Rural Bank 2023 Australian Farmland Values: How much could your farm be worth?

The median price per hectare for farmland in most Australian municipalities for 2022 has been revealed in a new report. See the figures.

From Bairnsdale in Victoria’s far east to Northampton on the Western Australian midcoast – how much was your farm worth last year?

The median price of farmland in every region across Australia has been revealed in Rural Bank’s 2023 Australian Farmland Values report, released on Tuesday.

In Victoria, farmland in the highly sought South and West Gippsland regions was the most valuable with a median price per hectare of $25,265.

Rural property in the state’s north west and central regions saw major price increases north of 30 per cent, while high-rainfall regions in Victoria’s South West and Ovens and Murray districts also saw increases in their median price per hectare of 34.9 and 36.2 respectively.

Last year was the seventh consecutive year of farmland value increases for Victoria, while the 26.3 per cent median price increase was a slight drop from the 30.4 per cent rise recorded in 2021.

“Victoria’s farmland values continued to break records again in 2022 following a year of strong growth in 2021,” Rural Bank Victoria agribusiness manager Kathryn Davies said.

Last year the number of farmland sales in Victoria declined by 44.6 per cent to 1007 – the lowest number on record for the state and 33.6 per cent below the five-year average.

“The slowdown in transaction numbers reflects buyer caution and deeper business consideration off the back of rising interest rates and input costs,” Ms Davies said.