Cowra farmland prices among highest in region

The median price per hectare of farmland in Cowra is one of the highest in the region, according to the latest research.

Rural Bank's Australian Farmland Values 2020 report shows the median price per hectare in Cowra in 2019 was $9,375, with 33 transactions taking place last year, an increase of five on the previous 12 months.

The figure is an improvement on 2018, when Cowra farmland was fetching a medium price of $8,721 per hectare.

In contrast, in neighboring Cabonne Council, there was a decline in the median price.

The median price in 2019 was $5,062 and transactions fell by one to 44.

However, in 2018, land was going for a median price of $6,698 per hectare, according to the statistics.

2019 marked the sixth consecutive year of growth for the Central NSW region, with the median price per hectare of farmland up 18.3 per cent to $4,716.

However, the volume of transactions decreased sharply to 774 transactions, 19.9 per cent below 2018, which Rural Banks says was "driven by the drought in the region leading to fewer listings".

Nearby local government areas, such as Forbes, Parkes and Weddin all had price tags lower than the median for the Central NSW region.

The median price per hectare of farmland in Forbes in 2019 was $3,521, $3,028 in Weddin and $2,446 in Parkes.

Parkes also experienced a notable decline in transaction volume in 2019, down 10 on the previous 12 months.