The average price per hectare of Australia's broadacre farmland increased by 131% over the last 10 years, according to the latest data from the ABARES Farmland Price Indicator.
ABARES Executive Director Dr Jared Greenville said a relatively flat 2023 for farmland prices capped a decade of strong price growth.
"Over the 10 years to 2023, broadacre farmland prices went from $4,088 to $9,429 per hectare," Dr Greenville said.
"Australian broadacre farmland values reached $9,576/ha in 2022 but declined slightly by 1.5% on average through 2023.
"The slight fall in 2023 contrasts with strong price growth over the past decade, where prices grew at an average annual rate of 10.09%.
"Farmland price growth differed between different production zones, with the high rainfall zone experiencing the fastest rate of average annual growth over the last 10 years (10.49%), followed by the wheat-sheep zone (10.04%), followed by the pastoral zone (8.30%)."
The Farmland Price Indicator provides valuable insight into Australian broadacre farmland prices, to ensure farming businesses can make educated decisions on their farmland assets.
Today's release updates the ABARES Farmland Price Indicator with the latest data, quarterly estimates at the national level, and a new set of detailed regional estimates.
These latest farmland price estimates can be accessed by anyone through ABARES' Farmland Price Indicator online tool.
