Farm investment in Victoria is becoming a focus
According to latest data from Robert Marsh, general manager of Victoria, Victoria’s farm investment has grown faster than house prices in Melbourne in 2017.
In 2017, average farm property prices in Victoria rose 7.4%, with average Melbourne house prices rising 5.8%.
Melbourne’s near-urban farms sell for $ 1 million per hectare, more than double what they had paid a few years ago. Last week, the Chinese developer Garden Garden agreed to pay a record $ 400 million for a 363-hectare rural area west of the city.
The Victorian farm investment growth rate is 6%, reflecting the huge demand for state agriculture such as beef, dairy, vineyards and crops.
The strong price growth is encouraging longtime farmers to sell land 46 kilometers from Melbourne. The 742 acres of planted and grazed land from the 1860s is expected to sell over $ 10 million.
The largest land price increases in 2017 are Newtown (up 12%), Maryborough (up 9%), Castlemaine (7%) and Swan Hill (6%).
The increase in farm investment in Victoria has also shown that the commercialization of agriculture is growing at an average rate of 5.3% in Melbourne and 4.5% in the state.