Broadacre farmland prices across Australia have continued their plateau for a second straight year after decade of strong growth, which had seen broadacre farmland rates increase by more than 10 per cent a year on average.
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The ABARES Farmland Price Indicator reveals that the average price per hectare of national broadacre farmland has levelled off in 2024, following a flat result in 2023.
ABARES executive director Jared Greenville said that farmland prices can be a double-edged sword.
“On one hand, higher land prices boost farmer wealth and equity levels,” he said.
“This in turn increases lending capacity and supports productivity growth by allowing farmers to access capital for further investments in land and technology.
“On the other hand, relatively high land prices may create a barrier to entry and expansion.
“We have seen strong annual growth in the Tasmanian dairy farmland (14.1 per cent), as well as national cropping farmland (13.7 per cent) and beef farmland in the southern region of Australia (13.8 per cent).
“Average annual price growth over the past 10 years has been lowest for hobby farmland (4.1 per cent) and sugarcane farmland (6.2 per cent).”
National dairy property prices per hectare in the ABARES farmland survey.
Dairy land prices in the Murray dairy district of Victoria. Source: ABARES
