A new government research tool shows the average price of broadacre farmland has almost doubled during the past three years, increasing by 93 per cent per hectare from 2020 to 2023.
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According to the nation's official agricultural researcher ABARES, median farmland prices have grown most in the high rainfall zone, increasing by 125pc during the past three years to almost $9000/ha.
Values in the wheat-sheep zone were up by 80pc during the same period to $3465/ha.
Coming off a lower base, pastoral zone farmland increased by 130pc to reach $1528/ha in 2023.
ABARES executive director Jared Greenville said the latest farmland price estimates could be accessed through ABARES' new Farmland Price Index online tool.
"Through an innovative and simple to operate dashboard on our website, users can gain valuable insights into market trends, access reliable information on the value of their farmland assets and track annual changes over time," Dr Greenville said.
"Users can make price comparisons between farming zones or download data for their own analysis.
"The Index utilises a robust and effective method developed by ABARES ensuring estimates reflect market conditions."
ABARES Farmland Price Index is described as a statistically robust measure of Australian broadacre farmland prices using CoreLogic data and a stratified median approach.
In the future the tool is expected to include detailed regional estimates and quarterly indexes.
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