The prices of Australia’s farmland prices have soared by 20 percent in 2021, reaching the highest growth in 27 years.
According to the Australian farmland value report by Rural Bank, the median price of rural land increased over eight consecutive years with a total growth of 123 percent by 2021. It now stood at $7,087 (US$5,008) a hectare.
The report also found that the total amount of farmland traded in 2021 reached a record high of 10.8 million hectares with a combined value of $15.6 billion.
Senior agricultural analyst at Rural Bank Michael Curtis said that the number of farmland transactions across the country grew by 22.5 percent in the past year.
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