Price growth in Western Australia’s wheat and sheep dominated farming sector is set to fall back dramatically in 2024, joining an overall plateauing in values across Australia, Rural Bank has forecast.

Western Australia was the standout market in 2023 as median prices accelerated 32.6 per cent to $6225 per hectare, the sixth year of consecutive growth, more than double the next best performing market of NSW (15.8 per cent) and five times faster than the national increase of 6.4 per cent.