One of Victoria's largest sheep and cropping properties has hit the market with speculation it could sell for close to $100 million, a figure that would shatter the state's existing farmland price record. The Mount Fyans Aggregation, a 7,545-hectare holding north-east of Mortlake in Victoria's high-rainfall Western District, was listed this week through Elders Real Estate, with the broader package of surrounding properties potentially worth more than $150 million combined.
A Record-Breaking Sale in the Making
Victoria's current benchmark for a single farm sale is the $70 million paid by the McBride family for the 46,677-hectare Telopea Downs station in 2018, a low-rainfall property considerably larger in area but far less productive per hectare. Mount Fyans, by contrast, sits in some of the most reliable livestock and cropping country in the state, capable of sustainably running up to 100,000 sheep.
Elders agent Rob Rickard, who is handling the sale, described it as the most significant listing he has encountered in his career. "It's the largest holding I've ever been involved in, and probably the largest holding to be offered in south-west Victoria by a long shot," he said.
When asked whether the final price could surpass $100 million, equating to roughly $13,254 per hectare, Rickard said he expected an outstanding result but stopped short of that figure. "I hope for the Shippen family's sake it will be more than that, but what we're expecting is less than that," he said.
Several adjoining properties, totalling a further 5,000 hectares, are also being offered to the market. If a buyer were to assemble the full combined package, the estimated transaction value could exceed $150 million.
What Mount Fyans Offers Buyers
The property is a substantial operational enterprise, not merely a land holding. Anchored by a historic nine-bedroom bluestone homestead built in the 1880s, the aggregation also includes four staff residences and shearers' quarters. Infrastructure on the station is extensive, with a 14-stand shearing shed, multiple livestock handling yards, large-scale shedding facilities and more than 9,000 tonnes of grain storage capacity.
The vendors, Riverina wool producers Ian and Camilla Shippen, acquired Mount Fyans in 2018 for $37 million when it covered approximately 5,900 hectares. Over the years since, they expanded the aggregation to its current size of 7,545 hectares and invested heavily in upgrades. Rickard noted the scale of that investment: "What the vendors have done is invest hundreds of thousands of dollars into fencing and water and also converting the shearing shed from a four-stand to a 14-stand. They've really done an amazing job with the property."
Why the Shippens Are Selling
The decision to bring Mount Fyans to market follows a major strategic move by the Shippens earlier this year, when they reportedly spent around $300 million to acquire the 122,935-hectare Deniliquin Aggregation from Australian Food and Agriculture. That purchase encompassed some of Australia's most storied Merino breeding properties, including the historic Wanganella and Boonoke stations, along with Warriston, Peppinella, Zara and Barratta.
With their capital heavily committed to that large-scale acquisition in New South Wales, the sale of Mount Fyans appears to be part of a broader consolidation and redeployment of assets. The Shippens are also understood to be selling a separate 4,805-hectare livestock property located east of Wagga Wagga.
Market Context: Prices Off Peak but Opportunity Emerging
The listing arrives against a backdrop of easing farmland values across south-west Victoria. According to Bendigo Bank's most recent farmland values report, median prices in the region fell 7.8 per cent last year to $16,968 per hectare, following a sharp peak in 2022. Rickard acknowledged the softening but suggested it was creating opportunity for well-capitalised buyers.
"Prices have come off, and I think everybody knows that. It might be off 20 to 25 per cent from the peak, so there are some pretty good buying opportunities," he said.
Despite the cooler broader market, properties of the scale, quality and location of Mount Fyans remain rare, and agents expect strong interest from both domestic agricultural investors and large institutional buyers seeking productive, high-rainfall country. The combination of proven livestock capacity, modern infrastructure and a historic homestead adds further appeal to what is shaping up as one of the most closely watched rural property transactions in Victoria's recent history.
The outcome of the sale will be a closely watched indicator of where premium Australian farmland is truly pricing in late 2026, at a time when rural and regional economic sentiment is drawing increasing attention from policymakers and investors alike.
