The ringlock fence, worth about $5000, had been set up around the vacant land on South Shelbourne Road, formerly Bradfords Road, owned by Ron Hallawell.

Mr Hallawell said he had hoped to build a house on the vacant land, but would now reconsider the move.

"We were going to retire and build on the property, but that seems a bit unlikely now," he said.

"We would have to be there 24/7 to make sure they aren't coming back."

The theft occurred over the course of two months, after fencing around the perimeter of the 54-acre property was installed in 2013 at a cost of $13,000.

The incident was likely to have occurred between August 1 and mid-September.

A fencing contractor first noticed a 200 metre section of fence missing from the northern boundary, before his son later reported a further 900 metres missing from the southern side.

The owners had not been able to visit the property during the period.

Mr Hallawell said the thieves were "bold as brass" to attempt the likely long-winded operation.

"I think they're night burglars; they are probably fencing their own paddock with it I suppose," he said.

"The fencer uses a pretty distinct knot, but it would be hard to spot."

The fence wasn't the only item to go missing on the Hallawell property.

Thieves also stole four eucalyptus trees, each estimated to be 20 years old and 50 centimetres thick.

The missing trees were the latest in a line of wood thefts in the Lockwood area.

Lockwood locals allege a group of men driving a white ute have targeted trees on private properties throughout winter.

Mr Hallawell said an unfamiliar vehicle was seen at a house in broad daylight and a group of men allegedly started to chop down trees, only to leave when the family made their presence known.

"It's become a little bit out of control recently, it seems to be happening on a regular basis," he said.

"They're pretty brazen in the way they operate."

Lockwood Fire Brigade has also been a target, after the brigade had a trailer of wood for a fundraiser stolen several months ago.

Brigade captain Jamie Tatt said they had hoped to raise about $240 from selling two metres of chopped wood as part of an annual fundraiser.

"It was wood we'd cut and split ourselves," he said.

"They took a full ute-load, then came back to take some more."

Police are investigating.

Anyone with information can contact Crime Stoppers on 1800 333 000.