Australian farmland concluded 2025 at a national median price of $10,979 per hectare, capping off a remarkable 15 year journey that has seen values nearly triple since 2010. However, the story behind these headline figures reveals a market navigating significant challenges and emerging with striking regional variations.
The national figure masks dramatic differences across states. Western Australia surged ahead with median prices reaching $9,635 per hectare in 2025, while Victoria commanded $14,826 per hectare, reflecting the state’s premium agricultural land and proximity to major population centres. Queensland finished the year at $9,451 per hectare, with New South Wales at $10,013 per hectare. South Australia recorded $9,618 per hectare, demonstrating the continued value investors place on the state’s grain-growing regions despite recent dry conditions.
Transaction volumes told an equally important story. After peaking at over 10,500 sales in 2021, the market recorded just 5,408 transactions in 2025 nationally. This 50 per cent decline from the peak reflects the lingering effects of elevated interest rates keeping buyers cautious, even as sellers maintained firm price expectations. Western Australia bucked the trend slightly with 456 transactions, benefiting from a strong winter crop following timely rainfall, while Victoria’s 856 transactions represented the challenges facing southern growing regions.
Vanessa Rader
Head of Research
Ray White Group
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https://ecomms.raywhite.com/rv/ff0100e268441f3fc01b9f2e814d9e8474389ff0
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