storage facilities.

Source: Noah Wire Services