Philip HOPKINS
THE median price of farmland in South and West Gippsland declined by 8.4 per cent in the past six months, while farmland in East Gippsland rose by 17.7 per cent, according to the latest report by Bendigo Bank Agribusiness.
The fall in South and West Gippsland was the main cause of the medium price in Victoria falling 5.8 per cent to $13,659/ha, its lowest point since the first half of 2022, the report said.
The median price per hectare in South and West Gippsland fell by 8.4 per cent to $24,747 compared to the same time last year. This was still the highest price in all regions of Victoria. There were 47 transactions, 17.5 per cent fewer than in the first half last year.
In East Gippsland, the median price per hectare was $13,898, a rise of 17.7 per cent compared to the first half last year. There were 51 transactions, 13.6 per cent fewer than the first half last year.
The bank’s regional manager agribusiness, Tony Anderson, said seasonal conditions provided plenty of barriers across South and West Gippsland throughout the first half of 2025. Many buyers, including dairy farmers, decided not to buy more land, which strongly contributed to the lower median
price per hectare, he said.
In contrast, Mr Anderson said East Gippsland was relatively stable in the first half as seasonal conditions were favourable. “This kept buyers active,” he said. “However if the weather turns poor, it will be an intriguing watch in the back half of the year.” The falls in South and West Gippsland outweighed the modest growth recorded in the Ovens Murray and East Gippsland in the first half.
“A clear trend can be seen with land located in the north-east corner generally performing well over the previous year, while land in western Victoria remains under pressure from the ongoing dry conditions,” the report said.
Victoria-wide, there were 480 transactions in the first half of 2025, down 17.9 per cent from the second half of 2024 an d the lowest number of transactions for a half-yearly period on record for the state.
All eight of the state’s regions registered a year-on-year decline in transaction volumes. The ongoing consolidation of farmland, the challenging market environment and lacklustre demand limited the volumes of properties changing hands.
The median year-on-year median price movements in Victoria were: Goulburn (up 6.7 per cent to $15,104), Central (minus 25.8 per cent to $9031), Ovens Murray (up 4.8 per cent to $17,603), South West (up 0.2 per cent to $18,118), Wimmera (down 10.6 per cent to $10,519) and Mallee (down 32.9 per cent to $439).
Bendigo Agribusiness says the first half of a calendar year typically accounts for a greater proportion of the year’s transactions.
