The average price of broadacre farmland per hectare has almost doubled over the last three years, increasing by 93% from 2020 to 2023.
Recent growth in farmland prices has been extraordinary, and likely reflected a combination of factors including low-interest rates, recent good commodity prices and seasonal conditions, and increased demand for land in general.
Farmland is often used to secure lending, so increases in value can both improve equity and drive investment.
Median farmland prices have grown most in the high rainfall zone, increasing by 125% over the last 3 years to almost $9,000 per hectare. Price growth in the wheat-sheep zone was also strong, increasing by 80% over the same period to $3,465 per hectare.
Coming off a lower base, the average price of pastoral zone farmland increased by 130% since 2020 to reach $1,528 per hectare in 2023.
Farmers now have access to the latest farmland price estimates through a new Farmland Price Index online tool where users can make price comparisons between farming zones or download data for their own analysis.
Through a simple to operate dashboard, users can also gain valuable insights into market trends, access reliable information on the value of their farmland assets and track annual changes over time.
This is the first release of the Farmland Price Index — a statistically robust measure of Australian broadacre farmland prices using CoreLogic data and a stratified median approach. Further expansion of this product is already underway to include detailed regional estimates and quarterly indexes.
Check your property value on the new Farmland Price Index here.
