This PowerPoint helps students to consider the concept of infinity.
Land Valuation in Victoria, Australia
1. Royal University of Agriculture
Faculty of Land Management and Land Administration
Faculty of Land Management and Land Administration
3
Royal University of Agriculture
Topic:
Valuations of Rural Leasehold and
Licensed Land in Victoria, Australia
Second Semester, Year 03
Lectured by: Mr. Taing Aun SOURN
Group 06:
1. Mr. Vibol CHETMAY 4. Mr. Phanith LY
2. Mr. Sengly SAM 5. Mr. Bunarith PRAK
3. Mr. Taingkou DOUNG 6. Mr. Sambath PRAK
Academic Year: 2011-2012
2. Cambodia - Australia
Presentation Outlines
1. Definition
2. Geography of Australia
3. Land Use Type in Australia
4. Who owns Australia?
5. Leasehold and Freehold
6. Geography of Victoria
7. The Crown in Victoria
8. Methodology
9. Case Study Area
10. Data and Analysis
11. Conclusion
12. Bibliography
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Definition:
• Valuation (n): the act of deciding how much money something might be sold for or
the amount of money decided on.
• Rural (adj): in, of or like the countryside.
• Leasehold (n): the legal right to live in or use a building, piece of land, etc. for an
agreed period of time.
• Licensed Land (n): land that is under the official permission to do on it, etc,.
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Where is Australia?
Please go to visit Australia with us now…!
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1. Geography of Australia:
• The largest island continent and the 13th largest economy in the world
• Total Area: 7,617,930 square km (6th), lying south of the Equator (Southern
Hemisphere) between the Indian and South Pacific Oceans separated from Asia
by the Arafura and Timor seas.
• Population: approximately 21 million (Highly urbanized), ranked 56 (2008)
• Population Growth Rate: about 1%/year
• Density: 2.8 persons/Km2
• Capital: Canberra
• Largest City: Sydney
• National Language: English
• Independence: From the United Kingdom on 1 January 1901
• Prime Minister: Julia Gillard (1st female PM in June 2010)
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The Pie Graphic of Land Use Type in Australia
5%
2% 9% Production
44%
Natural Vegetation
Pasture
40%
Nature Conservation
Protected Areas
Source: Bureau of Rural Sciences
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Land Use of Australia
Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences
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Land Use of Australia
Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences
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Land Use of Australia
Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences
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Who owns Australia?
• The governments’ control 72% of the land in Australia, aboriginals 13% and 15% is
held in private freehold. The governments are the biggest landlords in Australia
• They include leasehold land as government land because the government is the
owner and the lessee can be dispossessed at any time by government.
• The biggest landlord in Australia is the Department of Lands and Surveys in Perth
which owns 211 million hectares. Virtually all land is owned by the
government, who is thus landlord to every home, office, factory and business in a
city. The leasehold land owned by the Department of Lands in Darwin whose
empire totals 80 million hectares.
• Almost half of the continent is largely leasehold land.
• The best security is free-hold by Courier Mail, 30th October 1981.
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Leasehold and Freehold
• Sell a man an acre of wilderness and he will make a garden out of it. Lease a man
an acre of garden and it will become a wilderness.
The three nations in Australia:
Freehold Australia (a semi-free society)
Leasehold Australia (a feudal society)
Black Australia (a socialist society)
• We have a nation where over 85% of the land area is owned by governments or
quasi-government bodies and controlled by their officials.
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Bar Chart of Australian Citizens’ Ages
12000
10000
8000
Male
6000
Female
4000
2000
0
0 - 19 20 - 39 40 - 59 60 - 79 80 - 100+
Source: Australian Bureau of Statistics 2006
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The Pie Graphic of Language Usage in Australia
5.8%
1.9% 11.1%
2.1% English
Chinese
Italian
79.1%
Other
Unspecified
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Canberra
Canberra is the Capital of Australia
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Sydney
Sydney is the Largest City of Australia
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Prime Minister of Australia
Julia Gillard (1st female Prime Minister in June 2010)
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• Coastline: extending more than 36,700 Km
• Currency: Australian dollar (AUD)
• Coordinates: lies between latitudes 9 and 44 S, and longitudes 112 and 154 E.
• Lowest Point: Lake Eyre ( - 15 m)
• Neighboring Countries: Indonesia, East Timor and Papua New Guinea (N), the
Solomon Islands, Vanuatu and New Caledonia (NE), and New Zealand (SE).
• Discovery: By Dutch explorers in 1606
• Indigenous Australians: Melanesian
• Drive: On the left
• Senate: 76 senators
• House of Representatives: 150 members
• Elections for both chambers are normally held every 3 years.
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2. Country Details:
• It was inhabited for over 40,000 years by indigenous peoples.
• The majority of the population 85% resides in urban areas and 15% in rural areas.
• Highest Point: Mt. Kosciusko (2 229 m)
• The use of the word Australia in English was in 1625.
• The name Australia was popularized by the explorer Matthew Flinders in 1804.
• Traditional ownership of land (Aboriginal Title) was not recognized until 1992.
• Australia is a constitutional monarchy with Queen Elizabeth II (resides in United
Kingdom) as the Queen of Australia.
• There are two major political groups that usually form government:
The Australian Labor Party
The Coalition
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Context of Living Standards for Australian Citizens
15%
Urban Area
85%
Rural Area
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The Federal Government Structure of Australia
The Legislature
The Executive The Judiciary
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Economy
• Market economy with high GDP/capita and a low rate of poverty.
• Major cities fare well in global comparative livability surveys
• Highest house price in the world.
• Tax system, personal & company income tax is the main sources of government
revenue.
• There were 11,450,500 people employed, with an unemployment rate of 5.1%
(July 2011). Youth unemployment (15–24) rose from 8.7% to 9.7% over 2008-2009
• Largest export markets are Japan, China, the US, South Korea, and New Zealand.
• The world's fourth largest exporter of wine contributing $5.5 billion per annum to
the nation's economy.
• Total government debt in Australia is about $190 billion
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Demography
• The population has quadrupled since the end of World War I, much of the increase
from immigration.
• In 2000, almost 5.9 million people settled in the country as new immigrants (nearly
2 out of every 7 Australians were born in another country). Most immigrants are
skilled but immigration quota includes categories for family members & refugees
• In 2005, 24% of Australians were born elsewhere; the 5 largest immigrant groups
were those from the UK, New Zealand, Italy, Vietnam, and China.
• Australia has 6 states: New South
Wales, Queensland, Tasmania, Victoria, Southern and Western Australia.
Health
• Life expectancy in 2006 was 78.7 years for males and 83.5 years for females.
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• In 2005–2006, more than 131,000 people immigrated to Australia, mainly from
Asia and Oceania. The migration target for 2010–2011 is 168,700
• By 2050, Australia's population is currently projected to reach around 42 million.
• Indigenous Australians have a low level of education, and life expectancies for
males and females that are 11–17 years lower than non-indigenous Australians.
Education
• In general children are required to attend school from the age of about 5 up until
about 16. Australia has 37 government-funded universities and 2 private
universities.
Religion
• No state religion, and section 116 of the Australian Constitution prohibits the
federal government from making any law to establish any religion.
• The Christian festivals of Christmas and Easter are public holidays.
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Language
• No official language according to the 2006 census, English is the only language
spoken for (79%). The next most common languages spoken at home are Italian
(1.6%), Greek (1.3%) and Cantonese (1.2%).
• Most common language spoken by children after English was Arabic, followed by
Vietnamese, Greek, Chinese, and Hindi (The Australia Early Development Index)
• Australia has a sign language known as Auslan, which is the main language of
about 5,500 deaf people.
Cuisine
• Wine is produced in 60 distinct production areas totaling approximately 160,000
hectares, mainly in the southern part of the country.
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Constitution of Australia
Section 116:
• The Commonwealth shall not make any law for establishing any religion, or for
imposing any religious observance, or for prohibiting the free exercise of any
religion, and no religious test shall be required as a qualification for any office or
public trust under the Commonwealth.
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Where is Victoria?
Let’s go to Victoria together!
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1. Geography of Victoria:
• Total Area: 237 629 Km2 (Land 95.7% and Water 4.3%)
• Bordered by: New South Wales, South Australia, and Tasmania.
• Population: 5 547 527 people (June 2010) with an increase of 1.8% from the
previous year and may reach 7.2 million by 2050.
• Aboriginal Australians: 0.3% of the total population
• Density: 21.7 persons/Km2
• Capital: Melbourne
• Independence: Became a state of Australia in 1906
• Governor: Alex Chernov
• Premier: Ted Baillieu
• Product ($m): 293 313 (2nd)
• Product per capita: 52 872 (6th)
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• House of Representatives: 37 members
• Senate: 12 Senators
• About 72% of Victorians are Australian-born (more than 70% live in Melbourne).
• Victoria is most urbanized state: nearly 90% of residents living in cities and towns.
• Highest Elevation: Mount Bogong (1986 m)
• Victoria contains many topographically, geologically and climatically diverse
areas.
• Victoria has a written constitution enacted in 1975.
• Victoria is the second largest economy in Australia after New South Wales.
• In August 2010, Victoria had 1,548 public schools. Victoria has about 63,519 full-
time teachers. Victoria has 9 universities.
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Demography
• Melbourne, the state capital, is home to more than 7 in 10 Victorians.
• The Melbourne metropolitan area is home to an estimated 3.9 million people.
• Victoria is Australia's most urbanized state: nearly 90% of residents living in cities
and towns.
• In 2010-2011 there were 152 homicides within the state of Victoria.
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Average Monthly Maximum Temperature in Victoria
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Victorian Production and Workers by Economic Activities
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Area of leased and licensed land in Victoria is small
• Most agricultural land within the higher- rainfall area of Australia is held under
freehold title
• Most land in the drier pastoral area that is used for some form of agriculture or
grazing is held under various forms of lease and license from state or territory
governments
• Leases for a short term may provide little long-term security
• Many Crown leases, however, are for longer terms
• The area of leased and licensed land in the state of Victoria is a small portion of
the total area given over to freehold or owner-occupied farms.
• A total of 43,689 tenants control 1 064 004 hectares of government-owned land
(4.7% of the state’s total area).
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The Crown in Victoria
• Crown land is an area belonging to the monarch (“The Crown"), the equivalent of
an entailed estate that passed with the monarchy & could not be alienated from it.
• In Australia, public lands are considered to belong to the Crown.
• Various States have adopted differing policies towards the sale and use of their
Crown lands.
• Crown land is used for such things as airports (Commonwealth) and public utilities
(usually State).
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Amount of Land Control in Victoria
4.7%
Land owned by tenants
Land owned by state
95.3%
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The tenants lease the land for grazing for their livestock
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• There is no any central registry or database for private leases; it is not known
how many private leases exist, or what percentage of the state is under lease.
• Public lands are considered to be owned by the Crown. In Australia, each state is
a Crown entity that may lease land.
• Land alienation was a major problem of Victoria in the 1850s.
• During the 20th century most land in rural Victoria became freehold owner-
occupied land.
• The Northeast region of Victoria covers some 20 000 Km2 with 87 000 people.
• Approximately 61% of the region is public or Crown land, used for
forestry, conservation, and recreation.
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What happened to Victorian Agriculture Process?
Machinery (Sophisticated)
Farm sizes (Increased)
District Populations (Decreased)
Change in the size of small agricultural service towns
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• February is the peak of summer in Victoria and it is also the month presenting the
greatest wildfire danger.
• The largest economic contributor is crop production.
• Native title is the recognition by Australian law that some indigenous people have
rights and interests to their land that come from their traditional laws & customs.
“Market Rent is the best rent which might reasonably be expected, as following:
• A willing lessor and lessee
• A reasonable period in which to negotiate the letting
• Values remain static throughout the period
• The property is freely exposed to the market
• No account is taken of any higher price or rent that might be paid by a party with a
special interest
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Gross Value of Agricultural Product in Victoria in 2004-2005
Type Amount ($’000)
Livestock Slaughtering 2 526 991
Livestock Products 2 644 694
Crops 3 261 542
Source: Australian Bureau of Statistics 2008
• Less than 1.6% of Australian farms were owned by institutional investors.
• The Murray River is Australia’s longest river, but relatively short by international
comparison. The Hume Dam river is 302 Km downstream from the Murray River’s
mountain source and 2,225 Km from its mouth in South Australia.
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• Most private land is freehold within Victoria
• Forestry contributes $213 million per annum.
• The court decision noted that the appraiser was required to take into
consideration three matters:
1. The best current open-market annual rental value that can reasonably be
obtained for the premises
2. The current open-market annual rental values of comparable commercial
premises
3. Any permanent structural or other improvements to the premises installed at the
lessee’s expense that the lessee is not permitted to remove at the expiration of
the lease.
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Methodology
In respect of rentals or leasing of land in the area, four approaches have been
traditionally applied.
1. Use a percentage of the market value of the land
2. Relates to agistment rates
3. Examine productive value of the land
4. Use a gross margin or income approach
• Gold was discovered in the area in 1851.
• Lease documents for rural land are less complicated than commercial leases
• The quantum for commercial leases is generally much higher than a rural lease
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Case Study Area
• NE Water Resources
• Operates over 68 000 Hectares - Controls 835 licences
• Hume Dam Capacity 3 035 500 mega litres
• Surface Area 20,000 Hectare
• Licensed Land around Edge of Lake Hume 84 Licences Area 2300 Hectares
• 2 Arms Murray / Mitta
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Bullivant and Minister 1936
• Flooding - Compensation - Hume Dam
• Peak Flood Area 33% Loss
• Higher Level 10 % Loss (blot on title)
Native Title
• Crown Land
• Extinguished by Freehold Grant
• Basis - Traditional Laws & Customs
• Native Title Act 1993
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Valuation of less than freehold
• Little Research
• Market rental valuations of rural land
• Valuation of land held under lease
• Native Title issues
• Number to increase due to demographics and economics
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Rural Settlement Post 1825
• Landed squatters held large tracts
• Power of squatters gained by wool boom
• Victorian legislation of 1869 freed up land
• Settlers gain leasehold & freehold
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Lake Hume Study Area
• Upstream of Albury/Wodonga
• Mean annual rainfall of 715 mm
• Average Maximum Temperatures
Summer 31.8oC
Winter 12.6oC
• Valleys - Murray, Kiewa & Mitta
• Diverse Soils - Vertosols & Shallow
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Literature Review
• Eves Study 2002
• NSW 1990-2000 Income & Capital Land Value - Annual Average
Weighted Return
• Rural & Other Investments
• Rural - 10.75%
• Shares - 12.72%
• Bonds - 11.3%
• Property - 5.2%
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Rentals - Traditional Methodologies
• Percentage of Market Rental
• Agistment Rates
• Productive Value
• Gross Margin / Income Approach
• Analysis of Productive Value is Preferred
• Little Market Evidence
• No Organised Leasing Market
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Analysis of Recent Sales & Transactions
Freehold Land $2,030 - $6,200 per hectare
District Leases $67 - $284 per hectare
Freehold Leases
Study Area Average $93 per hectare
Rental Returns Historically 6% of Market Value
Agistment Rates Cow & Calf $5 / head / week - Up to $9
Cow & Calf $500
Gross Income per Year
1 Cow & Calf = 15 Dried Sheep Equivalent
Gross Margin Per Hectare $ 140
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Application of Methodologies - Data
• Land Value of $6,200 / Hectare
• 1 Cow & Calf = 2 Hectares
6% = $370 / Hectare
Rental Returns
3% = $185 / Hectare
Agistment $130 / Hectare
Productive Value $500 = $250 / Ha at Rental of 50% = $125/Ha
Gross Margin $140 / Hectare at 50% Rental = $70 / Hectare
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Methodologies Summary
• Significant Variation
• Land Value - Lifestyle Options - Rural Use
• Capital Gains - Value
• Agistment - Seasonal / Short Term:
Owner Responsible for Maintenance, Capital Expenditure &
Overhead Costs
• Productive Method Favoured by Farmers Over G.M. Approach
• Productive Method Ignores Lessor Overhead Costs
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Farmer Interviews
• Agistment Not Realistic
• Production or Gross Income Approach
• Cow & Calf Gross Income - $440 - $500 / Year
• 1 Cow & Calf to 2 Ha
• Rentals $110 - $125 / Ha
• Gross Margin Approach too General - Data Not Available
• Alternative Approach - Assess DSE / Ha
7.5 x $16 DSE = $120 / Ha
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Crown Land Rentals - Methodology
• Productive Capacity - DSE / Ha
• Multiplied $ Rate / DSE
• Equals $ / Ha Rent (Forest Leases $/Head)
• 33% of Total Productive Capacity Used as Basis for $ Rate / DSE. This is due
to the following factors
– No Exclusive Possession
– Lessees Pay Rates & Provide Benefit to Crown
– Lessee Has to Manage Pests Etc. & Non-Productive Areas
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Victoria
Mildura
Swan Hill
Loddon Mallee Regional Victoria
including Department of Human Services regional boundaries
and Local Government Areas
Hume Dam Study Area
Yarriambiack
Gannawarra
4 Hour Drive
Buloke Moira
Wodonga
Hindmarsh Loddon
Campaspe Indigo NE of City
Benalla
Greater Shepparton Wangaratta Towong
Greater Bendigo Strathbogie Hume
West Wimmera
Horsham Northern Central Alpine
GrampiansGrampians Goldfields
Pyrenees Mount Alexander Mitchell
Southern Grampians Mansfield East Gippsland
Hepburn Macedon Ranges Murrindindi
Ballarat
Moorabool
Wellington
Gippsland
Ararat
Metropolitan map
Glenelg
Moyne
Golden Plains
Corangamite Greater Geelong
Melbourne Baw Baw
Barwon South Western
Warrnambool
Surf Coast
RMIT
Queenscliffe
Unincorporated Vic La Trobe
Bass Coast
Colac-Otway South Gippsland
0 50 100 Department of Human Services regional boundaries
Kilometres based on Local Government Areas
Australian Standard Geographical Classification 1 July 2004
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Data and Analysis
• The value of freehold land per hectare by excluding buildings: Values range from
$2 030/hectare for marginal farming land and $6,200/hectare for good average
grazing country (typical of good licensed areas fronting the Hume Dam), up to
$17, 800/hectare for good country with a lifestyle component and good water
views.
• Freehold leases (AUD per hectare per annum) Values range from $67/hectare for
marginal farming land. On the highly productive Buffalo Creek flats are at
$284/hectare. Average farming land within the study area leases for $93/hectare.
• An agistment is money paid for grazing stock on land owned by another person.
The owner of the land is responsible for the feeding and care of the livestock.
Agistment is for a short term and is quoted as dollars per head per week, e.g., $5
per cow per week.
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• Rental return: Historically, return range from 5% to 6% per annum based on
market value.
• Agistment values (AUD per head, all inclusive): Values of 1 cow and calf are at
$5/week; sheep at $0.50/week. This has been up to $9/head for cow and calf,
depending on demand, due to the drought conditions.
• Gross income per year (AUD): Gross income for 1 cow and calf equals $500; for 1
cow and calf equals 15 dry sheep equivalent.
• Gross margin per hectare: Margins average $140 per hectare for the Northeast
region. It is estimated that this would not exceed $120 in 2009, due to seasonal
factors.
• If the rental is $100 per hectare and the market rental is $150 per hectare, the
profit rental is $50 per hectare.
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From a lease perspective, this data is substituted into calculations by using the four
methodologies to achieve a rental valuation as follow:
Method 1: Percentage of Market Value
$6 200/hectare at 6% indicates a rental amount of $370 per hectare per annum.
Method 2: Agistment Rates
The land would carry 1 cow and calf to 2 hectares; indicates a rental amount of $130
per hectare per annum.
Method 3: Productive Value/Gross Income Approach
The land carries 1 cow and calf/2 hectares, with a productive value of $500/annum.
Rental value would then be $125/hectare.
Method 4: Gross Margin Approach
The gross margin for this land would be $140/hectare, and allowing a rental value of
50%, this would represent $70 per hectare per annum.
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Conclusions
• Uncertainty for Practitioners as to Correct Approach to Assess Market Rental
• Impact of Terms & Conditions Significant
• Market Place Indicates the Productive Capacity Multiplied by a $ Rate per Unit
• Lessees Reluctant to a Lease Agreement Indicating a Commercial Return to
Capital
• Return on Capital is Low Compared to Other Investments
• Further Research Needed.
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Bibliography
1. Valuations of Rural Leasehold and Licensed Land in Victoria, Australia by Simon A.
de Garis (http://www.mcmullansolicitors.com/uploads/1276141350_valuations-of-
leasing-land-rural-appraising.pdf, accessed on: 05/04/2012 at 04:50 pm)
2. Valuations of Rural Leasehold and Licensed Land in Victoria, Australia by Simon A.
de Garis (http://eres.scix.net/data/works/att/eres2009_351.content.ppt, accessed
on: 05/04/2012 at 05:11 pm)
3. How to Access Australian Census Data by Graeme Hugo, professor of Geography
& Margaret Young, Geographical & Environmental Studies, University of
Adelaide, (http://siss.edu.au/uploadedfiles/Jan_2010_version_How_to_Access_Aus
tralian_Census_Data.pdf, accessed on: 18/05/2012 at 06:49 pm)
4. Microsoft Encarta Premium 2009
Constitution of Australia
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5. Constitution of Commonwealth of Australia, please visit the this address for details
(http://web.parliament.go.th/parcy/sapa_db/cons_doc/constitutions/data/Australia/A
ustralia.htm, accessed on: 18/05/2012 at 05:54 pm)
6. Land Use in Australia, please visit these addresses (www.brs.gov.au/landuse) and
(http://adl.brs.gov.au/mapserv/landuse/pdf_files/Web_LandUseataGlance.pdf, acce
ssed on 18/05/2012 at 05:48 pm)
7. Land Management in Australia, Case Study with Emphasis on the State of Victoria
by John PARKER and Leonie NEWNHAM, Australia, please visit this address
(http://www.fig.net/pub/mexico/papers_eng/ts3_parker_eng.pdf, accessed on
05/04/2012 at 05:44 pm)
8. Successful Land Leasing in Australia, A guide for farmers and their advisers by Rod
Ashby & Duncan Ashby, Publication No. 11/052, please visit this address
(https://rirdc.infoservices.com.au/downloads/11-052, accessed on 05/04/2012 at
05:56 pm)
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9. Property Ownership In Australia by Doctor Mark Cooray (1995)
(http://www.ourcivilisation.com/cooray/rights/chap813.htm, accessed on 05/04/2012
at 05:44 pm)
10. Australia, (http://www.abflags.com/flags-of-the-world/oceania/australia, accessed
on 05/04/2012 at 05:47 pm)
11. Victoria
(Australia), (http://en.wikipedia.org/wiki/Victoria_%28Australia%29, accessed on
05/04/2012 at 05:52 pm)
12. Cambridge Advanced Learner’s Dictionary, 3rd Edition
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Our Team Members, we are available and can be contacted at:
1. Mr. Vibol CHETMAY 2. Mr. Sengly SAM
Tel: + 855 (0) 976 783 493 Tel: + 855 (0) 12 828 918
E-mail: vibolchetmay@yahoo.com E-mail: senglysam@yahoo.com
3. Mr. Taingkou DOUNG 4. Mr. Phanit LY
Tel: + 855 (0) 10 602 099 Tel: + 855 (0) 10 802 023
E-mail: taingkoudoung@yahoo.com E-mail: phanitly@yahoo.com
5. Mr. Bunarith PRAK 6. Mr. Sambath PRAK
Tel: + 855 (0) 70 819 992 Tel: + 855 (0) 89 775 781
E-mail: bunarithprak@yahoo.com E-mail: sambathprak@yahoo.com
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Thank you very much for your kind attention!!!
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