Total returns generated from farmland used to graze livestock or grow annual crops – such as wheat and barley – bounced back into double digits in the September quarter on the back of higher prices for beef and lamb, according to the ANREV Farmland Index.

The index, which tracks the performance of 63 farms worth $2.2 billion – and managed by major agricultural asset managers such as Gunn Agri Partners, Manulife Investment Management and Growth Farms Australia – recorded a 10.5 per cent rolling 12-month return for annual farmland (land used for crops planted and harvested yearly). This was up from just over 5 per cent in the June and April quarters.