With 105 property transactions in the region for the first half of the year, the market has been the busiest rural Victorian region in 2026.
While some metropolitan residential properties offered a slight slump this year, the GV experienced a 4.8 per cent increase in value, year on year, with a 9 per cent increase compared to the first half of last year.
It was a different story for other regions.
“While Victoria may be performing well compared to a year ago, market growth has been limited by the higher cost operating environment,” the report found.
“While there is appetite to invest, small to medium-sized investments are being prioritised, and larger on-farm investments are competing heavily against land purchases, in many cases deterring land expansion.
“This has especially been the case in the regions recovering from tough conditions. Listed properties are also being scrutinised more; parcels with potential are being avoided due to the higher level of investment required, and as such, are sitting on the market longer,” the report said.
“Higher debt costs are increasing the interest in leasing opportunities, rather than purchasing, however these opportunities are limited.”
The exception to most of this is neighbouring parcels, which remain highly contested and continue to fetch a solid price as a result. On a sector level, the performance of farmland has varied.
The Farmland Values Report found in the South West region, the value of dairy farms is holding firm compared to other grazing parcels and there is less dairy land being purchased to be utilised in other sectors. In the Wimmera however, livestock properties are being snapped up by actively expanding cropping enterprises capitalising on a favourable season.
“Land for cropping also remains in demand through the Mallee region, while several horticultural properties are still sitting on the market in the wake of reduced buyer interest.”
In the Goulburn and Ovens Murray regions, property sales have increased year-on-year, primarily driven by post-COVID migration reversals, gaps in succession planning, and broader shifts in personal circumstances.
Bendigo Bank senior agribusiness relationship manager Carlie Colling said time on market had lengthened for certain listings.
“While producers retain an appetite for expansion, activity is constrained by increasing interest rates, higher input costs, and recent changes to capital gains tax,” he said.
“Despite these headwinds, demand for contiguous and neighbouring parcels remains resilient.”
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