The value of Queensland’s farmland jumped in in 2024 after a slowdown in 2023 but the values of properties in the Western Downs held steady.
The Bendigo Bank Australian Farmland Value report found prices jumped on the back of cattle prices rising, interest rates hitting their peak and a favourable outlook for Queensland agriculture.
The report found that prime cropping and grazing properties were in demand, and despite fluctuations in global sugar prices, sugarcane property values were stable.
“Flooding in western Queensland may slow down appetite early in 2025, but improved pasture growth and good conditions in other parts of the state should see demand for Queensland farmland remain firm through the year,’’ the report said.
The South East region, which includes the Lockyer Valley, saw the largest increase value, lifting from a median price of $12,746 per hectar in 2023 to $15,376/ha in 2024.
The 20.6 per cent increase saw the region reclaim the mantle of Queensland’s highest valued farming region by dollar per hectare and marks the fifth consecutive year of continued growth.
Favourable seasonal conditions for crops and horticulture saw confidence in farmland rebound with 2024 recording the second highest year-on-year growth on record
The Western Downs was the only one of Queensland’s regions to record both lower median price per hectare and volume of transactions. Median values per hectare slipped only $2 per hectare.
However, the median value in Western Downs has increased in all but six of the past 30 years. The region experienced explosive growth which has seen the median price per hectare triple over the past nine years.
The number of transactions fell 6.5 per cent year-on-year to 245 in 2024. This was the third consecutive year of declining sales for the region and is the second lowest number recorded in at least 30 years.
