Australian farmland values reached an inflection point in 2023, with the median price for the first half up just 0.1% YOY according to Rural Bank’s Mid-Year update. It’s a sharp contrast to trends in the previous half-year periods, which featured median price growth between 16% and 23%. The bank found demand in grazing regions was weakened by falling livestock prices, while cropping regions kept pace with recent years.
In key dairying regions, median prices were up marginally YOY, but well down on record highs recorded in the second half of 2022. Transactions were well down in all regions but the south-west. In Tasmania median prices were dragged lower by the northern region by sales of low-value grazing properties.