WESTERN AUSTRALIAN FARMLAND VALUES INDEX 2014

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1 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 VOLUME 1 JULY 215

2 CONTENTS 3 INTRODUCTION AT A GLANCE 1 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 14 INDUSTRIES 14 CROPPING 18 DAIRY 22 MIXED FARMING 26 GRAZING 3 APPENDIX INTRODUCTION The value of land underpins our farming businesses and rural communities. It reflects the strength and confidence of agricultural industries. Good information is critical when making farm management decisions, so understanding farmland values is important to everyone in agribusiness. That s why Rural Bank and its specialist insights team, Ag Answers have produced the Western Australian Farmland Values Index. The Index provides analysis at state, industry and regional levels, and is based on data compiled since. The information herein is intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). Rural Bank makes no representation as to the accuracy or completeness of such information. Any opinions, estimates or projections in this report do not necessarily reflect the opinions of Rural Bank and are subject to change without notice. Rural Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein changes or subsequently becomes inaccurate. This report is provided for informational purposes only and should not be relied upon without consulting your legal and/or tax professional. WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 5

3 ABOUT THE RESEARCH KEY POINTS The Western Australian Farmland Values Index is based on real farmland sales of 5ha and greater and uses data collected by Landgate (Western Australian Land Information Authority). The analysis draws on: Over 18, * farmland sales Over 22 years Representing 11.1m ha of land With a combined value of $12.5b * The number of farmland sales is an estimate based on grouping of like lot sales using a unique identifier code for each farm sale. However, in cases where multiple buyers purchase different lots in the sale of one farm, multiple identifier codes will be applied. Property sales that are inconsistent with the definition of market value are excluded from the analysis. The 214 observations in this report are based on the number of sales available at the time of printing. Due to varying settlement periods, some 214 sales are yet to be captured in the data used to publish this report. The Western Australian Farmland Values Index aggregates the analysis of 1 industry and region pairings (listed below). The industry and region pairings are based on the dominant farm industry in a particular region, but does not exclude other farm industries. Farmland values are based on all farm land, not arable land alone. An index is a statistical measure used to track changes in a particular metric over time, allowing the aggregation of multiple data points into one relevant graph. The Farmland Values Index tracks the median farmland value using a base year of 2, which will always equal 1. All years therefore relate back to 2 - for example, if 25 has a value of 132, then land values were 32% higher in 25 than in 2. The median value of Western Australian farmland increased slightly in 214; up.8% following a 7.3% decrease in 213. Farmland values have grown ahead of inflation. Since 2, average annual inflation has been 2.7%. Average annual growth in Western Australian farmland value has been 4.8%. The median value of Western Australian dairy farmland has doubled since 2. The Western Australian Mixed Farming Farmland Values Index has experienced a period of decline from 28 to 213. Median value increased by 6.4% in 214, following a.7% decrease in 213. Western Australian farmland values experienced moderate growth in the 199s, then rapid growth in the early to mid-2s before settling back to moderate growth in recent years. The median value of Western Australian grazing farmland increased by 26.7% in 214, which followed a 23.6% decrease in 213. The Great Southern mixed farming region accounted for the most farmland sales over the past decade, totalling 1,116. The Central grazing region had fewest farmland sales over the same period, totalling 288. The Western Australian Cropping Farmland Values Index decreased by.6% in WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 The number of farmland sales was around 9 per year from to 28 before dropping to about 55 per year after 28. WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 5

4 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 WEATHER 214 AT A GLANCE In 214, the mean annual rainfall was above average for most of Western Australia except the West Coast. Temperatures across the state were above average, particularly in parts of the South West where annual mean temperatures were the highest on record (Bureau of Meteorology, 214). Growing season conditions were favourable for most grain growing regions, however storms just prior to harvest caused a drop in yield in affected areas. STOCK MARKET IN 214, TEMPERATURES ACROSS THE STATE WERE ABOVE AVERAGE. 214 was a disappointing year for Australian stocks. The market finished the year almost where it started, held back by energy, iron ore and mining services stocks that were impacted by weak commodity prices. This limited returns from shares to about 5%, including dividends. The All Ordinaries Index closed 214 only 19 points higher than it opened. WESTERN AUSTRALIAN FARMLAND VALUES INDEX AT A GLANCE 9

5 AUSTRALIAN DOLLAR The Australian dollar hovered around.92 USD for most of the year, before trending downward in early September as weak commodity prices and expectations of a shrinking interest rate differential to the US dollar had an impact. The Australian dollar peaked at.95 USD in July but fell to.8 USD by Christmas, the lowest level since June 21. BEEF In 214, cattle prices steadily recouped falls from the previous year and rallied further in November and December to finish the year strongly. After watching US cattle prices extend gains ahead of local markets in 214, the long-awaited combination of strong export and domestic demand and tightening domestic supply finally flowed through to local cattle prices. LAMB Lamb markets maintained historically high prices in 214, despite a record slaughter rate of approximately 22.4 million head. The National Trade Lamb Indicator closed the year at 547 cents per kilo carcass weight, up 33% from the beginning of the year. WOOL The wool industry experienced a mixed year. Producers of broader micron wool enjoyed record prices, which was a welcome result given that wool tends to be a secondary product for many of these producers. Fine wool prices traded in the five-year 2th-25th percentile range reflecting the decline in demand for fine wool from China. DAIRY Dairy producers optimism was rewarded with increased prices for their product during the year. Prices were primarily fuelled from competition among main buyers in response to local supply and demand factors. GRAINS Western Australia experienced the most favourable grain growing seasonal conditions of any Australian state in 214, with many regions recording average or higher yields. Cereal production has grown to record levels in recent years and, although the 214/15 harvest was lower than the previous year, wheat production was still above the five-year state average. 1 WESTERN AUSTRALIAN FARMLAND VALUES INDEX AT A GLANCE WESTERN AUSTRALIAN FARMLAND VALUES INDEX AT A GLANCE 11

6 MEDIAN VALUE REMAINS STEADY The median value of Western Australian farmland increased by following a drop of WESTERN AUSTRALIAN FARMLAND VALUES INDEX Since, there have been four distinct trends in Western Australian farmland values: - Moderate growth. Average annual growth = 1.4% Strong growth. Average annual growth = 24.5% Stagnant. Average annual growth = -2.% Western Australian Farmland Values Index (Year 2=1) Consolidation. Average annual growth = -.2% The average parcel size of farmland sold in 214 was WESTERN AUSTRALIAN FARMLAND VALUES INDEX

7 TRENDS IN NUMBER OF FARMLAND SALES SEASONAL SALES PATTERN The number of Western Australian farmland sales increased to 579 in 214* after recording 57 sales in 213. The number of farmland sales was 2 around 95 per year from to 27. Sales activity then dropped significantly from 28 to around 55 sales per year. * Based on the number of sales for 214 at time of printing Number of farmland sales per year Western Australia * The number and timing of farmland sales depends on both the industry and location. While grazing and dairy sales have proven to be relatively constant throughout the year, almost half of all cropping sales occurred between January and April. Sales activity then picked up again from September to December in cropping regions. Mixed farming regions have also displayed two peak periods, the first from February to April and the second in October Total number of farmland sales per month Western Australia JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL VALUE OF FARMLAND SOLD IN RECENT YEARS, SALES ACTIVITY HAS SHOWN IMPROVEMENT, SUGGESTING A RENEWED CONFIDENCE IN THE WESTERN AUSTRALIAN AGRICULTURAL INDUSTRY. From to 28, the total value of farmland sold followed the same upward trend as median value per hectare, despite the number of farmland sales remaining steady. After 28, the total value of farmland sold declined due to a sharp decrease in the number of farmland sales. 1,2 1, 8 Total value of farmland sold per year Western Australia of cropping sales occur between January and April. of dairy sales occur between May and July. Millions ($) of grazing sales occur between May and August. of mixed farming sales occur in autumn and spring * * Based on the number of sales for 214 at time of printing. 12 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 WESTERN AUSTRALIAN FARMLAND VALUES INDEX

8 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 CROPPING LAND VALUES RECOVER CROPPING The Western Australian Cropping Farmland Values Index decreased by following a decline of The Cropping Farmland Values Index draws on sales from regions where most farm businesses are dominated by a cropping enterprise Cropping Farmland Values Index (Year 2=1) The Cropping Farmland Values Index showed steady growth from the mid 199s until 22 with an average annual increase of 8.1%. Median values then rose sharply from 22 to 28. A period of stagnation followed from 29 to 214 with average annual growth of 1.9%. Median $/ha 1,6 1,4 1,2 1, Cropping farmland values 3-year rolling average The Central cropping region has exhibited a similar pattern to the overall Cropping Farmland Values Index. The Eastern and Midlands and Mid- West cropping regions have shown less volatility and farmland values there have largely been static over the past decade. The South East Coast cropping region has been trending higher since 22. Central Cropping Midlands & Mid-West Cropping Eastern Cropping South East Coast Cropping WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 CROPPING 17

9 MIXED RESULT FOR CROPPING REGIONS TOTAL VALUE OF CROPPING FARMLAND SOLD In 214 the median value of Eastern and Midlands & Mid-West cropping farmland dropped by 5% and 3% respectively. Central farmland values grew by 2%. South East Coast cropping values were unchanged. Annual % change in farmland values - cropping regions %-15.%-1.% -5.%.% 5.% 1.% 15.% 2.% 25.% 3.% 35.% The total value of farmland sold depends on the dollar per hectare value, the number of sales and the size of the properties sold. From to 28, the main driver for total value of cropping farmland sold was growth in the median price per hectare. After 28, the median price per hectare plateaued, however the number of sales declined sharply which resulted in a fall in total value of farmland sold. Millions ($) Total value of farmland sold per year cropping regions * Central Midlands and Mid-West Eastern South East Coast * Based on the number of sales for 214 at time of printing. Note: 3-year rolling average. TRENDS IN NUMBER OF FARMLAND SALES The number of farms sold in cropping regions has been trending lower since 29, after a period of relative stability where the number of sales averaged around 45 per year between and 28. There were 29 sales in 213 and 323 in 214. IN 214, THERE WERE MORE THAN SEASONAL SALES PATTERN There is a distinct spike in sales for each region during February and March. This is typical of cropping land sales in Australia. All cropping regions display a lull in sales activity between June and August Total number of farmland sales per month cropping regions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Central Midlands and Mid-West Eastern South East Coast Number of farmland sales per year cropping regions * CROPPING FARMLAND SALES IN WESTERN AUSTRALIA.* * Based on the number of sales for 214 at time of printing. 31% 3% 26% 25% of sales in the of sales in the of sales in the of sales in the CENTRAL REGION EASTERN REGION MIDLANDS & MID-WEST SOUTH COAST REGION occur from February occur from February occur from February occur from February to March. to March. to March. to March. 18 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 CROPPING WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 CROPPING 19

10 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 DAIRY FARMLAND VALUES INDEX Since the Index has shown 3 distinct trends: DAIRY MODERATE GROWTH BETWEEN AND % PER ANNUM RAPID GROWTH BETWEEN 23 AND % PER ANNUM VOLATILITY FROM 29 TO % PER ANNUM The Dairy Farmland Values Index draws on sales from regions where most farm businesses are dominated by a dairy enterprise Dairy Farmland Values Index (Year 2=1) The median value of Western Australian dairy farmland jumped by 41.9% in 214 rebounding from a 24.% decline in 213. Median $/ha 16, 14, 12, 1, 8, 6, 4, 2, Southern Dairy farmland values 3-year rolling average A rolling three-year average analysis of the median value per hectare showed that, in dollar terms, dairy farmland has hovered around $11,5/ha since 212. In 214, the three-year average rose 5.1%. Note: Dairy farmland values may include sales from other industries given the agricultural diversity of the districts with dairy farms. WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 DAIRY 21

11 MODEST GROWTH IN RECENT YEARS TOTAL VALUE OF DAIRY FARMLAND SOLD Dairy farmland values have increased in most of the past 1 years. From 211 to 214, each region has demonstrated lower volatility compared to the period from 24 to Annual % change in farmland values - dairy The total value of dairy farmland sold increased between 23 and 26 due to a higher number of sales in Western Australia s dairy region. In 214, the total value of sales remained almost identical to 213. Millions ($) Total value of farmland sold per year dairy * -15.% -1.% -5.%.% 5.% 1.% 15.% 2.% 25.% 3.% Southern * Based on the number of sales for 214 at time of printing. Note: 3-year rolling average. TRENDS IN NUMBER OF FARMLAND SALES The 25 calendar year showed a spike in the number of farmland sales, reaching 79 before falling just to 21 in 21. Price sensitivity appears to be a major factor in the decline in the number of farmland sales between 25 and 21 as it was during this period that the median value rose sharply. Between 28 and 214, the average number of sales was Number of farmland sales per year dairy * In 214, the number of dairy farmland sales remained low at 26. * * Based on the number of sales for 214 at time of printing. SEASONAL SALES PATTERN The pattern of dairy sales is skewed to the middle of the calendar year, with 39% of sales occurring between May and August. There was also a small spike between October and November, with 18% of sales occurring in this period. OF SALES OCCUR IN THE SECOND HALF OF THE YEAR Total number of farmland sales per month dairy JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Southern 5% 39% OF SALES OCCUR BETWEEN MAY AND AUGUST. 22 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 DAIRY WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 DAIRY 23

12 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 PERIOD OF VARIABILITY CONTINUES The median value of Western Australian mixed farming land increased by MIXED FARMING following a drop of The Mixed Farming Farmland Values Index draws on sales from regions where most farm businesses combine cropping and livestock enterprises Mixed Farming Farmland Values Index (Year 2=1) There are three distinct periods in the Mixed Farming Farmland Values Index: moderate growth between and 22 (3.8% per annum), rapid growth from 23 to 21 (9.5% per annum) and then decline since 211 (although values began increasing again in 214). 4,5 4, Mixed farming farmland values 3-year rolling average Median $/ha 3,5 3, 2,5 2, 1,5 1, In 214, the three-year rolling average for median value per hectare increased by 3.8% in the Central West region and was unchanged in the Great Southern region Central West Great Southern WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 MIXED FARMING 25

13 CONSISTENT CHANGE ACROSS REGIONS TOTAL VALUE OF MIXED FARMING LAND SOLD The annual change over the past 11 years for mixed farming regions is positively skewed. Strong double-digit growth has been common for both regions. Annual % change in farmland values - mixed farming regions % -1.% -5.%.% 5.% 1.% 15.% 2.% 25.% Central West Great Southern Volatility in the total value of mixed farming land sold has been largely due to fluctuations in the number of sales, although price volatility has played a larger role since 28. Mixed farming land to the total value of almost Millions ($) Total value of farmland sold per year mixed farming regions * * Based on the number of sales for 214 at time of printing. Note: 3-year rolling average. was sold in 214.* TRENDS IN NUMBER OF FARMLAND SALES The number of farmland sales declined sharply between 26 and 21 before reaching a lower plateau of about farmland sales per year Number of farmland sales per year mixed farming regions * The number of farmland sales in mixed farming regions decreased by 7% in 214 following a 6% decrease in 213. * Based on the number of sales for 214 at time of printing SEASONAL SALES PATTERN Each of the mixed farming regions has displayed a similar seasonal sales pattern, with each recording a peak in sales activity in February and October. 29% OF GREAT SOUTHERN FARMLAND SALES OCCUR BETWEEN FEBRUARY AND APRIL. A FURTHER 19% OCCUR BETWEEN OCTOBER AND NOVEMBER Total number of farmland sales per month mixed farming regions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Central West Great Southern 25% OF CENTRAL WEST REGION SALES OCCUR FROM SEPTEMBER TO NOVEMBER. 26 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 MIXED FARMING WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 MIXED FARMING 27

14 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 STRONG GROWTH IN 214 The median value of Western Australian grazing farmland increased by GRAZING following a decrease of The Grazing Farmland Values Index draws on sales from regions where most farm businesses are dominated by grazing enterprises Grazing Farmland Values Index (Year 2=1) Historically, the Grazing Farmland Values Index experienced strong growth from to 28, averaging 9.1% year-on-year. The median value per hectare began to decline in 21 for a four-year period averaging -4.4% per year until 214. Median $/ha 14, 12, 1, 8, 6, 4, 2, Grazing farmland values 3-year rolling average The period between 24 and 21 was a high growth period for the South West and Central grazing regions. In recent years, the South West has experienced a decline in median value per hectare. All three regions recorded a decline in the median value per hectare from 212 to Central South East South West WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 GRAZING 29

15 CHANGE IN MEDIAN VALUE PER HECTARE TOTAL VALUE OF GRAZING FARMLAND SOLD The annual change in median value per hectare has been positive for most of the last decade. In recent years, all regions recorded a decline in value. THE NUMBER OF FARMLAND SALES IN GRAZING REGIONS DECREASED BY 13% in 214 following a 17% increase in Annual % change in farmland values - grazing regions -2.% -1.%.% 1.% 2.% 3.% TRENDS IN NUMBER OF FARMLAND SALES Central Note: 3-year rolling average. South East South West Number of farmland sales per year grazing regions * * Based on the number of sales for 214 at time of printing. In 214, the total value of grazing farmland sold decreased 1% driven by a decrease in the number of sales. SEASONAL SALES PATTERN Millions ($) Total value of farmland sold per year grazing regions * 4.% * Based on the number of sales for 214 at time of printing. Each grazing region exhibits a similar pattern of farmland sales throughout the year. Most sales activity occurs between May and August. Central grazing displayed peaks in June and again in December. South East grazing has two peaks, the first from February to March and the second from May to August. The South West has displayed two short peaks in June and November. 29% 36% of sales in the of sales in the SOUTH WEST SOUTH EAST occur from May occur from May to July to August Total number of farmland sales per month grazing regions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Central South East South West 39% of sales in the CENTRAL occur from May to August 3 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 GRAZING WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 GRAZING 31

16 APPENDIX FARMLAND SALES BY SHIRE APPENDIX FARMLAND SALES BY SHIRE Shire Region/Industry 32 WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 APPENDIX Median $/ha* Est. number sales 214** Median parcel size 214 Est. total value of land traded year avg ha million ($) Albany South East Grazing 5,15 4, Beverley Central West Mixed Farming 3,78 3, Boddington Central Grazing 4,79 4, Boyup brook Great Southern Mixed Farming 2,982 2, Bridgetown-Greenbushes South West Grazing 2,97 4, Brookton Central West Mixed Farming - 4, Broomehill Great Southern Mixed Farming 2,181 2, Bruce rock Central Cropping 1,17 1, Busselton Southern Dairy 12,711 12, Capel Southern Dairy 14,776 11, Carnamah Midlands & Mid-West Cropping Chapman Valley Midlands & Mid-West Cropping 1,342 1, Collie Central Grazing 7,481 7, Coorow Midlands & Mid-West Cropping Corrigin Central Cropping 1,311 1, Cranbrook Great Southern Mixed Farming 1,543 1, Cuballing Central West Mixed Farming 3,384 2, Cunderdin Central Cropping 1,766 1, Dalwallinu Midlands & Mid-West Cropping Dandaragan Midlands & Mid-West Cropping 54 1, Dardanup Southern Dairy 13,618 13, Denmark South East Grazing 9,79 9, Donnybrook-Balingup Central Grazing 8,35 7, Dowerin Central Cropping 1,667 1, Dumbleyung Central Cropping 1,54 1, Esperance South East Coast Cropping 1,644 1, Gnowangerup South East Coast Cropping 2,5 1, Goomalling Central Cropping 3,55 2, Greater Geraldton Midlands & Mid-West Cropping Harvey Southern Dairy 11,122 9, Irwin Midlands & Mid-West Cropping 1,743 1, Jerramungup South East Coast Cropping 1,392 1, Katanning Great Southern Mixed Farming 2,37 2, Kellerberrin Central Cropping 1, Kent South East Coast Cropping 1,124 1, Kojonup Great Southern Mixed Farming 2,236 2, Kondinin Eastern Cropping Koorda Eastern Cropping * Median $/ha should be used with caution, particularly where a small number of sales has been recorded for that shire. ** The number of farmland sales is an estimate based on grouping of like lot sales using a unique identifier code for each farm sale. However, in cases where multiple buyers purchase different lots in the sale of one farm, multiple identifier codes will be applied. Shire Region/Industry Median $/ha* Est. number sales 214** Median parcel size 214 Est. total value of land traded year avg ha million ($) Kulin Eastern Cropping Lake grace Eastern Cropping Manjimup South West Grazing 6,284 6, Merredin Eastern Cropping Mingenew Midlands & Mid-West Cropping 2,469 1, Moora Midlands & Mid-West Cropping 2,251 2, Morawa Midlands & Mid-West Cropping Mount Marshall Eastern Cropping Mukinbudin Eastern Cropping Murray Central Grazing 15,32 13, Nannup South West Grazing 9,168 7, Narembeen Eastern Cropping Narrogin Great Southern Mixed Farming 5,456 3, Northam Central West Mixed Farming 5,472 4, Northampton Midlands & Mid-West Cropping 2,283 1, Nungarin Eastern Cropping Perenjori Midlands & Mid-West Cropping Pingelly Central West Mixed Farming 2,448 2, Plantagenet South East Grazing 4,324 4, Quairading Central Cropping 1,719 1, Ravensthorpe South East Coast Cropping 1,225 1, Tammin Central Cropping 1,113 1, Three Springs Midlands & Mid-West Cropping - 2, Toodyay Central West Mixed Farming 7,17 5, Trayning Central Cropping Victoria Plains Central West Mixed Farming 3,528 2, Wagin Great Southern Mixed Farming 2,663 2, Wandering Central West Mixed Farming 3,215 2, Waroona Southern Dairy West Arthur Great Southern Mixed Farming 2,425 2, Westonia Eastern Cropping Wickepin Central Cropping 1,368 1, Williams Great Southern Mixed Farming 3,891 2, Wongan-Ballidu Central Cropping 1, Woodanilling Great Southern Mixed Farming 3,255 3, Wyalkatchem Central Cropping 1,11 1, Yilgarn Eastern Cropping York Central West Mixed Farming 4,157 4, * Median $/ha should be used with caution, particularly where a small number of sales has been recorded for that shire. ** The number of farmland sales is an estimate based on grouping of like lot sales using a unique identifier code for each farm sale. However, in cases where multiple buyers purchase different lots in the sale of one farm, multiple identifier codes will be applied. WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 APPENDIX 33

17 AUTHORS Matthew Ough Matt grew up on a family farm in Edenhope in western Victoria and has been professionally involved in agriculture for more than 12 years. He holds a Bachelor of Agribusiness from Marcus Oldham College and has a sound knowledge of agriculture, specialising in data collection and analysis. Matt s role as Ag Answers Senior Analyst requires him to research and publish findings on a number of industries. Jonathan Creese Jonathan holds a Bachelor of Agricultural Science and a Master of Social Science. He has been studying trends in Victorian agriculture for six years, initially with the Victorian Government and with Rural Finance since 211. jonathan.creese@ruralfinance.com.au matt.ough@ruralfinance.com.au About Ag Answers Ag Answers is a specialist insights division of Rural Bank. Recognising that good information is the key to making good business decisions, Ag Answers provides research and analysis into commodities, farmland values, farm business performance and topical agricultural issues to enable farmers to make informed decisions. We believe in a bright future for agriculture We partner with farmers to enable them to build sustainable businesses and drive the growth of Australian agriculture and regional communities. Rural Bank is the only Australian-owned and operated dedicated agribusiness bank in the country, backing farmers nationally to help their agribusinesses succeed. Rural Bank has been a wholly-owned subsidiary of Bendigo and Adelaide Bank Limited since WESTERN AUSTRALIAN FARMLAND VALUES INDEX 214 Copyright Rural Bank Ltd ABN AFSL/Australian Credit Licence 23842

18 AG ANSWERS P E ag.answers@ruralfinance.com.au RURAL BANK P W ruralbank.com.au

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