2024 Australian farmland prices expected to rise by 5% per hectare, with cropping land outperforming grazing land.

Australian farmland prices are set to rise again in 2024, but growth will be slower than in the past three years, according to Rabobank's annual snapshot. The agricultural lender forecasts farmland value to increase by 5% per hectare across all sectors, with cropping land outperforming grazing land. The slower growth comes as farm profitability levels come off record highs.