Rural Bank's Australian Farmland Values 2020 report shows while the volume of transactions for the region decreased 8.6 per cent to 511 in 2019, volume actually increased in the Hilltops, Federation and Junee Local Government Areas (LGA).

53 transactions took place in the Hilltops in 2019, an increase of eight on the previous 12 months.

Hilltops also performed well in terms of the volume of transactions at the high end of the market.

The greater than $7,500/ha range increased 69.1 per cent, with most of these transactions taking place in Hilltops, Cootamundra-Gundagai and Junee LGAs.

The median price per hectare of farmland in Hilltops was $6,389, higher than the region's median price of $4,458.

The report shows this is the third consecutive year of double-digit growth for the region, reflecting strong demand for tightly held land, particularly in high rainfall areas.

"Demand for properties in Southern NSW remained strong in 2019," Joann Heeney from Rural Bank Wagga Wagga said.

"Record prices were achieved in most areas, driven by low supply and increased competition amongst neighbouring buyers.

"Despite tough seasonal conditions in 2019, demand remained buoyant for cropping and grazing properties, especially in those high rainfall zones."