Farmland in Australia increased by 20 percent in 2021.
By Andrew Joseph, Farms.com; Photo by Rayhan Hibatullah on Unsplash
According to an article from Australia’s Country News, CDN$14.3 billion of the country’s farmland was sold in 2021—mostly to city buyers.
With its farmland increasing by 20 percent from 202o to 2021, Australia saw some 10.8 million hectares sold for over $14 billion
As noted by the Rural Bank Australian Farmland Values report, the average national price for a hectare was CDN$6,480—with the region of Tasmania seeing the highest average at $13,468/hectare.
Those watching the Australian market suggest that farmland is being sold by an aging ag population looking to retire while the market is high. Farmland has been observed to have been purchased by urban buyers seeking entrance into a more rural landscape.
It certainly doesn’t imply that farmland is going to disappear in Australia. While unlikely that urbanites are going to take on the toil to farm the land, they certainly can lease it out to local area farmers looking to increase their own ag business.