In an attempt to value soil natural capital, we use the inherent characteristics of soil and land valuation data to examine the relationship between soil characteristics and rural farmland values in the 6000ks2 Manawatu catchment in New Zealand. The study applies a hedonic pricing method to determine if the value of ‘critical’ inherent characteristics of soils are reflected in land values. We find empirical evidence that the examined characteristics of soil natural capital stock, e.g., particle size, drainage, potential rooting depth and profile available water, are in fact reflected in rural land values.