Home' The Monaro Post : The Monaro Post May 17, 2017 Contents 24 Wednesday May 17, 2017
The median value of Australian
farmland has increased by 9.3 per
cent in 2016, following on from
5.3 and 6.8 per cent rises in 2015
and 2014 respectively, according
to Rural Bank and Rural Finance’s
Australian Farmland Values report.
The findings underline the
resounding strength of Australian
farmland value, with the median
price in most states recording an
average annual growth rate of
three per cent over the decade,
and more than six per cent for the
past 20 years.
Produced by Rural Bank and
Rural Finance’s specialist market
insights division Ag Answers,
the report is based on real farm
sales since 1995 and draws on
more than 230,000 transactions,
accounting for 278 million
hectares of land with a combined
value of $132 billion.
Rural Bank General Manager
Agribusiness, Andrew Smith, said
the findings confirm the long-term
positive outlook for Australian
“The 2016 Australian Farmland
Values report demonstrates the
underlying strength of this vibrant
asset class,” Mr Smith said.
“Despite variable seasonal
conditions and ever-changing
commodities prices, the sustained
growth in land prices not only
reflects the resilience of the
sector, but investor confidence
in Australian agriculture’s growth
prospects for the future.
“It’s clear from the report that
you are likely to come out on top if
you buy right and take a long term
view when investing in agricultural
farmland,” he said.
While the performance of
farmland prices in most states
was buoyant, there
inevitable variables from state to
2016 median farmland price
increased in the Northern Territory
(+35.1%), Victoria (+12.9%),
Queensland (+10.3%), New
South Wales (+10.1%), Western
Australia (+3.1%) and South
Australia (+1.4%), but fell in
To understand drivers of
farmland value in each state, the
report provides an overview of
key national and state trends such
as commodity prices, climatic
conditions and other sectoral
factors, lending rates and the
broader investment environment.
“There has been incredible
growth across the eastern states
in 2016 and while the remaining
states have not performed so
well in the same period - taking
the long term view - the growth
rate is remarkably consistent
across the board.
“This will come as no surprise
to those on the land, but perhaps
we’re getting to a point where
the investment community is
recognising what we’ve always
known – there is a bright future
in Australian agriculture,” he
Australian farmland values go through the roof in 2016
$300m lost to scams
ALSO WE HAVE A WALK IN BERRIDALE AT LIONS PARK, BERRIDALE.
REGISTRATION STARTS AT 10AM AND THE WALK AT 11AM.
CENTENNIAL PARK - CORNER OF BOMBALA STREET, COOMA 2630
ACTIVITIES, MARKETS AND PRIZES. GATES OPEN 9.30AM, WALK STARTS AT 11AM.
2016 (%) Average annual growth in
farmland median price
over 20 years (%)
Beware of fraudulent behaviour
With increased interest in Monaro farmland, and good
prices received, comes a warning to vendors and
agents to beware fraudulent behaviour from some
A spokesperson from NSW Fair Trading has
advised “Generally most bidders abide by the auction
terms once the property has been sold.
“However, there is a potential risk to the vendor
that the highest bidder may ask to change the terms
of settlement, or simply change their mind about
purchasing the property.
“In order to minimise the impact of this type
of situation, the vendor should consult with their
solicitor when preparing the contract and include an
additional “exit clause” for this type of situation.
“The Property, Stock and Business Agents
Regulation Act 2014 (The Act) states that the
auctioneer may refuse to accept any bid that, in the
auctioneer’s opinion, is not in the best interests of the
vendor. Additionally, Part 17(2) of The Act requires a
successful bidder to provide their name, or the name
of the party on whose behalf the successful bid was
“When the vendor is not prepared to agree to the
change to the auction terms, or the purchaser walks
away from the purchase, this becomes a contractual
“The vendor should seek their own independent
legal advice to identify ways to resolve the position
they find themselves in, or options available to seek
compensation for any out of pocket expenses.
“Real Estate Agents should formally identify all
bidders, and conduct a “Fraud Prevention” check of
any prospective developers before registering them
as bidder. If they are not registered bidders, they
cannot bid in the auction”.
The Real Estate Fraud Prevention Guidelines can
be found on the NSW Fair Trading website.
In 2016, the ACCC’s Scamwatch and the
Australian Cybercrime Online Reporting
Network (ACORN) received a combined
200,000 reports about scams. Losses
reported to Scamwatch, ACORN and other
scam disruption programs totalled $299.8
Australians aged over 55 accounted
for 45 per cent of reports to Scamwatch.
Investment scams accounted for the
most losses with combined reports to
Scamwatch and ACORN totalling $59
million. Dating and romance scams
accounted for the next highest losses, with
a combined $42 million lost.
The ACCC’s Targeting Scams report has
been released to launch the Australasian
Consumer Fraud Taskforce’s Fraud Week.
This year’s theme,
‘Spot social media
scams’, aims to create awareness among
Australians about new social media scams
that are being reported, what to look for
and how people can avoid being scammed.
“This Fraud Week, we’re asking the
millions of Australians who use social
media to be aware that scammers are
increasingly using social media platforms as
a way to contact, trick and prey upon the
unsuspecting,” ACCC Deputy Chair Delia
“We have witnessed a sharp increase in
scams taking place through social media
sites. It can be really hard to tell who’s
genuine and who’s fake these days.”
The two most common social media
scams Australians reported to Scamwatch
were dating and romance and fake trader
scams. Around 30 per cent of dating and
romance scam victims (1352 people) who
reported to Scamwatch were contacted via
social media sites, in particular Facebook.
“Dating and romance scammers
trick their victims into falling in love with
them and then use their victim’s trust to
deceitfully take their money,” Ms Rickard
“If someone you’ve met through social
media but you’ve never met in person asks
you for money, your alarm bells should
be ringing. Don’t ever wire transfer or
send money to someone you don’t know
because you won’t see it again.”
Fake trader scams are also on the
increase. Victims often report seeing
advertisements for online stores on social
media selling discounted products made by
well-known brands. These online stores are
fake and the products victims think they are
buying don’t exist.
Ms Rickard said this type of scam is even
harder to spot, but there are some tips
people can use.
“Wherever you see an offer that
seems more generous than normal, do
your research on the company, where
the product is coming from, check the
company’s website and try and find any
reviews about the business before making
a purchase. Only pay using secure payment
methods such as Paypal or a credit card,”
Ms Rickard said.
Ms Rickard said the majority of reports to
Scamwatch about scams via social media
were taking place on Facebook.
“The ACCC is working with Facebook,
as well as the major banks, MoneyGram,
Paypal, Western Union and Apple to
better tackle scams and reduce the harm
experienced by consumers,” Ms Rickard
The best defence against scams is
education and awareness. Consumers
concerned about scams should visit www.
to keep up to date with scams to
look out for, report scam activity, and
get information about what to do if they
become a scam victim. Here they can also
read about Fraud Week 2017 and also
check out two videos for the campaign.
Follow @Scamwatch_gov on Twitter and
subscribe to Scamwatch radar alerts.
Consumers can also download the
ACCC’s recently updated Little Black Book
of Scams publication – a handy small guide
that includes information on popular scams
in the community and how to avoid them.
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