After more than two years of surging values, the median price of a hectare of farmland fell 3.9 per cent between January and June, according to Rural Bank.
The median price of a hectare of farmland fell 3.9 per cent over the first half of 2023 as the combined headwinds of higher interest rates, lower commodity prices and predicted drier El Niño conditions took their toll, a new report by Rural Bank has found.
This caution was being driven by a combination of falling commodity prices, drier forecast conditions and the prevailing view that interest rates would – “at the very least” – hold around current levels for some time, Mr Kuchel said. Farmland prices fell 3.1 per cent in Queensland year-on-year to $7,822 per hectare and crashed 24.7 per cent in Tasmania to $14,034 per hectare .
By contrast, the 50 per cent fall in Northern Tasmania median prices to $9,005 per hectare reflected the predominance of low-value grazing property sales over the period.
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