ABSTRACT
The majority of Australia's farmland is still owned and operated by families or interests associated with families though there is now an increasing level of investment by corporate and institutional investors. In the family situation, the true returns to labour and those to capital become blurred. Australia by and large is a price-taker on international commodity markets and as farmer subsidies are minimal, this means that the primary sector is open to the vagaries of the world marketplace with its inherent protectionist policies, subsidies, politics and fluctuating currency exchange rates. The market for rural land is regionally influenced and may fluctuate depending on seasonal conditions, commodities outlook, general economic circumstances and rural property market participant perceptions. Sales information can be broken down into various levels and at each step care is required to evaluate the sales for comparability.
