AVERAGE ANNUAL MEDIAN PRICE GROWTH

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1 New South Wales New South Wales 6.4 % Average annual growth over 5 years AVERAGE ANNUAL MEDIAN PRICE GROWTH % 5 years 6.4% 1 years 4.% 2 years 7.% Northern 7. % Western 5.6 % Central 4. % Southern 6.9 % South East 6.2 % Average annual growth over five years 6

2 $4,5 $4, $3,5 $3, $2,5 $2, $1,5 $1, $5 New South Wales , 5, 4, 3, 2, 1, The median value of farmland in New South Wales (NSW) increased by 8.8 per cent to $3,946/ha in 217, following a 1.1 per cent increase in 216. The median value per hectare has recorded positive growth for the last four years, averaging 9.1 per cent since 214. action volume has remained flat, indicating a plateau of supply which has led to increased demand from NSW buyers. In 217, the estimated number of farmland transactions was 3,74, a decrease of 4.7 per cent compared to 216. Approximately 2.2 million hectares of farmland was traded in 217, an increase of 13 per cent compared to 216. The area of farmland traded has increased for the last three consecutive years. The total value of farmland value traded in NSW was approximately $3.7 billion in

3 New South Wales Performance by land size Parcel size (ha) % 5,24 41% 5,876 43% 6,41 44% 7,14 43% 7, % 2,53 3% 2,719 28% 2,818 27% 3,7 27% 3, % 1,889 1% 1,963 11% 2,26 1% 2,188 1% 2, % 1,259 19% % 1,249 19% 1,349 19% 1,672 Overall 3,594 2,789 3,843 2,989 3,825 3,294 3,924 3,628 3,74 3,946 = actions The median price increased across all parcel sizes in 217. Smaller parcels between: 3-99 hectares increased by 5.1 per cent hectares increased by 12.7 per cent hectares increased by five per cent 5+ hectares increased by 24 per cent. Over the last five years the 5+ hectare bracket has averaged 1.1 per cent growth in median value: 3-99 hectares 6.6 per cent hectares six per cent hectares 2.6 per cent. The mix of parcel sizes traded in 217 was largely unchanged, however volume was down across all parcel sizes except for the hectare bracket, which reported an increase of 2.6 per cent. There were fewer listings in 217, however demand remained strong. A greater percentage of off-market sales occurred with robust demand from domestic and international investors. Commodity prices, interest rates and debt levels are key drivers of current land value trends. Richard Gemmell, Elders.

4 $5, $4,5 Northern 2,5 $4, 2, $3,5 $3, 1,5 $2,5 $2, $1,5 1, $1, 5 $ $14 Western 1 $12 $1 $8 $ $4 $ $6, South East 1,2 $5, 1, $4, 8 $3, 6 23 $2, $1,

5 New South Wales $3,5 1,2 $3, 1, $2,5 8 $2, $1,5 6 $1, 4 $ $4, Central 2, $3,5 $3, $2,5 1,8 1,6 1,4 1,2 $2, 1, $1,5 $1, $ The median value per hectare in Northern NSW increased by 6.1 per cent in 217. The volume of transactions fell by eight per cent. The increase in median price was due to growth in the median price in the municipalities of Walgett, Uralla and Gunnedah. Central NSW values increased by 6.8 per cent and transaction volume decreased by five per cent. Municipalities that contributed to the increase in median value included Parkes, Warren and Gilgandra. In Western NSW, median value decreased by 25.7 per cent in 217 and transaction volume was flat. The municipalities of Balranald and Cobar contributed to the decline. The median price in South East NSW increased by eight per cent and transaction volume increased 1.6 per cent. The municipalities of Yass Valley and Upper Lachlan led growth in values in the region. Southern NSW values increased by 24.3 per cent in 217 while transaction volume decreased by 1.2 per cent. The municipalities of Murray River, Carrathool and Murrumbidgee led the growth in median price.

6 Farmland sales by municipality New South Wales MUNICIPALITY REGION MEDIAN $/HA EST. # YEAR AVG SALES 217 Albury* Southern 4,72 2 Armidale Northern 2,987 3, Ballina Northern 13,318 11,45 14 Balranald Western Bathurst Central 5,592 4, Bega Valley South East 7,129 6, Bellingen Northern 8,963 9, Berrigan Southern 4,188 3,571 9 Bland Southern 1,882 1,63 58 Blayney Central 9,562 7, Bogan Central Bourke Western Brewarrina Western Byron* Northern 16,134 3 Cabonne Central 6,215 5,15 53 Carrathool Southern 1, Central Darling Western Cessnock Central 9,589 11, Clarence Valley Northern 5,159 5, Cobar Western Coffs Harbour Northern 13,941 9,55 14 Coolamon Southern 3,996 3,21 13 Coonamble Central 1,483 1, Cootamundra-Gundagai Southern 4,786 4,5 38 Cowra Central 5,741 5, Dubbo Central 2,321 2, Dungog Central 6,92 7, Edward River Southern 2,768 2, Eurobodalla South East 11,357 9,63 25 Federation Southern 4,764 3,

7 MUNICIPALITY REGION MEDIAN $/HA EST. # YEAR AVG SALES 217 Forbes Central 2,948 2, Gilgandra Central 2,115 1, Glen Innes Severn Northern 3,295 2,94 48 Goulburn Mulwaree South East 8,73 7, Greater Hume Southern 5,57 4, Griffith Southern 1,931 2,422 5 Gunnedah Northern 5,244 4,51 53 Gwydir Northern 2,153 1, Hay Southern Hilltops Southern 3,815 3, Inverell Northern 2,748 2, Junee Southern 5,181 4,298 6 Kempsey Northern 6,31 5, Kyogle Northern 4,873 4,756 9 Lachlan Central 1,159 1,47 49 Leeton Southern 3,22 2, Lismore Northern 1,266 9, Lithgow Central 5,73 6,53 45 Liverpool Plains Northern 3,992 3,98 27 Lockhart Southern 4,692 3, Maitland Central 13,876 15,417 4 Mid-Coast Central 8,646 7, Mid-Western Central 3,424 3, Moree Plains Northern 3,99 2, Murray River Southern 2,299 1, Murrumbidgee Southern 2,985 2, Muswellbrook Central 7,295 7, Nambucca Northern 6,46 7, Narrabri Northern 2, 2,31 76 Narrandera Southern 2,471 2, Narromine Central 2,85 2, Oberon Central 5,229 5,46 33

8 MUNICIPALITY REGION MEDIAN $/HA EST. # YEAR AVG SALES 217 Orange* Central 12,987 3 Parkes Central 2,65 1, Port Macquarie-Hastings Northern 8,271 8, Queanbeyan-Palerang South East 5,39 5, Richmond Valley Northern 5,836 4, Shoalhaven South East 19,4 16,81 24 Singleton Central 1,516 7,8 55 Snowy Monaro South East 2,299 2, Snowy Valleys Southern 3,691 3,145 3 Tamworth Northern 4,161 4,6 13 Temora Southern 3,583 3, Tenterfield Northern 2,215 2,18 83 Tweed Northern 14,463 13, Unincorporated Far West* Western 5 3 Upper Hunter Central 2,71 2, Upper Lachlan South East 5,481 4, Uralla Northern 3,76 2, Wagga Wagga Southern 4,449 4, Walcha Northern 4,93 4,26 27 Walgett Northern 1, Warren Central 1,776 1, Warrumbungle Central 1,76 1,71 11 Weddin Central 2,848 2, Wentworth* Western 8 3 Yass Valley South East 7,297 5, Central 3,697 3,414 1,247 Northern 4,358 4,57 1,359 Western Southern 3,33 2, South East 5,489 5, * Price information with a small volume of transactions should be used with caution. The median price for municipalities with less than four sales in 217 is not reported. 13