Tasmania has retained its crown as the home of Australia's most expensive farmland, despite recording a decline in property values and the lowest number of sales in more than 15 years.
New figures from Ray White Group reveal the island state's median farmland value sits at $24,684 per hectare, well ahead of Victoria, which remains the most expensive mainland state at $15,577 per hectare.
However, Tasmania's farmland values fell 6.4 per cent during the 2025-26 financial year and are now 10.7 per cent below their 2023-24 peak.
Ray White Group Head of Research Vanessa Rader said dry conditions and cautious buyers had contributed to the slowdown, with just 114 properties changing hands, down one-third on the previous year.
“Dry conditions and buyer caution have weighed on activity, while vendors anchored to peak values have been slow to adjust,” she said.
Ms Rader said the small number of transactions also meant Tasmania's median values could fluctuate more sharply.
Nationally, 6,988 farmland transactions were recorded during 2025-26, down 2.8 per cent year-on-year.
“While this remains a third below the 2021-22 peak of more than 10,500 sales, the consistency of activity over the past three years points to a market that has found its level, with land tightly held and owners largely choosing to sell on their own terms rather than under pressure,” Ms Rader said.
Victoria's farmland values rose 3.8 per cent, supported by improved seasonal conditions, while Western Australia and Queensland recorded the strongest annual price growth.
Western Australian values jumped 13.5 per cent to $8,567 per hectare, while Queensland rose 12.3 per cent to $9,891 per hectare.
Both states have experienced extraordinary growth over five years, with values climbing 96.6 per cent and 89.3 per cent respectively.
Ms Rader said Western Australia and Queensland have been supported by strong cattle prices.
“(This has) kept cash flow healthy for grazing businesses and sustained demand for well-watered country,” she said.
Meanwhile, NSW recorded its first annual decline in farmland values since 2013-14, slipping 2.4 per cent to $9,964 per hectare.
Ms Rader attributed the decline to “dry conditions across the north of the state, rising input costs and a widening gap between vendor and buyer expectations”.
Despite the mixed results, premium agricultural holdings continue to attract strong competition, while secondary properties are taking longer to sell.
Ms Rader said higher borrowing costs and rising farm expenses were encouraging producers to prioritise productivity improvements over expansion.
Looking ahead, farmland values are expected to strengthen through the remainder of 2026, although the outlook for 2027 remains more cautious amid potential drier conditions and further interest rate rises.
Size: 239ha (590 acres)
Location: Jingellic, NSW
Sale method: Auction, November 18 at 11am at The Albury Club
Price guide: N/A
A picturesque rural holding combining productive farmland, abundant water and an impressive country homestead is set to go under the hammer in southern NSW next month.
Located just 1.5km north of the Murray River township of Jingellic, the 239ha (590 acres) property, known as Tilbooroo, offers an opportunity to secure a lifestyle retreat with genuine agricultural potential.
Elders selling agents Henry Mackinnon and Nick Myer are taking the property to auction on November 18.
Mr Myer said properties of this calibre were rarely offered for sale in the tightly held district, with interest coming from regional and capital city buyers.
“Properties of this nature are very tightly held in the region and rarely come to market,” he said.
“Tilbooroo is unique in its combination of high rainfall, abundant water and spectacular mountain vistas.”
Mr Myer said the property would suit a broad range of buyers, including farming operators interested in livestock grazing, mixed farming or fodder production.
The property boasts an attractive balance of productive alluvial creek flats, gently undulating grazing country and timbered areas.
Water security is another major drawcard, with extensive dual frontage to Jingellic Creek, an irrigation licence, several natural catchment dams and average annual rainfall of about 800mm.
An elevated four-bedroom country-style homestead sits amid magnificent established, park-like gardens, enjoying sweeping mountain and picturesque rural views.
The residence features a spacious main bedroom with walk-in wardrobe and ensuite, while outdoor amenities include an inground swimming pool and mod grass tennis court.
Working improvements include machinery and sundry shedding, along with steel cattle yards.
Tilbooroo will be auctioned at 11am on November 18, at The Albury Club, 519 Kiewa St, Albury.
Size: About 4673ha (11,552 acres)
Location: Augathella, QLD
Sale price: $16.4 million
A highly regarded grazing property in Queensland's Maranoa region has sold for a district-record $16.4 million, with the Mace family of Callene at Morven securing the 4673ha holding.
Known as Prairie, the property is located approximately 26km north-west of Augathella, in an area widely regarded as the district's premier grazing country.
The sale, negotiated by Nutrien Harcourts GDL agents David Benham and Rick Benham, represents about $3510 per hectare, or $1420 per acre.
Spanning 4673.31ha (11,552 acres), Prairie has built a strong reputation for its carrying capacity, productive soils and ability to produce and turn off quality cattle.
The property features a diverse mix of fertile red loams, heavier chocolate and pebbly soils, and productive Nive River loams.
Extensive areas have been developed and stick-raked, while valuable stands of Brigalow, Bottle Tree, Bauhinia, Carbine, Coolibah and Mulga have been retained to provide shade, shelter and drought resilience.
Established Buffel grass pastures support grazing operations, with additional opportunities to cultivate suitable areas for forage crops.
Water security is a key feature, with two interconnected bore systems supplying tanks and troughs throughout the property, complemented by two large dams.
The holding is subdivided into nine main paddocks and six smaller holding areas, with three laneways connecting to centrally located steel cattle yards capable of handling approximately 600 head.
The yards feature a five-way drafting system, calf race, cattle cradle, crush and loading ramp.
Other improvements include a well-presented four-bedroom weatherboard homestead surrounded by established trees and lawns, along with two machinery sheds.
The property receives average annual rainfall of about 533mm, further supporting its grazing productivity.
Size: About 15.84ha (39.15 acres)
Location: Tatura East, VIC
Sale method: Private sale
Price guide: $1.925 million to $1.975 million
A 15.84ha (39.15 acres) property in Victoria's Goulburn Valley is offering buyers the opportunity to combine small-scale farming with a luxurious country lifestyle.
Located at 520 Pyke Rd, Tatura East, the property features productive cropping land, cattle yards, substantial shedding and a custom-built four-bedroom residence.
The property is being offered for private sale with a price guide of $1.925 million to $1.975 million.
The Agency's Jason Hicks said the property, positioned about 10 minutes from both Tatura and Shepparton, offered multiple agricultural possibilities.
Currently used for oat production, the farmland is leased for cropping, providing an income stream without the owners needing to undertake the work themselves.
"He's currently got oats on there that he's cut and that has an income generated," Mr Hicks said.
The land could also accommodate livestock agistment or a small equine enterprise, with existing cattle yards and an 18m x 9m shed providing infrastructure for agricultural pursuits.
"You could turn it into a little horse hobby farm too," Mr Hicks said.
"So there are multiple opportunities with it."
Water infrastructure includes a stock and domestic bore, irrigation water access and rainwater storage totalling 207,000L.
The centrepiece is a custom-built Simpson and Rickard residence featuring four bedrooms, a study, polished concrete floors, exposed timber beams and expansive entertaining areas.
Outside, established gardens surround an ornamental lake complete with an island, bridge and recreational facilities.
Mr Hicks said the property's immaculate presentation extended beyond the residence to the surrounding farmland.
"The house is presented A1 at, which matches with the landscape also," he said.
"The farm itself is also well presented."
He said the cropping arrangement could appeal to buyers seeking a rural lifestyle with supplementary income
Size: About 5438ha (two properties)
Location: Coolah, NSW
Sale method: Private sale (whole aggregation or separate properties)
Price guide: N/A
One of central NSW’s largest agricultural holdings remains on the market after failing to sell through an expressions of interest campaign that closed earlier this month.
The 5438ha Kapsch Farms aggregation, located about 28km from Coolah, is now available for private sale, with negotiations continuing with two interested parties.
Comprising the Derrawee and Neible properties, the portfolio can be purchased as a whole or as two separate holdings.
Meares and Associates' Sam Meares said the campaign had attracted interest from buyers considering both options.
"The recent tender process has been productive, with solid interest shown in both the farms as a whole and also Derrawee and Neible as separate farms," he said.
"Whilst negotiations are continuing, at this stage, the portfolio remains unsold."
Professionally managed by Growth Farms for 15 years, the aggregation operates as a mixed livestock and cropping enterprise with a carrying capacity of about 38,000 DSE.
Its livestock operations include more than 6500 crossbred ewes and 700 Rennylea Angus breeding cows, while about 2,700ha is suitable for cash or fodder cropping.
Infrastructure includes a four-bedroom homestead, staff accommodation, three woolsheds, cattle yards and extensive livestock watering systems.
Mr Meares said global uncertainty, investment market confidence and rising input costs were influencing buyer sentiment.
However, he believed the property's productivity and established infrastructure would continue to attract investors.
"It is our intention to not only continue current negotiations, but also to encourage others considering an investment in large scale rural enterprises to consider Kapsch Farms," he said.
Kylie Dulhunty is a journalist with more than 20 years experience covering everything from court to health. Today, Kylie loves nothing more than turning market trends, industry insights and epic property sales - residential, rural and commercial - into captivating stories.