Forced sales are peppering the rural property market around Australia, as farm operators feel the heat from anxious bankers.
The Australian Financial Review reports Colliers International director of agribusiness Phil Schell saying agents expect more such sales to come.
Mr Schell is marketing the 890-hectare Kingsford Olives property in the Southern Mallee, South Australia, which has gone into receivership with McGrathNichol, even though it has 40,000 olive trees and 700 megalitres of water.
"Banks are saying to farmers, 'You guys have to reduce your debt,'" he said.
Earlier this year insolvency firm PPB estimated there was $1.5 billion worth of farms under various degrees of financial stress because of the drought, overplanting and debt.