ABARES has expanded the Farmland Price Indicator to include a new series of experimental estimates by farmland type.
Users can now access and download specific information for beef, dairy, cropping, forestry, orchard and even hobby farmland type via the ABARES Farmland Price Indicator dashboard.
ABARES Executive Director Dr Jared Greenville said the estimates, based on primary land use at the time of sale, reveal some noteworthy findings.
“We can see how historically high dairy prices over the past three years have flowed through to dairy farmland prices,” Dr Greenville said.
“In recent years dairy farmland prices have exploded, increasing at annual rates of over 20% since 2020.
“Gippsland dairy farmland has the highest price per hectare for Victorian dairy regions at over $41,000 per hectare in 2023, almost reaching the most valuable dairy farmland, Tasmania, at approximately $45,000 per hectare in 2023.
“Forestry farmland prices have risen by over 75% between 2019 and 2023 – but this farmland type still remains at the lower end of the estimates we generated.”
Dr Greenville said hobby farmland prices experienced a rapid increase in 2021 and 2022 as COVID-19 lockdowns were eased.
“Hobby farmland prices increased by an average of 10% per year between 2020 and 2023 to around $200,000 per hectare, compared to the growth in all broadacre farmland of 14.8% per year,” Dr Greenville said.
“Prior to this, the average annual growth rate in hobby farmland prices increased about 5.5% between 1992 and 2020.”
Farmland prices are important in helping better understand farm business performance and growth over time, and the ABARES Farmland Price Indicator provides this vital information in an easy-to-access and statistically robust platform.
For more information visit: ABARES Farmland Price Indicator
