FARMLAND values have jumped almost 10 per per cent across parts of central and northern Victoria, according to Bendigo Bank Agribusiness’ report released on Tuesday.
The region that includes Loddon Shire agricultural properties was the only part of Victoria to see farmland price averages rise in 2024.
Several farm auctions in the shire late last year set new benchmark prices for agricultural land.
According to the report: “The median price of farmland in the central region increased during 2024, rising by 9.9 per cent to $12,480/ha. 
“This marked the fourth consecutive year of growth in a region that recorded increases of 45.8 per cent and 7.7 per cent in 2022 and 2023 respectively. 
“An increase in demand was a key factor, with more hobby farms and medium sized properties purchased than a year ago. 
“From a longer-term perspective, the region has seen the five-year compound annual growth rate (CAGR) now sit at 25.7 per cent and the 20-year CAGR at nine per cent. The central region had the largest five-year CAGR of any region in Victoria in 2024.
“Transaction volume in the Central region increased for the first time following two years of declines, to 182 in 2024. The four per cent increase places 2024 well below the five-year and 10-year averages of 213 and 247 respectively.”
Bendigo Bank said the makeup of farmland sold within the region did change, with a greater proportion of total sales in the 30–50 hectare parcel size range. 
“While the total number of larger parcel size transactions rose, it was not to the same extent as the lift in smaller parcel sizes,” according to the report. The total proportion of smaller parcel sizes was 36 per cent, up two per cent from 2023. Strength from a 106 per cent increase in the $12,000-16,000/ha in year-on-year transactions boosted the median price.”
In comparison to the central region, the Mallee dropped 1.2 per cent, the Wimmera 17.6 perr cent, Ovens Murray down 21.5 per cent. Smaller drops were in Gippsland and the south-west with Victoria overall down one per cent.
Ther report found Australian farmland values have now recorded eleven years of unbroken growth with the national median price rising to a record level in 2024 and growth observed in median prices across five of the six states during 2024. The national median price per hectare increased by 6.9 per cent to a record $10,231/ha with a total of 4.7 million hectares of land traded, representing an area larger in size than Denmark.    
The number of farmland sales in Australia rose 5.8 per cent to 7154 with the combined value of transactions totalling $14.9 billion.  The rebound followed an 18.2 per cent decline in sales in 2023 driven almost exclusively by the eastern states.