ABARES’ new Farmland Price Index provides the latest estimates for Australian broadacre farmland prices through an innovative and simple to operate dashboard.
Users can:
- gain valuable insights into market trends
- access reliable information on the value of their farmland assets
- track annual changes over time
- make price comparisons between farming zones
- download data for their own analysis
The Index utilises a robust and effective ABARES-developed method - ensuring accurate and reflective estimates - so that farm business can confidently use it to help inform decisions about their farmland assets.
How do we generate these estimates?
We employ a stratification method that leverages the CoreLogic land transaction data, which serves as the foundation for our calculations. By incorporating the ABARES farm survey data, we weight the strata to align the estimates with the true value of the overall farmland population.
This approach allows us to account for variability and volatility in farmland transactions and avoid relying solely on individual parcel sales.
Why is this information important?
Farmland holds immense economic and ecological significance in the Australian context. For most farm businesses, land represents their most valuable asset, and understanding its price is crucial for securing lending and expanding their operations.
Moreover, the value of farmland plays a pivotal role in the financial portfolios and overall well-being of Australian farmers (Chancellor and Zhao 2020). In addition, considering that over half of Australia's land mass is dedicated to agriculture, comprehending the changing value of farmland has profound policy implications for land use.
ABARES Farmland Price Dashboard
Source: ABARES
This Power BI dashboard may not meet accessibility requirements. For information about the contents of these dashboards contact ABARES.
Key findings
- Farmland in Australia has generally experienced strong growth over the period of observation, accelerating in recent years.
- In 2023, the average price per hectare of broadacre farmland increased by 195% over the 10 years to 2023 (from $1,592 to $4,689 per hectare).
- Farmland price growth differed between ABARES zones, with the high rainfall zone experiencing the fastest rate of average annual growth over the last 10 years (12.9%), followed by the wheat-sheep zone (8.6%), followed by the pastoral zone (8.2%).
Download the reports and datasets
Measuring Australian broadacre farmland price: A stratification approach