The median price for farmland rose 6.4% to $9,575/ha according to Rural Bank’s Australian Farmland Values 2024 report. It was the 10th consecutive year of value growth, but the second lowest annual gain for that period. The Compound Average Growth Rate (CAGR) in median farmland values for the past decade has been 11.6% while the period from 2003 has a CAGR of 8.4%.

Rural Bank attributes the slow-down in value growth to a reduced net value of farm production, reflecting lower commodity prices, reduced crop production in increasing interest rates. The number of transactions fell 18.2% in 2023 to 6,763. Eight of the top 10 regions were in WA and SA.