Aussie rural properties undervalued
An Australian property consultant has claimed the country's agricultural land is undervalued, as dry land arable property with reliable rainfall only increased 2% in 2010, newspaper The Australian Financial Review (AFR) reported.
Knight Frank's 'The Wealth Report 2011' showed the rise was low in comparison to 10% in 2009, while farmland values in other countries rose more significantly, including Brazil (24%), parts of Argentina (10%) and England (13%), the story reported.
The lower price was due to rising interest rates and a high Australian currency, while Knight Frank head of rural property research Andrew Shirley, told AFR food security was a key issue for rapidly-growing countries.
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