2023 saw Western Australia lead Australian farmland value growth with a 48% year-on-year increase to $6500/ha, according to Rabobank.

Western Australia led Australian farmland value growth in 2023, with a 48% year-on-year increase to $6500/ha, according to Rabobank's Australian farmland price outlook for 2024. WA reached a significant milestone, outpacing national medium land value growth. However, the fast-paced price growth rates will slow in 2024 as the agricultural real estate market enters a new cycle. Tougher seasons and lower commodity prices have impacted farmer equity growth.