Broadacre farmland prices across Australia have continued their plateau for a second straight year after decade of strong growth, which had seen broadacre farmland rates increase by more than 10% per year on average.
The ABARES Farmland Price Indicator reveals that the average price per hectare of national broadacre farmland has levelled off in 2024, following a flat result in 2023.
Executive Director of ABARES, Dr Jared Greenville, said that farmland prices can be a double-edged sword.
“On one hand, higher land prices boost farmer wealth and equity levels. This in turn increases lending capacity and supports productivity growth by allowing farmers to access capital for further investments in land and technology,” Dr Greenville said.
“On the other hand, relatively high land prices may create a barrier to entry and expansion.
“We have seen strong annual growth in the Tasmanian dairy farmland (14.1%), as well as national cropping farmland (13.7%) and beef farmland in the southern region of Australia (13.8%).
“Average annual price growth over the past 10 years has been lowest for hobby farmland (4.1%) and sugarcane farmland (6.2%).”
Visit the ABARES Farmland Price Indicator dashboard here: https://www.agriculture.gov.au/abares/data/farmland-price-indicator
