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Rural property expected to benefit from rebound in Australian agriculture

March 21, 2024

Australia’s farm, fisheries and forestry sectors are set to rebound in 2024-25, which bodes well for the rural property sector. 

The most recent Agricultural Commodities and Australian Crop report[i] from the Australian Bureau of Agricultural and Resource Economics (ABARES) is predicting that the gross value of production in 2024–25 will again increase after challenging seasonal conditions affected outcomes in 2023-24.

Executive Director of ABARES Dr Jared Greenville said a rebound of up to 6% is predicted, bringing the gross value of Australian farms, fisheries, and forestry to $90.8 billion, the third highest on record. “The gross value of Australian crops production, as well as livestock and livestock products, are both estimated to increase to $48.7 billion and $36.2 billion respectively,” he said.

For Australia’s livestock production and livestock products industries this is a record high and the result of expected favourable climate conditions and improving prices. Moreover, above-average summer 2023–24 rainfall and subsequent build-up of soil moisture reserves in eastern Australia is expected to provide a good incentive for planting ahead of the 2024–25 winter crop season.

Travis Wentriro, NSW Network Manager, Raine & Horne Rural, commented that higher than anticipated rainfall that has helped replenish dams and provide more feed on the ground are positive signs that are also expected to drive increased demand for rural property in 2024. 

“The promising seasonal developments that have helped to improve the presentation of properties, coupled with enhanced production outputs, are likely to spur a significant uptick in interest and investment in rural real estate in many parts of Australia this year.”

If you’re considering listing a rural property, contact your local Raine & Horne Rural estate agent today.