That divergence is emerging at the same time broader market data is showing clear signs of levelling. Bendigo Bank figures indicate the national median farmland price slipped 3.1% in the first half of 2025 to $9,885/ha, marking the first time since 2013 that year-on-year growth stalled at the start of a year. Sales volumes also dropped to just over 3,100 transactions — a record first-half low — as tighter margins in cropping, dairy, and horticulture made buyers more cautious and shifted more activity into lower-priced states.
