See how much your farm is worth with median prices revealed

The median price per hectare for farmland in 320 municipalities has been revealed. See how much your farm could be worth and compare regions here.

South and West Gippsland led Victoria as the most valuable region for farmland in the state. Picture: Zoe Phillips

The median price per hectare in 329 local government areas across Australia last year has been revealed in a new report.

The latest Rural Bank Australian Farmland Values report, released on Tuesday, shows the median price of farmland increased in six of Victoria’s eight regions, led by South and West Gippsland.

Farmland in the region, underpinned by municipalities such as Bass Coast and South Gippsland, was the state’s most valuable recording a median price per hectare of $31,058 following a 22.1 per cent rise last year.

Elsewhere, in the Ovens Murray region a median price per hectare of $21,271 was recorded last year after 23.9 per cent price growth, while in the far northwest of the state the Mallee also recorded 28.5 per cent price growth to a median figure of $5839 a hectare.

However, South West Victoria and East Gippsland were the only areas of Victoria where farmland values declined last year, dropping by about 2.3 and 3.5 per cent to a median of $19,161 and $13,160 a hectare respectively.

Across the state, shrinking transaction volumes was a trend with total rural property sales dropping by 26.4 per cent to just 752 last year.