Profitable and growing, Tasmania is a darling of the Australian dairy industry but how long can it maintain its stellar performance?
Pinion Advisory partner Basil Doonan said he thought growth would soon plateau.
"I reckon it's capped out," Mr Doonan said.
"There's not significant areas to convert.
"I reckon there's a really hard decision for the government to make around bringing tree ground that's currently owned by the government back into high-value agriculture."
On the other hand, RuralCo Property Tasmania director Michael Warren said, it all depended on the value dairy could deliver farmers.
"There is a finite amount of farmland clearly, but there's certainly still the potential to convert more country to dairying and, at the end of the day, farmers will do what's most profitable with their land," he said.
"If dairying stacks up and the climatic conditions stack up - and the irrigation schemes have made a huge difference here - then I think you will continue to see the dairy industry grow."
He said the North East and the northern Midlands were likely to be the new growth areas as irrigation schemes were built.
Both men said beef producers were competing for dairy land, a proposition backed by Tasmanian Institute of Agriculture Dairy Centre leader Dr James Hills.
"Driving productivity on its own, without thinking about the limits, will eventually lead you to a situation which you could call a cliff or a wall," Dr Hill said.
"Yes, we've got an opportunity to grow down here, we're still still growing, there still is water, there still is land.
"To some extent, there still is an ability to improve productivity now through better management of irrigation and so forth.
"All of these things are really positive and I think we've got a much better chance to do that here than in other places in Australia. But it's not unlimited."
How far away was Tasmania from that cliff?
"I'm thinking of New Zealand as an example of an industry that grew and developed and then started to run into issues in terms of the sustainability of that increasing production - we're probably five to 10 years behind them," Dr Hills said.
"So I'd say we have five to 10 years.
"We will eventually get to the point where it's become a problem.
"I'd rather deal with it now."
He said the industry also had to enhance animal welfare and overcome significant skills shortages.
Mr Doonan said it was important Tasmanian dairy farmers did not lose focus of what made them profitable in a bid to grow.
"I reckon we've got to be really careful around seeing production as any sort of measure of success because it's actually not," he said.
"You want to keep growing that profitable model but, if you can't do that around land acquisition, then you sometimes get tricked into the space of 'let's do more turnover' or growth for growth's sake.
"We have been down that path in Tasmania before and we're slowly recovering."