Mr Wallace represented the lower south region at the FMG Young Farmer of the Year Grand Final in Timaru in 2016.
"I learned a lot last time. I know my weaknesses that I need to work on. So, if I can pull them up, that will help a lot.''
He received $12,000 worth of prizes for winning the 2018 regional final.
As well as the overall title, he also won the Meridian Energy Agri-Knowledge Challenge and the Agri-Sports Challenge.
Agricultural consultant Alan Harvey, of Roxburgh, came second and won the coveted Ravensdown Agri-Skills Challenge.
Wyndham sheep and beef farmer Matt McRae took third place and the Massey University Agri-Growth Challenge.
Rural banker Linda Taggart, of Myross Bush, won the AGMARDT Agri-Business Challenge.