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2020 | Victoria
AustralianFarmland Values
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About the researchThe Australian Farmland Values report is based
on actual farm sales using data collected by the offi cial
government agency in each state and territory, which is then
compiled by PriceFinder.
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 2019 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 refl ected 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.
In order to track median price per hectare growth over a range
of time periods the report uses compound annual growth rate (CAGR).
Compound annual growth rate is a geometric mean that accounts for
compound growth, providing a more accurate measure of an
investments return compared to a simple arithmetic mean.
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
qualifi ed professional is required to assess the value of a
property.
For PriceFinder terms and conditions visit: www.pricefi
nder.com.au/terms-conditions/
About Rural BankRural Bank is a division of Bendigo and Adelaide
Bank Limited and provides exceptional fi nancial services,
knowledge and leadership for Australian farmers to grow.
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Understanding the value of farmland 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 25
years.
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 refl ect 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, fi nancial, tax or other appropriate professional.
© Copyright Bendigo and Adelaide Bank Ltd ABN 11 068 049 178
(1452805 –1456138) (04/20)
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Foreword
Agriculture is volatile, or so the mythology goes. You only hear
about agriculture when it’s booming or facing another challenge or
crisis.
Rural Bank’s Australian Farmland Values 2020 report turns this
myth on its head, particularly when you consider our world is
grappling with the COVID-19 pandemic, a challenge with the
potential to deliver the greatest uncertainty or unknown economic
impact since World War II.
Is agriculture immune or conditioned? History would tell you it
is.
When you remove the noise, agriculture is stable, consistent and
an under-recognised source of economic growth. If you know what you
are doing and are prepared to see through short-term vagaries and
variations, there are rewards to be harvested.
On average, Australian farmland has delivered compound annual
growth of 7.5 per cent over 20 years.
It’s a remarkable result and it highlights that investing in
farmland over the long-term will deliver, through good times and
bad.
We also know that farmland value is only one measure. It
certainly does not automatically translate to profi tability, or
growth.
It’s the base asset for Australia’s farming businesses, with
unique characteristics, strengths and weaknesses. But in every
case, every parcel of land requires smart, capable farmers to turn
a profi t.
Land with consistent access to water has continued to perform
far better than land without. Climate risk and reliable rainfall
continues to drive investment.
Farmers are also holding on to their land, with year-on-year
transaction volumes falling by 13.2 per cent. What is driving this?
Are lower sales volumes driving up price, or are farmers simply
optimistic about the future?
There is certainly no shortage of buyers, happy to invest.
Corporates have continued to strongly enter the market,
particularly in New South Wales and Queensland.
As much of the eastern half of Australia emerges from dry
conditions and drought, will land continue to be held on to for
longer, and what are the implications for traditional farming
businesses?
These are all important questions, requiring discussion.
As always, Rural Bank is looking to contribute evidence and
insight to this conversation, advocating for the agricultural
industry.
In these unprecedented times, the evidence suggests that if you
look to agriculture and farmland, it continues to perform well over
the long-term – whatever the circumstances.
Alexandra GartmannCEO, Rural Bank
4
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Executive Summary
Farmland values have been resilient following several years of
challenging seasonal conditions. We expect growth in the value of
Australian farmland to continue over the long-term as ongoing
improvements in Australian agricultural productivity and profi
tability fuel strong demand for agricultural assets.
While factors such as strong commodity prices, a low interest
rate environment and tight supply of land support strong demand for
farmland in the short-term, this will be tempered by disruptions to
global economies. We expect farmland values to continue to grow but
at a reduced rate compared to the growth seen in the past six
years.
Across Australia the number of transactions declined 13.2 per
cent year-on-year to 7,164. This marks the lowest transaction
volume for the analysed period (1995–2019). The number of
transactions equates to a total of 6.5 million hectares of land
with a combined value of $8.7 billion.
Farmland values hold particular signifi cance when examined at a
localised level. In 2020 Rural Bank has researched trends in 29
regions across the country. The Australian Farmland Values 2020
report draws on more than 262,000 transactions, accounting for
303.9 million hectares of land with a combined value of $159
billion over 25 years.
Number of transactions (RHS)Median price $/ha (LHS)
19
95
19
96
19
97
19
98
19
99
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00
20
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20
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19
$6,000
$3,000
$5,000
$4,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
$2,000
$1,000
0
Australia – historic performance
2019 year-on-year median price growth
2019 year-on-year transaction
volume growth
NSW 17.2% -19.8%
QLD -0.8% -7.8%
SA 18.4% -8.3%
TAS 11.1% -5.8%
VIC 12.1% -12.9%
WA 28.2% -4.6%
NT -53.9% -36.2%
National 13.5% -13.2%
5
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Victoria
Median price per hectare
$7,5872019 median price growth
12.1%Hectares of land traded
166,215Compound annual growth
over 20 years
7.1%
South West16.7%
Northern16.1%
North West31.9%
Gippsland-5.9%
Map shows median price movement in 2019.
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Victoria
From the fi eld
“Victoria had its fourth consecutive year of growth in
median price per hectare in 2019. Contributing to the
increase in median was a decrease in the number of
transactions, whilst strong demand remained. North
West and Gippsland regions experienced the greatest
declines in transaction volume. Geographical risk
was a factor that was front of mind, as an increase
in the need for water security and diversifi cation
of location increased interest in irrigated and high
rainfall municipalities. Low interest rates have led to
a higher number of properties purchased rather than
leased, these properties were predominately off-
market transactions between lessee and landowner.
Considering the current economic environment
purchasing rather than leasing is expected to continue.”
Jonathon Hewitt, Rural Bank, Eastern Australia.
The median price per hectare of farmland in Victoria increased
by 12.1 per cent in 2019. This is now the fourth consecutive year
of growth, bringing the 10-year compound annual growth rate to 6.8
per cent. Competition remained high as there were a smaller number
of transactions in 2019. Whilst a favourable cropping season and
stronger livestock prices gave some confi dence to family farms
leading to healthier balance sheets allowing for new land
purchases. Should higher livestock prices remain, and favourable
cropping conditions persist this is expected to continue.
The total value of Victorian farmland traded in 2019 was
approximately $1.05 billion, a year-on-year decrease of 4.2 per
cent. Total hectares traded fell 16.2 per cent in 2019, however an
increase in the proportion of higher value transactions, especially
those above $12,500 per hectare led to growth in the median price
per hectare.
North West Victoria saw the largest year-on-year increase in
median price per hectare 31.9 per cent higher. South West and
Northern Victoria both continued to see an increase in growth with
the median price per hectare 16.7 per cent and 16.1 per cent higher
respectively. Whilst Gippsland, following a persistent drought saw
a decrease of 5.9 per cent year-on-year. Land close to and in
higher rainfall regions was in high demand as diversifying
geographical risk was an attraction for buyers.
There was a 12.9 per cent decrease in the volume of
transactions, to 1,464, this kept prices fi rm and heightened
competition between buyers. Dry conditions reduced the number
Number of transactions (RHS)Median price $/ha (LHS)
$8,000
$5,000
$4,000
$7,000
$6,000
3,000
2,500
2,000
1,500
1,000
500
0
$3,000
$2,000
$1,000
0
Victoria – historic performance
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
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06
20
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10
20
11
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20
13
20
14
20
15
20
16
20
17
20
18
20
19
of listings in 2019. However, lower interest rates increased
buyer confi dence leading to an increase in the amount of
properties bought rather than leased. A trend likely to continue in
the coming years.
7
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400
300
100
0
350
200
250
150
50
$0 – 2,500/ha
Num
ber o
f tra
nsac
tions
$2,500 – 5,000/ha $5,000 – 7,500/ha $7,500 –10,000/ha $10,000
–12,500/ha $12,500/ha+
2019
2018
Victoria – transactions by price range
In 2019, there was a larger proportion of higher valued
transactions contributing to the increase in the growth of median
price per hectare across the state. The number of transactions
greater than $12,500/ha was 7.8 per cent higher than 2018 and the
only price range where transaction volume increased.
The lower the price range the larger the decrease in volume of
transactions, following the trend seen in recent years of more high
value transactions and fewer low value transactions. In 2019
farmers with healthy balance sheets and large land holdings
were
able to unlock equity to chase additional land hence an increase
in higher value transactions.
This was especially evident in the South West region of the
state with increases in transaction volume of 61 per cent and 38
per cent in the $12,000–15,000/ha range and the greater than
$15,000/ha range. The South West, in addition to local purchases,
also saw an increase in the proportion of investors from the city
often out competing local buyers and pushing land values
higher.
Growth in median price per hectare occurred in all parcel sizes,
with parcels greater than 150ha experiencing the highest growth of
27.3 per cent. Small to medium sized parcels in the 50–100ha range
were also signifi cantly higher 15.5 per cent greater
year-on-year.
The transactions mix was different compared to 2018 as there was
a decline for all parcel sizes; however, the percentage of total
transactions for each range remained relatively unchanged.
The decline led to an increase in the competition for farmland
in 2019, resulting in a 12.1 per cent increase to the median price
per hectare for the state. An increase in cross industry
competition also aided the median price per hectare, as high
rainfall areas traditionally used for cropping were purchased with
the intention of running livestock.
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2019 % change 10yr CAGR Decile 2019 YoY +/-
30–50 $10,499 3.4% 3.5% 10.0 450 -79
50–100 $8,167 15.5% 4.3% 10.0 508 -58
100–150 $5,393 9.5% 6.2% 10.0 234 -24
150+ $3,491 27.3% 8.6% 10.0 272 -56
Overall $7,587 12.1% 6.8% 10.0 1,464 -217
8
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GippslandVIC
The median price per hectare in Gippsland decreased by 5.9 per
cent in 2019 to $11,002 per hectare. The decrease in 2019 follows
two consecutive years of growth of 15.4 and 15.2 per cent. There
was a greater proportion of larger parcels of land sold in 2019,
these characteristically sell for a lower value per hectare, this
was due to a supply shortage in small to medium sized parcels as a
result of rural property being held on to. This changed the overall
transaction mix and led to a decline in median price per hectare
for the region.
East Gippsland and Bass Coast had the largest declines in median
price per hectare both falling 7.5 per cent and 7.4 per cent
respectively. Whilst Latrobe and Wellington recorded the highest
growth in median price per hectare due to water security offered
with some of these properties.
The volume of transactions dropped in 2019 by 25.7 per cent to
243, drought was a key factor leading to a lower number of listings
in the area.
Number of transactions (RHS)Median price $/ha (LHS)
$14,000
$12,000
$8,000
$6,000
$10,000
700
600
500
300
100
400
200
0
$4,000
$2,000
0
Gippsland – historic performance
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
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03
20
04
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From the fi eld
“Gippsland experienced a supply shortage through 2019 with
prolonged drought
conditions impacting availability. Rural property was tightly
held, and lower supply
resulted in strong demand and fi rmer prices paid for larger
landholdings. Despite a
5.9 per cent decline in the median price across Gippsland, the
key irrigation areas
of the Latrobe and Wellington shires both experienced an
increase in property
prices in response to water security offered by some of these
land parcels.”
Josie Zilm, Rural Bank, Gippsland
2019 median price growth
-5.9%
Hectares of land traded
18,558
Compound annual growth over 20 years
6.3%
Median price per hectare
$11,002
10
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Transaction volume decreased across all price per hectare ranges
in 2019. The most signifi cant drop in volume was for parcels
priced between $8,000–12,000/ha, 35 per cent lower than 2018, this
equates to 21 fewer transactions. This was particularly evident in
the Baw Baw, South Gippsland and Wellington municipalities. Whilst,
the volume of transactions priced between $12,000–16,000/ha and
greater than $20,000/ha were 28.9 per cent and 34.5 per cent lower
respectively.
An increase in the total share of transaction volume in East
Gippsland, which attracts a lower price per hectare compared to
other municipalities, contributed to the decline in median price
per hectare for the Gippsland region in 2019.
Median price per hectare declined for smaller parcels of land in
2019. Whilst there was an increase to the median price per hectare
for the larger parcels in the range of 70–90ha and greater than
90ha. Historically parcels greater than 90ha have returned the
highest compound annual growth rate.
An increase in the percentage of transactions that were lower in
value, particularly in the greater than 90ha range, was a pertinent
factor in the median price per hectare decreasing in 2019. There
was an increase of 2.5 per cent and 4.4 per cent to the share of
total transactions sized 50–70ha and greater than 90ha
respectively.
70
50
20
0
60
40
10
30
$0 – 4,000/ha
Num
ber o
f tra
nsac
tions
$4,000 – 8,000/ha $8,000 –12,000/ha $12,000 –16,000/ha $16,000 –
20,000/ha $20,000/ha+
2019
2018
Gippsland – transactions by price range
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2019 % change 10yr CAGR Decile 2019 YoY +/-
30–50 $13,274 -8.2% 4.4% 9.6 98 -54
50–70 $9,729 -17.9% 1.8% 8.3 64 -14
70–90 $9,944 25.3% 5.0% 9.6 25 -11
90+ $6,906 39.1% 11.8% 10.0 56 -5
Overall $11,002 -5.9% 5.5% 9.6 243 -84
11
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North WestVIC
The median price per hectare of farmland in North West Victoria
increased by 31.9 per cent in 2019 to $3,092 per hectare. This
follows a slight decline of 1.9 per cent in 2018, however there has
been strong growth in recent years with the median price per
hectare increasing 85 per cent over the past fi ve years. Family
farms continue to be the main buyers of property as a favourable
cropping season and strong livestock prices gave confi dence to
large family farms, leading to new land purchases.
In 2019, the municipalities of Swan Hill and Hindmarsh recorded
strong growth in median price per hectare. In contrast,
Yarriambiack recorded a decline.
Transaction volume decreased substantially in 2019, down 21 per
cent to 147 transactions, persistent drought particularly in the
North West Mallee contributed to the decline.
Number of transactions (RHS)Median price $/ha (LHS)
$3,500
$3,000
$2,500
$1,500
$1,000
$2,000
300
250
200
100
150
50
0
$500
0
North West – historic performance
19
95
19
96
19
97
19
98
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99
20
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20
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20
02
20
03
20
04
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19
From the fi eld
“Demand for grazing and cropping land in the southern Wimmera
and Swan
Hill area was high in 2019. Family farms remained the major
buyers in both the
Wimmera and Mallee. There were more off market transactions as
neighbouring
farmers came to agreeance on price without going to market. Low
interest rates
and high lease costs are contributing to an increase preference
of buying land over
leasing. Demand is set to remain high in 2020 with anecdotally
less supply to the
market and the expectation of more private sales.”
Greg Kuchel, Rural Bank, Swan Hill.
2019 median price growth
31.9%
Hectares of land traded
34,244
Compound annual growth over 20 years
7.7%
Median price per hectare
$3,092
12
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Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2019 % change 10yr CAGR Decile 2019 YoY +/-
30–100 $3,413 -7.4% 1.8% 6.7 36 -4
100–200 $3,089 26.3% 5.3% 10.0 43 -14
200–300 $3,254 48.3% 9.1% 10.0 37 -12
300+ $1,710 22.5% 7.6% 10.0 31 -9
Overall $3,092 31.9% 8.9% 10.0 147 -39
In 2019, there were fewer low value transactions, which resulted
in an increase to the median price per hectare. In contrast to
2018, there was a signifi cant increase in the volume of
transactions for land priced between $3,000–4,000/ha and greater
than $5,000/ha up 40 per cent and 16 per cent respectively.
A decrease to the total share of transactions in Mildura,
historically a lower value municipality, was a factor that led to a
higher median price per hectare. Whilst increased transactions of a
higher value in the Hindmarsh and Swan Hill municipalities also
contributed to the year-on-year increase in median price per
hectare. Demand remains above supply with low interest rates and
high leasing costs prompting farmers to buy land rather than lease,
where possible.
The municipalities of Mildura and Horsham reported a decline in
transaction volume in 2019. In contrast, volume increased in Swan
Hill.
In 2019, smaller parcel sizes of 30–100ha made up a higher
percentage of total transactions. However, the mix of sizes
remained relatively consistent with previous years despite a
decline in activity across all parcel sizes. Median price per
hectare for 200–300ha range increased by 48.3 per cent. In
contrast, parcels 30–100ha declined by 7.4 per cent. The 200–300ha
range returned the highest ten-year compound annual growth
rate.
60
40
0
50
20
30
10
$0 – 1,000/ha
Num
ber o
f tra
nsac
tions
$1,000 – 2,000/ha $2,000 – 3,000/ha $3,000 – 4,000/ha $4,000 –
5,000/ha $5,000/ha+
2019
2018
North West – transactions by price range
13
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NorthernVIC
The median price per hectare in Northern Victoria increased by
16.1 per cent in 2019 to $7,331. This is the eighth consecutive
year of growth for the region as demand for properties remains high
and supply remains tight.
Median price per hectare increased notably in Bendigo and
Loddon. Whilst the municipalities of Wodonga and Mansfi eld
recorded a decline.
In 2019, the volume of transactions declined 3.6 per cent to
568. This follows a 15.6 per cent decline in 2018 and is the lowest
number of transactions in the analysed period. However, equity from
sales of allocated water in the Campaspe shire and Katunga was a
factor in the increase in land purchases closer to the Great
Dividing Range. Indigo and Mansfi eld both recording an increase to
the number of transactions in 2019.
Number of transactions (RHS)Median price $/ha (LHS)
$8,000
$7,000
$5,000
$4,000
$6,000
1,200
1,000
800
600
400
200
0
$3,000
$2,000
$1,000
0
Northern – historic performance
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
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10
20
11
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12
20
13
20
14
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15
20
16
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17
20
18
20
19
From the fi eld
“Cropping land was in high demand in 2019, particularly in the
north of the region
around Yarrawonga. In the high rainfall grazing regions interest
from farmers looking
to diversify their geographic risk led to an increase in demand.
Private off market
transactions between neighbouring properties were popular across
the region, with
sellers often naming their price. Corporate buying activity
centred around Katunga
where irrigated properties with deep lead bore water were sought
after.”
Kate Hemphill, Rural Bank, Shepparton.
2019 median price growth
16.1%
Hectares of land traded
57,538
Compound annual growth over 20 years
6.9%
Median price per hectare
$7,331
14
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Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2019 % change 10yr CAGR Decile 2019 YoY +/-
30–50 $9,884 3.5% 5.2% 10.0 202 5
50–100 $7,513 25.1% 6.4% 10.0 196 -16
100–150 $4,881 9.2% 7.7% 10.0 93 -9
150+ $3,523 8.5% 9.3% 10.0 77 -1
Overall $7,331 16.1% 7.0% 10.0 568 -21
Transaction volume increased signifi cantly at the top end of
the market in 2019. The volume of transactions between
$8,000–10,000/ha and above $10,000/ha increased 26.2 per cent and
14.4 per cent respectively. Transaction volume in the lower median
price per hectare ranges fell by the amount that the top end ranges
gained, $0–2,000/ha and $2,000–4,000/ha were 14.3 per cent and 27.9
per cent lower in 2019. Fewer lower value sales and increased high
value sales contributed to the median price per hectare
increasing.
Decreases in the total share of transaction in the Gannawarra
and Loddon municipalities contributed signifi cantly to a decrease
in the number of transactions priced between $2,000–4,000/ha. A
lower amount of lower value transactions was a key driver of a
higher median price per hectare in 2019 for the Northern
region.
The municipalities of Gannawarra, Mitchell, Mount Alexander,
Strathbogie and Wangaratta reported a decline of above 30 per cent
to the volume of transactions in 2019.
The transaction mix remained relatively similar to previous
years with fewer transactions in the 50–100ha and 100–150ha parcel
sizes, 7.5 per cent and 8.8 per cent lower. In contrast 30–50ha
parcels increased 2.5 per cent compared to 2018. Median price per
hectare growth was greatest in the 50–100ha range increasing 25.1
per cent. Larger parcels greater than 150ha recorded the highest
compound annual growth rate over the past ten years.
200
100
0
150
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+
2019
2018
Northern – transactions by price range
15
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South WestVIC
The median price per hectare of farmland in South West Victoria
increased by 16.7 per cent in 2019 to $8,649 per hectare. This
follows an increase of 13.3 per cent in 2018, an increase in the
number of investors from the city often outcompeting local buyers
pushed land values higher.
Median price per hectare recorded strong growth in the
municipalities of West Wimmera and Glenelg. In contrast, Hepburn
recorded a decline. Areas of high rainfall were sought after
especially from farmers outside of the region looking to purchase
cropping land with the intention of running livestock.
Transaction volume was lower in 2019, decreasing by 12.6 per
cent to 506. This was driven by high commodity prices for both
livestock and grain, resulting in land becoming tightly held as
opposed to be offered up for sale. This trend is expected to
continue in 2020, further strengthening buyers balance sheets and
aiding competition for available land.
Number of transactions (RHS)Median price $/ha (LHS)
$10,000
$9,000
$7,000
$8,000
$5,000
$4,000
$6,000
900
800
700
600
500
300
100
400
200
0
$3,000
$2,000
$1,000
0
South West – historic performance
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
20
19
From the fi eld
“Demand for land in South West Victoria remained high in 2019.
Corporate
investors competed with local buyers resulting in land price
growth. Traditional
cropping land sold to graziers from outside the region looking
to take advantage of
the region’s high rainfall. Buying power was aided by low
interest rates and solid
commodity prices, this trend is expected to continue in
2020.”
John King, Rural Bank, Colac.
2019 median price growth
16.7%
Hectares of land traded
55,876
Compound annual growth over 20 years
7.8%
Median price per hectare
$8,649
16
-
Performance by land size
Parcel size (ha)
Median $/ha No. of transactions
2019 % change 10yr CAGR Decile 2019 YoY +/-
30–50 $10,384 18.1% 2.0% 10.0 142 -25
50–100 $9,275 17.4% 6.5% 10.0 184 -18
100–150 $7,108 3.3% 7.8% 10.0 88 -7
150+ $5,672 34.9% 7.7% 10.0 92 -23
Overall $8,649 16.7% 7.2% 10.0 506 -73
The transaction mix by price range changed most at the top end
of the market in 2019. There was a notable increase of 61.4 per
cent in the volume of transactions between $12,000–$15,000/ha and
an increase of 38 per cent in the greater than $15,000/ha range.
The increase in high value transactions was a key driver of median
price per hectare growth in 2019.
At municipality level, a 55 per cent increase to the number of
transactions in Corangamite, a high value municipality, contributed
to the 16.7 per cent increase to the median price per hectare for
the region. In contrast, transaction volume declined signifi cantly
in Ballarat and Moorabool 42.9 per cent and 35.3 per cent
lower.
Median price per hectare increased for every parcel size
accompanied by a reduced number of transactions across all sizes.
Parcels greater than 150ha recorded the highest growth, up by 34.9
per cent, whilst the 100–150ha range recorded modest growth of 3.3
per cent following a 33 per cent increase in 2018. Historically
larger parcel sizes have recorded the highest compound annual
growth rate.
200
100
0
150
50
$0 – 3,000/ha
Num
ber o
f tra
nsac
tions
$3,000 – 6,000/ha $6,000 – 9,000/ha $9,000 – 12,000/ha $12,000
–15,000/ha $15,000/ha+
2019
2018
South West – transactions by price range
17
-
VIC
Farmland sales by municipality
MunicipalityMedian $/ha Number of transactions
2019 5yr CAGR 10yr CAGR 20yr CAGR 2019 YoY +/-
Gippsland
Bass Coast $15,904 5.6% 1.9% 6.4% 12 -6
Baw Baw $18,650 6.5% 4.6% 5.9% 31 -16
Cardinia $19,242 -0.2% -0.3% 5.4% 11 -3
East Gippsland $4,898 3.0% 5.0% 6.3% 57 -1
Latrobe $14,832 12.9% 2.6% 8.9% 12 -9
South Gippsland $14,431 5.3% 3.8% 6.5% 62 -18
Wellington $10,421 3.6% 7.4% 6.9% 58 -31
Gippsland $11,002 3.1% 5.5% 6.3% 243 -84
North West
Buloke $2,471 13.4% 7.5% 6.6% 35 -7
Hindmarsh $3,632 11.5% 11.4% 8.5% 29 1
Horsham $6,150 13.7% 15.0% 6.7% 21 -11
Mildura $1,417 6.0% 4.9% 7.6% 20 -12
Swan Hill $3,287 21.4% 10.2% 11.9% 21 5
Yarriambiack $3,413 9.3% 6.2% 6.1% 21 -7
North West $3,092 12.2% 8.9% 7.6% 147 -39
Northern
Alpine $12,812 16.6% 9.5% 7.5% 14 0
Benalla $8,022 7.4% 7.8% 7.6% 34 -7
Bendigo $8,431 15.5% 9.4% 8.8% 30 1
Campaspe $5,448 5.5% 5.1% 5.2% 68 3
Gannawarra $3,108 7.4% 6.0% 3.0% 26 -14
Indigo $9,681 8.1% 5.0% 8.2% 31 12
Loddon $3,637 11.4% 6.4% 5.4% 36 -9
Mansfield $10,508 7.0% 4.2% 7.3% 25 2
Mitchell $9,652 12.3% 8.9% 7.3% 19 -14
Moira $7,371 6.5% 5.6% 3.7% 67 -10
Mount Alexander $7,403 -0.2% 2.1% 10.2% 14 -13
Murindindi $8,852 9.9% 7.4% 7.6% 32 6
Shepparton $7,756 8.5% 4.9% 4.5% 62 2
Strathbogie $6,138 7.8% 3.2% 6.3% 46 -21
Towong $6,706 4.7% 11.0% 10.2% 25 -4
Wangaratta $8,388 10.4% 7.4% 6.9% 34 -23
Wodonga $8,945 0.5% 5.6% 4.1% 5 1
Northern $7,331 9.1% 7.0% 6.9% 568 -21
18
-
MunicipalityMedian $/ha Number of transactions
2019 5yr CAGR 10yr CAGR 20yr CAGR 2019 YoY +/-
South West
Ararat $6,384 8.4% 5.6% 7.4% 26 -10
Ballarat $13,359 10.2% 6.0% 9.2% 4 -3
Central Goldfields $6,101 16.1% 17.5% 9.3% 7 -1
Colac - Otway $11,013 10.2% 5.0% 6.0% 38 -15
Corangamite $10,749 7.7% 6.4% 7.3% 93 33
Glenelg $9,670 13.1% 6.1% 8.0% 50 3
Golden Plains $9,899 16.5% 6.7% 9.3% 27 -6
Hepburn $8,655 5.8% 4.1% 6.1% 14 4
Macedon Ranges $15,659 25.2% 7.2% 7.3% 12 2
Moorabool $11,223 5.9% 5.9% 5.8% 11 -6
Moyne $10,440 7.1% 2.3% 7.6% 82 17
Northern Grampians $3,306 9.1% 5.8% 7.3% 34 -3
Pyrenees $6,212 5.9% 6.9% 7.9% 31 -7
South Grampians $5,703 7.1% 5.0% 6.8% 36 -13
Surf Coast $8,846 6.5% 0.8% 6.1% 7 1
West Wimmera $5,189 18.5% 8.1% 8.3% 34 -10
South West $8,649 12.1% 7.2% 7.8% 506 -73
Victoria $7,587 9.1% 6.8% 7.1% 1,464 -217
CAGR: Compound Annual Growth Rate
Price information with a small volume of transactions should be
used with caution. The median price for municipalities with less
than four transactions in 2019 is not reported.
*Municipalities with no transactions in 2019 have compound
annual growth rate for fi ve, ten and twenty years presented using
the 2018 median.
19
-
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