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2019 | New South Wales
Australian Farmland Values
Forward
For Australia’s farmers and agri investors, farmland value matters.
For farmers, it secures most farm debt, and underpins a large proportion of farm business balance sheets. It is a critical asset that enables farm production and provides equity which can be reinvested for growth.
As a specialist lender dedicated to Australian agribusiness, and a workforce covering the majority of Australia’s key agricultural production areas, Rural Bank knows farmland value is too important an issue to rely purely on informal and unqualified data.
We understand the robust and sometimes emotive discussion farmland values evoke. Farmers and agri investors want to know who bought what land, and how much they paid for it.
That’s why Rural Bank established its Farmland Values Report in 2014, tracking Australian farmland sales over the past 24 years.
What have we learned?
If you’re taking a long-term view, farmland values demonstrate agriculture’s strength and resilience.
The relevance of farmland values will often carry greater significance when looked at from a localised level. Therefore, we have segmented the data from national, to state and down to municipality level.
This year, there is deeper detail at the municipality level – because that’s what readers told us they were looking for.
Farmland values have comfortably outgrown CPI, which is good news for Australian landowners. And consistent with the long-term trend, we expect farmland values will continue to rise.
Climate risk is playing an increasingly significant role, as reliability of rainfall becomes paramount. Our analysis highlights investment is strongest with reliable rainfall.
The implications of these trends will – as always – be hotly debated. Rural Bank’s Australian Farmland Values report can help frame these important conversations.
These trends have implications for agriculture, and I encourage the sector to explore them.
As farms get bigger, transaction values larger and land more tightly held, what will the trend for increasing farmland value mean for new entrants?
How will Australia’s farmers access capital?
What are the alternative forms of capital or business structures to enable agricultural growth?
These questions have no simple answers. But they need to be explored and debated.
Rural Bank’s Farmland Values Report is one ingredient for an informed debate.
I look forward to discussing the report and its themes with Australia’s agricultural sector.
Alexandra Gartmann CEO, Rural Bank
2
Executive Summary
The median price per hectare of Australian farmland increased by 10.7 per cent in 2018, marking the fifth consecutive year of growth.
Keeping in-line with the long-term trend, we expect farmland values will continue to rise, underpinned by strong demand for agricultural assets and increasing profitability of farming operations in an environment of low interest rates and strong commodity prices.
Over time, we are seeing the number of farmland transactions decline. This may mean opportunities to expand become less frequent as fewer properties come on the market. Tightening access to suitable parcels of land, and increased competition for fewer parcels will play a role in driving increased values.
Across Australia the number of transactions declined 9.5 per cent year-on-year to 8,250 and saw a total of 8.7 million hectares of land transacted with a combined value of $8.99 billion.
Farmland values showed themselves again to be resilient against a backdrop of adverse seasonal conditions, following the trend that was observed from 2001 through to 2010.
Despite challenging seasonal conditions, the long-term outlook continues to point to growth for Australian agricultural productivity and profitability, and we expect this will continue to support the value of Australian farmland.
The relevance of farmland values will often carry greater significance when looked at from a localised level, which is why in 2019 Rural Bank has researched trends down to 29 regions across the country.
The Rural Bank Australian Farmland Values report draws on over 255,000 transactions, accounting for 297.5 million hectares of land with a combined value of $150.4 billion over 24 years.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
$5,000
$3,500
$3,000
$4,500
$4,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
$2,500
$2,000
$1,000
$1,500
$500
0
Australia – historic performance
2018 year-on-year median price growth
2018 year-on-year transaction
volume growth
NSW 9.6% -18.0%
QLD 15.7% 0.1%
SA 17.0% -12.6%
TAS -5.0% -11.7%
VIC 14.1% -8.0%
WA 3.8% 9.1%
NT 135.5% 88.0%
3
Understanding farming’s most valuable asset is important to everyone in agribusiness, especially Australia’s farmers.
The Australian Farmland Values report tells the story of national and regional farmland performance over the past 24 years.
Median price per hectare
$4,3242018 median price growth
9.6%Hectares of land traded
1,584,988Average annual growth
over 20 years
6.9%
New South Wales
Western50.1%*
Northern10.7%
Southern12.2%
Central7.8%
South East 6.3%
Map shows median price movement in 2018.
*A small volume of sales and low price per hectare caused a large percentage movement in median price in Western New South Wales.
New South Wales
From the field
“Drought impacted the volume of transactions across
the New South Wales market in 2018. Although the
supply of properties was lower than previous years,
demand remained high for quality farmland in every
region. Fewer low value transactions and more high
value transactions was a common theme for the
state, which resulted in the median price per hectare
increasing in 2018.”
Jonathon Hewitt, Rural Bank, Eastern Australia.
The median price per hectare in New South Wales increased by 9.6 per cent in 2018, resulting in the fifth consecutive year of growth. While volume of transactions declined across the state, demand remained strong, particularly in regions where land is tightly held.
Western New South Wales was the top performing region in 2018, reporting a median price per hectare growth of 50.1 per cent due to a large decline in transaction volume in 2018 which altered the mix of sales. In the South East the median price per hectare growth was more closely aligned to the long-term average of 6.3 per cent.
In 2018, the estimated number of farmland transactions was 3,068, a decrease of 18 per cent compared to 2017.
The area of farmland traded in 2018 across New South Wales was approximately 1.58 million hectares, a decrease of 28.2 per cent compared to 2017. This represented 18.3 per cent of all farmland transacted across Australia in 2018.
The total value of New South Wales farmland traded in 2018 was approximately $3.4 billion, a decrease of eight per cent compared to 2017.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
$5,000
$4,500
$3,000
$2,500
$4,000
$3,500
6,000
5,000
4,000
3,000
2,000
1,000
0
$2,000
$1,500
$1,000
$500
0
New South Wales – historic performance
6
1,500
500
0
1,000
$0 – 2,000/ha
Num
ber o
f tra
nsac
tions
$2,000 – 4,000/ha $4,000 – 6,000/ha $6,000 – 8,000/ha $8,000 –10,000/ha $10,000/ha+
2018
2017
New South Wales – transactions by price range
Fewer low value transactions contributed to the growth in the New South Wales median price per hectare in 2018. The volume of transactions below $2,000/ha declined by 31.6 per cent, a four per cent fall in the share of total transactions. The higher price per hectare ranges also showed a decrease in the volume of transactions, however the proportion of the total volume of transactions remained unchanged.
The trend of fewer low value transactions is evident across all regions of New South Wales. The Southern and Western regions experienced fewer low value transactions and more high value transactions, resulting in significant growth in the median price per hectare for the state
Growth in the median price per hectare occurred for every parcel size, however larger parcels of land experienced the highest growth in 2018. The median price per hectare for 150–250ha parcels of land increased by 27 per cent compared to those in the 30–50ha category which increased by 2.2 per cent year-on-year.
There was a decline in the volume of transactions across all parcel sizes in 2018, with the largest decline coming from the 250ha and above range. This meant that larger parcels of land accounted for a lower percentage of the total number of transactions. This also contributed to the growth in the state median price per hectare as larger parcels of land achieved a lower median price per hectare.
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2018 % change 10yr CAGR Decile 2018 % change
30–50 $8,719 2.2% 3.8% 10.00 716 -21.1%
50–150 $5,218 3.6% 3.7% 10.00 985 -11.5%
150–250 $3,919 27.0% 5.0% 10.00 375 -15.2%
250+ $2,224 14.5% 5.7% 10.00 992 -22.4%
Overall $4,324 9.6% 5.0% 10.00 3068 -18.0%
From the field
“Despite widespread dry conditions across New South
Wales, rising values continued off the back of strong results
in 2017, with the volume of supply falling well short of
demand. A key factor would be vendors being concerned
about the presentation of their farms in light of the dry
conditions. However, prospective purchasers adopted a long-
term view, largely due to the positive rural outlook, record
sheep meat, wool and beef prices, and low interest rates.”
Richard Gemmell, Elders, Dubbo.
7
Southern
The median price per hectare in Southern New South Wales increased by 12.2 per cent in 2018 to $3,707 per hectare. This follows growth of 24.3 per cent in 2017.
Top performing municipalities included Snowy Valleys up by 42.9 per cent and Wagga Wagga up 32.4 per cent. In contrast Cootamundra-Gundagai declined 17.8 per cent.
The number of transactions remained steady compared to the rest of the state at 559, 1.6 per cent below 2017.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
$4,000
$3,500
$2,500
$3,000
1,200
1,000
800
600
400
200
0
$2,000
$1,000
$500
$1,500
0
Southern – historic performance
From the field
“Demand remains strong for properties with high annual rainfall. We saw increased
interest from neighbours keen to purchase properties close to existing holdings,
quite often outbidding external buyers.”
Tony Williams, Rural Bank, Wagga Wagga.
NSW
2018 median price growth
12.2%
Hectares of land traded
310,886
Average annual growth over 20 years
7.1%
Median price per hectare
$3,707
8
The transaction mix by price per hectare range changed at both the lower and higher ends of the market in 2018. Transaction volume for the $1,500–$3,000/ha range decreased by 19 per cent. In contrast, the above $7,500/ha range increased by 78.9 per cent, the result of fewer low value transactions and more high value transactions. This significantly increased the region’s median price per hectare.
The municipalities of Coolamon, Berrigan, Federation and Lockhart reported growth in transaction volume, while the municipalities of Bland and Murray River reported lower transaction volumes compared to 2017.
There were fewer small parcels sold in 2018, with the 30–100ha range decreasing by 14.2 per cent. This would usually pull the median price per hectare lower given smaller parcels generally have a higher price per hectare, yet in 2018, each parcel size recorded double digit growth. The greater than 350ha range reported the highest growth, up by 21.8 per cent.
200
100
0
50
150
$0 – 1,500/ha
Num
ber o
f tra
nsac
tions
$1,500 – 3,000/ha $3,000 – 4,500/ha $4,500 – 6,000/ha $6,000 –7,500/ha $7,500/ha+
2018
2017
Southern – transactions by price range
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2018 % change 10yr CAGR Decile 2018 % change
30–100 $4,708 14.4% 4.1% 10.00 109 -14.2%
100–250 $4,366 11.5% 5.2% 10.00 176 2.9%
250–350 $3,468 18.1% 5.8% 10.00 84 18.3%
350+ $2,588 21.8% 7.0% 10.00 190 -4.5%
Overall $3,707 12.2% 6.3% 10.00 559 -1.6%
9
Northern
The median price per hectare in Northern New South Wales increased by 10.7 per cent in 2018 to $4,822 per hectare. This follows growth of 6.1 per cent in 2017.
The top performing municipality in 2018 was Narrabri up by 62.2 per cent, while Coffs Harbour declined by 48.6 per cent.
Transaction volume across the region decreased 19.7 per cent to 1,091.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
$6,000
$5,000
$3,000
$4,000
2,500
2,000
1,500
1,000
500
0
$2,000
$1,000
0
Northern – historic performance
From the field
“Listings were lower in 2018 driven by dry conditions. Despite having come off
recent highs, commodity prices were at a satisfactory level to promote interest in
quality properties, particularly larger holdings.”
Michael Spencer, Elders, Northern New South Wales.
NSW
2018 median price growth
10.7%
Hectares of land traded
338,576
Average annual growth over 20 years
7.6%
Median price per hectare
$4,822
10
The volume of transactions decreased across all price per hectare ranges in 2018. The lower than $2,000/ha range decreased by 34 per cent or 117 transactions. Fewer low value transactions relative to high value transactions contributed to the rise in the median price per hectare.
The municipalities of Gwydir, Moree Plains, Inverell, Gunnedah and Tamworth reported a notable drop in transaction volume in 2018.
There were fewer transactions across all parcel sizes in 2018. The largest decline was 35.1 per cent in the greater than 250ha range and 23.4 per cent in the 30–50ha range. Median price per hectare growth rose across all parcel sizes aside from the 30–50ha range which remained relatively stable. The greater than 250ha range increased by 21.2 per cent, while the 50–150ha range rose by 9.5 per cent.
400
200
0
100
300
$0 – 2,000/ha
Num
ber o
f tra
nsac
tions
$2,000 – 4,000/ha $4,000 – 6,000/ha $6,000 – 8,000/ha $8,000 –10,000/ha $10,000/ha+
2018
2017
Northern – transactions by price range
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2018 % change 10yr CAGR Decile 2018 % change
30–50 $8,561 -0.2% 3.7% 9.56 288 -23.4%
50–150 $5,585 9.5% 3.8% 10.00 383 -4.5%
150–250 $3,485 16.7% 3.1% 10.00 139 -6.7%
250+ $2,401 21.2% 4.9% 10.00 281 -35.1%
Overall $4,822 10.7% 5.4% 10.00 1,091 -19.7%
11
Western
The median price per hectare in Western New South Wales increased by 50.1 per cent in 2018 to $145 per hectare. This follows a decline of 25.7 per cent in 2017.
The municipality of Brewarrina performed strongly in 2018 up by 23.2 per cent, while Cobar reported a decline of 19.9 per cent.
Transaction volumes in the region decreased by 34 per cent to 33 transactions.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
$160
$140
$100
$120
100
90
80
70
60
50
40
30
20
10
0
$80
$20
$40
$60
0
Western – historic performance
From the field
“In the past 12 months there has been a blend of corporate purchases and pastoral
families expanding their operations on the back of strong livestock commodity prices.”
Michael Jordan, Rural Bank, Western New South Wales.
NSW
2018 median price growth
50.1%
Hectares of land traded
475,249
Average annual growth over 20 years
9.4%
Median price per hectare
$145
12
Transaction volume varied significantly at the low end of the market which is characteristic of this region given the low number of sales. The $50–$100/ha range decreased by 66.7 per cent or 16 transactions. In contrast, the above $250/ha range increased by 42.9 per cent. The combination of more sales in the high value range and fewer in the lower value range pushed the median price per hectare for the region higher.
The municipalities of Cobar, Balranald, Bourke and Central Darling reported fewer transactions, while Brewarrina accounted for most of the high value transactions in 2018.
There were fewer large parcel transactions in 2018. The largest decline was in the greater than 15,000ha range, which dropped from 25 in 2017 to just seven in 2018. Median price per hectare growth varied across parcel sizes. The 30–5,000ha range increased by 56.9 per cent, while the 10,000–15,000ha range decreased by 60.9 per cent. The large swing in median price per hectare growth can be largely attributed to the small volume of transactions.
30
10
0
20
$0 – 50/ha
Num
ber o
f tra
nsac
tions
$50 – 100/ha $100 – 150/ha $150 – 200/ha $200 –250/ha $250/ha+
2018
2017
Western – transactions by price range
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2018 % change 10yr CAGR Decile 2018 % change
30–5,000 $229 56.9% 9.0% 10.00 9 -10.0%
5,000–10,000 $143 -2.4% 7.7% 9.13 14 75.0%
10,000–15,000 $97 -60.9% 8.8% 8.69 3 -57.1%
15,000+ $124 47.7% 7.4% 10.00 7 -72.0%
Overall $145 50.1% 8.2% 10.00 33 -34.0%
13
Central
The median price per hectare in Central New South Wales increased by 7.8 per cent in 2018 to $3,987 per hectare. This resulted in the fifth consecutive year of growth for the region.
The highest growth in median price per hectare was recorded in Warren up by 59 per cent. In contrast, Gilgandra declined by 26.4 per cent.
The volume of transactions decreased sharply to approximately 966 transactions, 22.5 per cent below 2017.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
$4,500
$3,000
$2,500
$4,000
$3,500
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
$2,000
$1,500
$1,000
$500
0
Central – historic performance
From the field
“Drought across the region in 2018 combined with a fall in some commodity markets
resulted in fewer land sales. However, there remained reasonable demand for good
quality properties with values generally holding up in line with previous years.”
Doug Aldis, Rural Bank, Dubbo.
NSW
2018 median price growth
7.8%
Hectares of land traded
398,257
Average annual growth over 20 years
6.4%
Median price per hectare
$3,987
14
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2018 % change 10yr CAGR Decile 2018 % change
30–50 $10,079 4.9% 3.5% 10.00 236 -21.1%
50–200 $5,281 9.0% 3.7% 10.00 346 -21.4%
200–350 $2,520 -6.6% 1.3% 9.56 122 -19.7%
350+ $1,963 12.9% 6.3% 10.00 262 -26.4%
Overall $3,987 7.8% 3.9% 10.00 966 -22.5%
The transaction mix by price per hectare range changed at the lower end of the market in 2018. The volume of transactions decreased across all ranges, however the below $2,000/ha range decreased by 34.2 per cent. That equates to a decrease of 111 transactions at the lower end of the market. The decrease was not as pronounced at the higher end of the market therefore the median price per hectare increased.
The municipalities of Warrumbungle, Cowra, Dubbo, Dungog and the Mid-Coast all experienced a notable decline in transaction volume in 2018.
There were fewer sales across all parcel sizes in 2018. The greater than 350ha and 50–200ha ranges experienced the largest declines in sales. The greater than 350ha range reported the highest growth in median price per hectare, up by 12.9 per cent. In contrast, the 200–350ha range reported a decrease of 6.6 per cent in median price per hectare.
400
200
0
100
300
$0 – 2,000/ha
Num
ber o
f tra
nsac
tions
$2,000 – 4,000/ha $4,000 – 6,000/ha $6,000 – 8,000/ha $8,000 –10,000/ha $10,000/ha+
2018
2017
Central – transactions by price range
15
South East
The median price per hectare in South East New South Wales increased by 6.3 per cent in 2018 to $5,835 per hectare. This is the fifth consecutive year of growth for the region.
The municipality of Yass Valley recorded an increase in median price per hectare of 33.6 per cent. In contrast, Shoalhaven declined by 24.5 per cent.
The volume of transactions decreased sharply to approximately 419 transactions, 18.8 per cent below 2017.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
$7,000
$6,000
$4,000
$5,000
1,200
1,000
800
600
400
200
0
$3,000
$1,000
$2,000
0
South East – historic performance
From the field
“Demand remains strong for well presented, highly productive properties. Limited
supply of large-scale properties in the area has seen property values increase at the
top end of the property market.”
John Scarlett, Rural Bank, Goulburn.
NSW
2018 median price growth
6.3%
Hectares of land traded
62,020
Average annual growth over 20 years
6.2%
Median price per hectare
$5,835
16
The volume of transactions decreased across all price per hectare ranges. The less than $2,000/ha range decreased by 29.6 per cent. The decrease was not as pronounced at the higher end of the market therefore the median price per hectare increased. The above $10,000/ha range accounted for the largest proportion of total transactions at 26 per cent.
The municipalities of Upper Lachlan, Goulburn Mulwaree, Eurobodalla and Bega Valley reported a notable decrease in transaction volume.
There were fewer sales across all parcel sizes in 2018. The largest declines were for the 50–150ha and greater than 250ha ranges. Despite a fall in volume, most parcel sizes reported a rise in median price per hectare, with the 150–250ha range reporting the highest growth, up by 67.2 per cent.
150
100
0
50
$0 – 2,000/ha
Num
ber o
f tra
nsac
tions
$2,000 – 4,000/ha $4,000 – 6,000/ha $6,000 – 8,000/ha $8,000 –10,000/ha $10,000/ha+
2018
2017
South East – transactions by price range
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2018 % change 10yr CAGR Decile 2018 % change
30–50 $9,268 6.0% 4.9% 10.00 143 -17.3%
50–150 $5,565 -3.9% 4.1% 9.56 169 -22.5%
150–250 $4,736 67.2% 10.4% 10.00 41 -8.9%
250+ $1,912 7.1% 5.3% 9.56 66 -17.5%
Overall $5,835 6.3% 4.9% 10.00 419 -18.8%
17
Farmland sales by municipality
MunicipalityMedian $/ha Number of transactions
2018 2018 % change 10yr CAGR Decile 2018 2018
% changeCentral
Bathurst $6,223 11.3% 6.1% 10.00 38 -29.6%
Blayney $8,105 -15.2% 5.0% 9.56 20 17.6%
Bogan $492 10.7% 8.1% 10.00 10 -23.1%
Cabonne $6,698 7.8% 6.5% 10.00 45 -15.1%
Cessnock $8,994 -6.2% -2.8% 5.21 26 -33.3%
Coonamble $1,949 31.4% 8.1% 10.00 31 6.9%
Cowra $8,721 51.9% 7.3% 10.00 28 -36.4%
Dubbo $2,850 22.8% 5.2% 10.00 34 -38.2%
Dungog $6,880 -0.3% 3.8% 7.82 32 -39.6%
Forbes $3,413 15.8% 4.9% 10.00 18 -41.9%
Gilgandra $1,550 -26.7% 2.4% 8.26 34 17.2%
Lachlan $1,729 49.2% 8.8% 10.00 39 -20.4%
Lithgow $6,795 18.6% -1.1% 8.69 35 -22.2%
Maitland* 2.5% 7.61 0
Mid-Coast $7,997 -7.5% 3.8% 9.56 167 -20.1%
Mid-Western $4,726 38.0% 4.2% 10.00 102 -10.5%
Muswellbrook $6,903 -5.4% -1.3% 4.78 22 -33.3%
Narromine $3,104 8.9% 8.6% 10.00 36 -16.3%
Oberon $7,963 52.3% 4.8% 10.00 30 -9.1%
Orange* 23.2% 9.52 0
Parkes $2,285 -13.8% 6.3% 9.56 34 -12.8%
Singleton $11,090 5.5% 5.6% 10.00 43 -21.8%
Upper Hunter $3,278 21.0% 2.5% 9.13 63 28.6%
Warren $2,825 59.0% 13.9% 10.00 17 -29.2%
Warrumbungle $1,727 1.2% 4.4% 9.13 50 -50.5%
Weddin $3,309 16.2% 6.0% 10.00 12 -58.6%
SUB-TOTAL $3,987 7.8% 3.9% 10.00 966 -22.5%
Northern
Armidale $3,572 19.6% 6.8% 9.13 63 6.8%
Ballina $20,740 55.7% 29.3% 10.00 6 -57.1%
Bellingen $12,825 43.1% 5.1% 9.56 21 -25.0%
Byron -30.4% 19.7% 6.52 4 33.3%
Clarence Valley $5,084 -1.5% 2.3% 8.69 147 -18.8%
Coffs Harbour $7,166 -48.6% 0.7% 6.08 13 -7.1%
Glen Innes Severn $3,293 -0.1% 2.6% 9.56 41 -14.6%
Gunnedah $4,306 -17.9% 3.5% 9.56 23 -56.6%
Gwydir $2,504 16.3% 2.2% 10.00 35 -47.8%
Inverell $3,011 9.6% 3.6% 10.00 60 -17.8%
Kempsey $6,585 4.5% 4.7% 10.00 50 -25.4%
Kyogle $6,688 37.2% 2.7% 10.00 85 -5.6%
Lismore $11,754 14.5% 1.5% 10.00 56 16.7%
Liverpool Plains $4,324 8.3% 3.0% 9.56 25 -7.4%
Moree Plains $3,066 -1.1% 6.6% 9.13 21 -59.6%
Nambucca $5,999 -6.4% 2.6% 6.95 38 18.8%
Narrabri $3,243 62.2% 12.0% 10.00 47 -38.2%
Port Macquarie-Hastings $6,479 -21.7% 0.9% 7.39 61 -27.4%
Richmond Valley $7,000 19.9% 5.5% 10.00 73 2.8%
Tamworth $4,278 2.8% 5.4% 9.56 61 -40.8%
NSW
18
MunicipalityMedian $/ha Number of transactions
2018 2018 % change 10yr CAGR Decile 2018 2018
% changeTenterfield $2,627 18.6% 0.1% 9.56 70 -15.7%
Tweed $13,880 -4.0% 2.6% 9.13 29 61.1%
Uralla $5,020 33.5% 5.3% 10.00 14 -39.1%
Walcha $4,747 -3.2% 4.2% 9.56 31 14.8%
Walgett $1,483 12.2% 12.5% 10.00 17 -5.6%
SUB-TOTAL $4,822 10.7% 5.4% 10.00 1091 -19.7%
South East
Bega Valley $5,813 -18.5% 1.1% 8.26 50 -18.0%
Eurobodalla $17,905 57.7% 16.1% 10.00 9 -64.0%
Goulburn Mulwaree $9,395 16.4% 6.8% 10.00 64 -23.8%
Queanbeyan-Palerang $5,341 -0.9% 1.1% 9.56 75 -13.8%
Shoalhaven $14,644 -24.5% 1.0% 7.82 19 -20.8%
Snowy Monaro $2,599 13.0% 3.9% 10.00 93 -7.9%
Upper Lachlan $5,416 -1.2% 6.3% 9.56 79 -20.2%
Yass Valley $9,750 33.6% 7.4% 10.00 30 -14.3%
SUB-TOTAL $5,835 6.3% 5.3% 10.00 419 -18.8%
Southern
Albury -56.6% -1.0% 3.47 1 -50.0%
Berrigan $4,500 7.5% 2.3% 10.00 21 133.3%
Bland $2,036 8.2% 3.5% 10.00 47 -19.0%
Carrathool $1,399 14.4% 7.1% 10.00 23 21.1%
Coolamon $3,608 -10.3% 4.6% 9.56 27 107.7%
Cootamundra-Gundagai $3,935 -17.8% 6.2% 8.69 25 -34.2%
Edward River $3,542 28.0% 12.7% 10.00 27 -20.6%
Federation $5,435 14.1% 7.7% 10.00 23 53.3%
Greater Hume $6,483 17.7% 7.0% 10.00 49 -5.8%
Griffith $3,707 91.9% 3.9% 10.00 5 0.0%
Hay $544 27.0% 1.2% 9.56 8 -20.0%
Hilltops $5,397 28.6% 4.3% 10.00 45 -27.4%
Junee $5,672 -1.0% 5.3% 9.56 7 16.7%
Leeton $3,432 7.2% 3.2% 10.00 16 0.0%
Lockhart $4,880 4.0% 4.2% 10.00 24 33.3%
Murray River $2,196 -4.5% 4.9% 9.56 40 -23.1%
Murrumbidgee $3,363 12.7% 8.6% 10.00 42 23.5%
Narrandera $2,502 1.3% 4.5% 10.00 25 19.0%
Snowy Valleys $5,291 42.9% 2.0% 10.00 31 3.3%
Temora $4,479 19.3% 5.6% 10.00 20 -13.0%
Wagga Wagga $6,131 32.4% 7.5% 10.00 53 3.9%
SUB-TOTAL $3,930 12.2% 6.0% 10.00 559 -1.6%
Western
Balranald -21.9% 2.8% 8.26 1 -83.3%
Bourke -67.3% -1.7% 3.04 3 -62.5%
Brewarrina $244 23.2% 7.3% 10.00 12 71.4%
Central Darling -0.6% 2.8% 7.82 3 -66.7%
Cobar $100 -19.9% 5.7% 9.13 8 -42.9%
Unincorporated Far West $124 97.3% 13.0% 10.00 5 66.7%
Wentworth 254.6% 14.1% 10.00 1 -66.7%
SUB-TOTAL $145 50.1% 8.2% 10.00 33 -34.0%
Price information with a small volume of transactions should be used with caution. The median price for municipalities with less than four transactions in 2018 is not reported. *Municipalities with no transactions in 2018 have compound annual growth rate and percentile presented using the 2017 median.
19
About this researchThe Australian Farmland Values report is based on actual farm sales using data collected by the official government agency in each state and territory, which is then compiled by PriceFinder.
In this edition of the report, the Queensland East region has been separated into Queensland Central and Queensland South to better reflect differing land use in the state.
The Australian Farmland Values report is a guide to market trends of commercial farming property. To that end, where possible, transactions between family members or where one party has compulsory powers are excluded from the analysis. Further, small farms are also excluded to limit the impact of ‘lifestyle farming’ on the results.
As property settlement periods vary, some 2018 sales will not be captured in this report at the time of publication. The median price for the most recent year is preliminary and will be revised at least annually.
The values used in this report are based on the total sale price and therefore include the value of capital improvements.
The value of water entitlements attached to a land title and therefore sold with the property will be reflected in the sale price of the land. If water entitlements are sold separately from the land, this value will not be captured in the sale price.
Median prices in the report are only a guide to market activity. They are not a valuation. Median is used rather than mean as the median is not as readily distorted by unusually high or low prices. However, the median does have limitations. The mix of property sold in a given year can cause the median price to move up or down in a way that is unrelated to a move in value. For example, a higher proportion of lower-value sales can result in a lower median and vice-versa. In areas where there have been very few sales, this effect can be especially pronounced and so in these cases the median should be used with caution and may not be indicative of an actual change in farmland value.
Farmland sales volume is reported as the number of transactions. Farms can be sold as single or multiple lots, which obscures the view of the number of farms sold, particularly in cases where one farm is sold as multiple lots to multiple buyers. Accordingly, the number of ‘transactions’ should not be interpreted as the number of farms sold and should only be used as a guide to market activity.
This report is not intended for use as a farm valuation tool. A qualified professional is required to assess the value of a property.
For PriceFinder terms and conditions visit: www.pricefinder.com.au/terms-conditions/
About Rural BankRural Bank is a division of Bendigo and Adelaide Bank Limited and provides exceptional financial services, knowledge and leadership for Australian farmers to grow.
This report is intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). The information herein is believed to be reliable and has been obtained from public sources believed to be reliable. Rural Bank, a Division of Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL/Australian Credit Licence 237879, makes no representation as to or accepts any responsibility for the accuracy or completeness of information contained in this report. Any opinions, estimates and projections in this report do not necessarily reflect the opinions of Rural Bank and are subject to change without notice. Rural Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth therein, changes or subsequently becomes inaccurate. This report is provided for informational purposes only. The information contained in this report does not take into account your personal circumstances and should not be relied upon without consulting your legal, financial, tax or other appropriate professional.
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