Land Valuation in Victoria, Australia

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By: CHET MAYVIBOL, Cambodian student in the faculty of Land Management and Land Administration, year 3.

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Land Valuation in Victoria, Australia

  1. 1. Royal University of AgricultureFaculty of Land Management and Land Administration Faculty of Land Management and Land Administration 3 Royal University of Agriculture Topic: Valuations of Rural Leasehold and Licensed Land in Victoria, Australia Second Semester, Year 03 Lectured by: Mr. Taing Aun SOURN Group 06: 1. Mr. Vibol CHETMAY 4. Mr. Phanith LY 2. Mr. Sengly SAM 5. Mr. Bunarith PRAK 3. Mr. Taingkou DOUNG 6. Mr. Sambath PRAK Academic Year: 2011-2012
  2. 2. Cambodia - Australia Presentation Outlines 1. Definition 2. Geography of Australia 3. Land Use Type in Australia 4. Who owns Australia? 5. Leasehold and Freehold 6. Geography of Victoria 7. The Crown in Victoria 8. Methodology 9. Case Study Area 10. Data and Analysis 11. Conclusion 12. Bibliography24 May 2012 2
  3. 3. Cambodia - AustraliaDefinition:• Valuation (n): the act of deciding how much money something might be sold for or the amount of money decided on.• Rural (adj): in, of or like the countryside.• Leasehold (n): the legal right to live in or use a building, piece of land, etc. for an agreed period of time.• Licensed Land (n): land that is under the official permission to do on it, etc,.24 May 2012 3
  4. 4. Cambodia - Australia Where is Australia? Please go to visit Australia with us now…!24 May 2012 4
  5. 5. Cambodia - Australia Map of Australia24 May 2012 5
  6. 6. Cambodia - Australia1. Geography of Australia:• The largest island continent and the 13th largest economy in the world• Total Area: 7,617,930 square km (6th), lying south of the Equator (Southern Hemisphere) between the Indian and South Pacific Oceans separated from Asia by the Arafura and Timor seas.• Population: approximately 21 million (Highly urbanized), ranked 56 (2008)• Population Growth Rate: about 1%/year• Density: 2.8 persons/Km2• Capital: Canberra• Largest City: Sydney• National Language: English• Independence: From the United Kingdom on 1 January 1901• Prime Minister: Julia Gillard (1st female PM in June 2010)24 May 2012 6
  7. 7. Cambodia - Australia The Pie Graphic of Land Use Type in Australia 5% 2% 9% Production 44% Natural Vegetation Pasture 40% Nature Conservation Protected Areas Source: Bureau of Rural Sciences24 May 2012 7
  8. 8. Cambodia - Australia Land Use of Australia Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences24 May 2012 8
  9. 9. Cambodia - Australia Land Use of Australia Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences24 May 2012 9
  10. 10. Cambodia - Australia Land Use of Australia Source: 2001/02 Land Use of Australia, Version 3, Bureau of Rural Sciences24 May 2012 10
  11. 11. Cambodia - Australia Land Use of Australia24 May 2012 11
  12. 12. Cambodia - Australia Who owns Australia?• The governments’ control 72% of the land in Australia, aboriginals 13% and 15% is held in private freehold. The governments are the biggest landlords in Australia• They include leasehold land as government land because the government is the owner and the lessee can be dispossessed at any time by government.• The biggest landlord in Australia is the Department of Lands and Surveys in Perth which owns 211 million hectares. Virtually all land is owned by the government, who is thus landlord to every home, office, factory and business in a city. The leasehold land owned by the Department of Lands in Darwin whose empire totals 80 million hectares.• Almost half of the continent is largely leasehold land.• The best security is free-hold by Courier Mail, 30th October 1981.24 May 2012 12
  13. 13. Cambodia - Australia Who owns Australia?24 May 2012 13
  14. 14. Cambodia - Australia Leasehold and Freehold• Sell a man an acre of wilderness and he will make a garden out of it. Lease a man an acre of garden and it will become a wilderness. The three nations in Australia: Freehold Australia (a semi-free society) Leasehold Australia (a feudal society) Black Australia (a socialist society)• We have a nation where over 85% of the land area is owned by governments or quasi-government bodies and controlled by their officials.24 May 2012 14
  15. 15. Cambodia - Australia Bar Chart of Australian Citizens’ Ages 12000 10000 8000 Male 6000 Female 4000 2000 0 0 - 19 20 - 39 40 - 59 60 - 79 80 - 100+ Source: Australian Bureau of Statistics 200624 May 2012 15
  16. 16. Cambodia - Australia The Pie Graphic of Language Usage in Australia 5.8% 1.9% 11.1% 2.1% English Chinese Italian 79.1% Other Unspecified24 May 2012 16
  17. 17. Cambodia - Australia Canberra Canberra is the Capital of Australia24 May 2012 17
  18. 18. Cambodia - Australia Sydney Sydney is the Largest City of Australia24 May 2012 18
  19. 19. Cambodia - Australia Prime Minister of Australia Julia Gillard (1st female Prime Minister in June 2010)24 May 2012 19
  20. 20. Cambodia - Australia• Coastline: extending more than 36,700 Km• Currency: Australian dollar (AUD)• Coordinates: lies between latitudes 9 and 44 S, and longitudes 112 and 154 E.• Lowest Point: Lake Eyre ( - 15 m)• Neighboring Countries: Indonesia, East Timor and Papua New Guinea (N), the Solomon Islands, Vanuatu and New Caledonia (NE), and New Zealand (SE).• Discovery: By Dutch explorers in 1606• Indigenous Australians: Melanesian• Drive: On the left• Senate: 76 senators• House of Representatives: 150 members• Elections for both chambers are normally held every 3 years.24 May 2012 20
  21. 21. Cambodia - Australia2. Country Details:• It was inhabited for over 40,000 years by indigenous peoples.• The majority of the population 85% resides in urban areas and 15% in rural areas.• Highest Point: Mt. Kosciusko (2 229 m)• The use of the word Australia in English was in 1625.• The name Australia was popularized by the explorer Matthew Flinders in 1804.• Traditional ownership of land (Aboriginal Title) was not recognized until 1992.• Australia is a constitutional monarchy with Queen Elizabeth II (resides in United Kingdom) as the Queen of Australia.• There are two major political groups that usually form government:  The Australian Labor Party  The Coalition24 May 2012 21
  22. 22. Cambodia - Australia Context of Living Standards for Australian Citizens 15% Urban Area 85% Rural Area24 May 2012 22
  23. 23. Cambodia - Australia The Queen of Australia Queen Elizabeth II24 May 2012 23
  24. 24. Cambodia - Australia The Federal Government Structure of Australia The Legislature The Executive The Judiciary24 May 2012 24
  25. 25. Cambodia - AustraliaEconomy• Market economy with high GDP/capita and a low rate of poverty.• Major cities fare well in global comparative livability surveys• Highest house price in the world.• Tax system, personal & company income tax is the main sources of government revenue.• There were 11,450,500 people employed, with an unemployment rate of 5.1% (July 2011). Youth unemployment (15–24) rose from 8.7% to 9.7% over 2008-2009• Largest export markets are Japan, China, the US, South Korea, and New Zealand.• The worlds fourth largest exporter of wine contributing $5.5 billion per annum to the nations economy.• Total government debt in Australia is about $190 billion24 May 2012 25
  26. 26. Cambodia - AustraliaDemography• The population has quadrupled since the end of World War I, much of the increase from immigration.• In 2000, almost 5.9 million people settled in the country as new immigrants (nearly 2 out of every 7 Australians were born in another country). Most immigrants are skilled but immigration quota includes categories for family members & refugees• In 2005, 24% of Australians were born elsewhere; the 5 largest immigrant groups were those from the UK, New Zealand, Italy, Vietnam, and China.• Australia has 6 states: New South Wales, Queensland, Tasmania, Victoria, Southern and Western Australia.Health• Life expectancy in 2006 was 78.7 years for males and 83.5 years for females.24 May 2012 26
  27. 27. Cambodia - Australia• In 2005–2006, more than 131,000 people immigrated to Australia, mainly from Asia and Oceania. The migration target for 2010–2011 is 168,700• By 2050, Australias population is currently projected to reach around 42 million.• Indigenous Australians have a low level of education, and life expectancies for males and females that are 11–17 years lower than non-indigenous Australians.Education• In general children are required to attend school from the age of about 5 up until about 16. Australia has 37 government-funded universities and 2 private universities.Religion• No state religion, and section 116 of the Australian Constitution prohibits the federal government from making any law to establish any religion.• The Christian festivals of Christmas and Easter are public holidays.24 May 2012 27
  28. 28. Cambodia - Australia24 May 2012 28
  29. 29. Cambodia - AustraliaLanguage• No official language according to the 2006 census, English is the only language spoken for (79%). The next most common languages spoken at home are Italian (1.6%), Greek (1.3%) and Cantonese (1.2%).• Most common language spoken by children after English was Arabic, followed by Vietnamese, Greek, Chinese, and Hindi (The Australia Early Development Index)• Australia has a sign language known as Auslan, which is the main language of about 5,500 deaf people.Cuisine• Wine is produced in 60 distinct production areas totaling approximately 160,000 hectares, mainly in the southern part of the country.24 May 2012 29
  30. 30. Cambodia - Australia Constitution of Australia Section 116: • The Commonwealth shall not make any law for establishing any religion, or for imposing any religious observance, or for prohibiting the free exercise of any religion, and no religious test shall be required as a qualification for any office or public trust under the Commonwealth.24 May 2012 30
  31. 31. Cambodia - Australia Where is Victoria? Let’s go to Victoria together!24 May 2012 31
  32. 32. Cambodia - Australia Map of Victoria24 May 2012 32
  33. 33. Cambodia - Australia1. Geography of Victoria:• Total Area: 237 629 Km2 (Land 95.7% and Water 4.3%)• Bordered by: New South Wales, South Australia, and Tasmania.• Population: 5 547 527 people (June 2010) with an increase of 1.8% from the previous year and may reach 7.2 million by 2050.• Aboriginal Australians: 0.3% of the total population• Density: 21.7 persons/Km2• Capital: Melbourne• Independence: Became a state of Australia in 1906• Governor: Alex Chernov• Premier: Ted Baillieu• Product ($m): 293 313 (2nd)• Product per capita: 52 872 (6th)24 May 2012 33
  34. 34. Cambodia - Australia• House of Representatives: 37 members• Senate: 12 Senators• About 72% of Victorians are Australian-born (more than 70% live in Melbourne).• Victoria is most urbanized state: nearly 90% of residents living in cities and towns.• Highest Elevation: Mount Bogong (1986 m)• Victoria contains many topographically, geologically and climatically diverse areas.• Victoria has a written constitution enacted in 1975.• Victoria is the second largest economy in Australia after New South Wales.• In August 2010, Victoria had 1,548 public schools. Victoria has about 63,519 full- time teachers. Victoria has 9 universities. 24 May 2012 34
  35. 35. Cambodia - Australia Demography • Melbourne, the state capital, is home to more than 7 in 10 Victorians. • The Melbourne metropolitan area is home to an estimated 3.9 million people. • Victoria is Australias most urbanized state: nearly 90% of residents living in cities and towns. • In 2010-2011 there were 152 homicides within the state of Victoria.24 May 2012 35
  36. 36. Cambodia - Australia Population Growth estimates for Victoria24 May 2012 36
  37. 37. Cambodia - Australia Average Monthly Maximum Temperature in Victoria24 May 2012 37
  38. 38. Cambodia - Australia Victorian Production and Workers by Economic Activities24 May 2012 38
  39. 39. Cambodia - Australia Area of leased and licensed land in Victoria is small • Most agricultural land within the higher- rainfall area of Australia is held under freehold title • Most land in the drier pastoral area that is used for some form of agriculture or grazing is held under various forms of lease and license from state or territory governments • Leases for a short term may provide little long-term security • Many Crown leases, however, are for longer terms • The area of leased and licensed land in the state of Victoria is a small portion of the total area given over to freehold or owner-occupied farms. • A total of 43,689 tenants control 1 064 004 hectares of government-owned land (4.7% of the state’s total area).24 May 2012 39
  40. 40. Cambodia - AustraliaThe Crown in Victoria• Crown land is an area belonging to the monarch (“The Crown"), the equivalent of an entailed estate that passed with the monarchy & could not be alienated from it.• In Australia, public lands are considered to belong to the Crown.• Various States have adopted differing policies towards the sale and use of their Crown lands.• Crown land is used for such things as airports (Commonwealth) and public utilities (usually State).24 May 2012 40
  41. 41. Cambodia - Australia Amount of Land Control in Victoria 4.7% Land owned by tenants Land owned by state 95.3%24 May 2012 41
  42. 42. Cambodia - Australia The tenants lease the land for grazing for their livestock24 May 2012 42
  43. 43. Cambodia - Australia• There is no any central registry or database for private leases; it is not known how many private leases exist, or what percentage of the state is under lease.• Public lands are considered to be owned by the Crown. In Australia, each state is a Crown entity that may lease land.• Land alienation was a major problem of Victoria in the 1850s.• During the 20th century most land in rural Victoria became freehold owner- occupied land.• The Northeast region of Victoria covers some 20 000 Km2 with 87 000 people.• Approximately 61% of the region is public or Crown land, used for forestry, conservation, and recreation.24 May 2012 43
  44. 44. Cambodia - Australia What happened to Victorian Agriculture Process? Machinery (Sophisticated) Farm sizes (Increased) District Populations (Decreased) Change in the size of small agricultural service towns24 May 2012 44
  45. 45. Cambodia - Australia• February is the peak of summer in Victoria and it is also the month presenting the greatest wildfire danger.• The largest economic contributor is crop production.• Native title is the recognition by Australian law that some indigenous people have rights and interests to their land that come from their traditional laws & customs. “Market Rent is the best rent which might reasonably be expected, as following:• A willing lessor and lessee• A reasonable period in which to negotiate the letting• Values remain static throughout the period• The property is freely exposed to the market• No account is taken of any higher price or rent that might be paid by a party with a special interest24 May 2012 45
  46. 46. Cambodia - Australia Gross Value of Agricultural Product in Victoria in 2004-2005 Type Amount ($’000) Livestock Slaughtering 2 526 991 Livestock Products 2 644 694 Crops 3 261 542 Source: Australian Bureau of Statistics 2008• Less than 1.6% of Australian farms were owned by institutional investors.• The Murray River is Australia’s longest river, but relatively short by international comparison. The Hume Dam river is 302 Km downstream from the Murray River’s mountain source and 2,225 Km from its mouth in South Australia.24 May 2012 46
  47. 47. Cambodia - Australia • Most private land is freehold within Victoria • Forestry contributes $213 million per annum. • The court decision noted that the appraiser was required to take into consideration three matters: 1. The best current open-market annual rental value that can reasonably be obtained for the premises 2. The current open-market annual rental values of comparable commercial premises 3. Any permanent structural or other improvements to the premises installed at the lessee’s expense that the lessee is not permitted to remove at the expiration of the lease.24 May 2012 47
  48. 48. Cambodia - Australia Methodology In respect of rentals or leasing of land in the area, four approaches have been traditionally applied. 1. Use a percentage of the market value of the land 2. Relates to agistment rates 3. Examine productive value of the land 4. Use a gross margin or income approach • Gold was discovered in the area in 1851. • Lease documents for rural land are less complicated than commercial leases • The quantum for commercial leases is generally much higher than a rural lease24 May 2012 48
  49. 49. Cambodia - Australia Case Study Area • NE Water Resources • Operates over 68 000 Hectares - Controls 835 licences • Hume Dam Capacity 3 035 500 mega litres • Surface Area 20,000 Hectare • Licensed Land around Edge of Lake Hume 84 Licences Area 2300 Hectares • 2 Arms Murray / Mitta24 May 2012 49
  50. 50. Cambodia - Australia Bullivant and Minister 1936 • Flooding - Compensation - Hume Dam • Peak Flood Area 33% Loss • Higher Level 10 % Loss (blot on title) Native Title • Crown Land • Extinguished by Freehold Grant • Basis - Traditional Laws & Customs • Native Title Act 199324 May 2012 50
  51. 51. Cambodia - Australia Valuation of less than freehold • Little Research • Market rental valuations of rural land • Valuation of land held under lease • Native Title issues • Number to increase due to demographics and economics24 May 2012 51
  52. 52. Cambodia - Australia Rural Settlement Post 1825 • Landed squatters held large tracts • Power of squatters gained by wool boom • Victorian legislation of 1869 freed up land • Settlers gain leasehold & freehold24 May 2012 52
  53. 53. Cambodia - Australia Lake Hume Study Area • Upstream of Albury/Wodonga • Mean annual rainfall of 715 mm • Average Maximum Temperatures  Summer 31.8oC  Winter 12.6oC • Valleys - Murray, Kiewa & Mitta • Diverse Soils - Vertosols & Shallow24 May 2012 53
  54. 54. Cambodia - Australia Literature Review • Eves Study 2002 • NSW 1990-2000 Income & Capital Land Value - Annual Average Weighted Return • Rural & Other Investments • Rural - 10.75% • Shares - 12.72% • Bonds - 11.3% • Property - 5.2%24 May 2012 54
  55. 55. Cambodia - Australia Rentals - Traditional Methodologies • Percentage of Market Rental • Agistment Rates • Productive Value • Gross Margin / Income Approach • Analysis of Productive Value is Preferred • Little Market Evidence • No Organised Leasing Market24 May 2012 55
  56. 56. Cambodia - Australia Analysis of Recent Sales & Transactions Freehold Land $2,030 - $6,200 per hectare District Leases $67 - $284 per hectare Freehold Leases Study Area Average $93 per hectare Rental Returns Historically 6% of Market Value Agistment Rates Cow & Calf $5 / head / week - Up to $9 Cow & Calf $500 Gross Income per Year 1 Cow & Calf = 15 Dried Sheep Equivalent Gross Margin Per Hectare $ 14024 May 2012 56
  57. 57. Cambodia - Australia Application of Methodologies - Data • Land Value of $6,200 / Hectare • 1 Cow & Calf = 2 Hectares 6% = $370 / Hectare Rental Returns 3% = $185 / Hectare Agistment $130 / Hectare Productive Value $500 = $250 / Ha at Rental of 50% = $125/Ha Gross Margin $140 / Hectare at 50% Rental = $70 / Hectare24 May 2012 57
  58. 58. Cambodia - Australia Methodologies Summary • Significant Variation • Land Value - Lifestyle Options - Rural Use • Capital Gains - Value • Agistment - Seasonal / Short Term:  Owner Responsible for Maintenance, Capital Expenditure & Overhead Costs • Productive Method Favoured by Farmers Over G.M. Approach • Productive Method Ignores Lessor Overhead Costs24 May 2012 58
  59. 59. Cambodia - Australia Farmer Interviews • Agistment Not Realistic • Production or Gross Income Approach • Cow & Calf Gross Income - $440 - $500 / Year • 1 Cow & Calf to 2 Ha • Rentals $110 - $125 / Ha • Gross Margin Approach too General - Data Not Available • Alternative Approach - Assess DSE / Ha 7.5 x $16 DSE = $120 / Ha24 May 2012 59
  60. 60. Cambodia - Australia Crown Land Rentals - Methodology • Productive Capacity - DSE / Ha • Multiplied $ Rate / DSE • Equals $ / Ha Rent (Forest Leases $/Head) • 33% of Total Productive Capacity Used as Basis for $ Rate / DSE. This is due to the following factors – No Exclusive Possession – Lessees Pay Rates & Provide Benefit to Crown – Lessee Has to Manage Pests Etc. & Non-Productive Areas24 May 2012 60
  61. 61. Cambodia - Australia Victoria Mildura Swan Hill Loddon Mallee Regional Victoria including Department of Human Services regional boundaries and Local Government Areas Hume Dam Study Area Yarriambiack Gannawarra 4 Hour Drive Buloke Moira Wodonga Hindmarsh Loddon Campaspe Indigo NE of City Benalla Greater Shepparton Wangaratta Towong Greater Bendigo Strathbogie HumeWest Wimmera Horsham Northern Central Alpine GrampiansGrampians Goldfields Pyrenees Mount Alexander Mitchell Southern Grampians Mansfield East Gippsland Hepburn Macedon Ranges Murrindindi Ballarat Moorabool Wellington Gippsland Ararat Metropolitan map Glenelg Moyne Golden Plains Corangamite Greater Geelong Melbourne Baw Baw Barwon South Western Warrnambool Surf Coast RMIT Queenscliffe Unincorporated Vic La Trobe Bass Coast Colac-Otway South Gippsland 0 50 100 Department of Human Services regional boundaries Kilometres based on Local Government Areas Australian Standard Geographical Classification 1 July 2004 24 May 2012 Hospitals current at 26 August 2008 61
  62. 62. Cambodia - Australia24 May 2012 62
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  64. 64. Cambodia - Australia24 May 2012 64
  65. 65. Cambodia - Australia24 May 2012 65
  66. 66. Cambodia - Australia24 May 2012 66
  67. 67. Cambodia - Australia Data and Analysis • The value of freehold land per hectare by excluding buildings: Values range from $2 030/hectare for marginal farming land and $6,200/hectare for good average grazing country (typical of good licensed areas fronting the Hume Dam), up to $17, 800/hectare for good country with a lifestyle component and good water views. • Freehold leases (AUD per hectare per annum) Values range from $67/hectare for marginal farming land. On the highly productive Buffalo Creek flats are at $284/hectare. Average farming land within the study area leases for $93/hectare. • An agistment is money paid for grazing stock on land owned by another person. The owner of the land is responsible for the feeding and care of the livestock. Agistment is for a short term and is quoted as dollars per head per week, e.g., $5 per cow per week.24 May 2012 67
  68. 68. Cambodia - Australia• Rental return: Historically, return range from 5% to 6% per annum based on market value.• Agistment values (AUD per head, all inclusive): Values of 1 cow and calf are at $5/week; sheep at $0.50/week. This has been up to $9/head for cow and calf, depending on demand, due to the drought conditions.• Gross income per year (AUD): Gross income for 1 cow and calf equals $500; for 1 cow and calf equals 15 dry sheep equivalent.• Gross margin per hectare: Margins average $140 per hectare for the Northeast region. It is estimated that this would not exceed $120 in 2009, due to seasonal factors.• If the rental is $100 per hectare and the market rental is $150 per hectare, the profit rental is $50 per hectare.24 May 2012 68
  69. 69. Cambodia - Australia From a lease perspective, this data is substituted into calculations by using the four methodologies to achieve a rental valuation as follow: Method 1: Percentage of Market Value $6 200/hectare at 6% indicates a rental amount of $370 per hectare per annum. Method 2: Agistment Rates The land would carry 1 cow and calf to 2 hectares; indicates a rental amount of $130 per hectare per annum. Method 3: Productive Value/Gross Income Approach The land carries 1 cow and calf/2 hectares, with a productive value of $500/annum. Rental value would then be $125/hectare. Method 4: Gross Margin Approach The gross margin for this land would be $140/hectare, and allowing a rental value of 50%, this would represent $70 per hectare per annum.24 May 2012 69
  70. 70. Cambodia - Australia Conclusions • Uncertainty for Practitioners as to Correct Approach to Assess Market Rental • Impact of Terms & Conditions Significant • Market Place Indicates the Productive Capacity Multiplied by a $ Rate per Unit • Lessees Reluctant to a Lease Agreement Indicating a Commercial Return to Capital • Return on Capital is Low Compared to Other Investments • Further Research Needed.24 May 2012 70
  71. 71. Cambodia - Australia Questions and Answers ??? ???24 May 2012 71
  72. 72. Cambodia - Australia Bibliography1. Valuations of Rural Leasehold and Licensed Land in Victoria, Australia by Simon A. de Garis (http://www.mcmullansolicitors.com/uploads/1276141350_valuations-of- leasing-land-rural-appraising.pdf, accessed on: 05/04/2012 at 04:50 pm)2. Valuations of Rural Leasehold and Licensed Land in Victoria, Australia by Simon A. de Garis (http://eres.scix.net/data/works/att/eres2009_351.content.ppt, accessed on: 05/04/2012 at 05:11 pm)3. How to Access Australian Census Data by Graeme Hugo, professor of Geography & Margaret Young, Geographical & Environmental Studies, University of Adelaide, (http://siss.edu.au/uploadedfiles/Jan_2010_version_How_to_Access_Aus tralian_Census_Data.pdf, accessed on: 18/05/2012 at 06:49 pm)4. Microsoft Encarta Premium 2009Constitution of Australia 24 May 2012 72
  73. 73. Cambodia - Australia5. Constitution of Commonwealth of Australia, please visit the this address for details (http://web.parliament.go.th/parcy/sapa_db/cons_doc/constitutions/data/Australia/A ustralia.htm, accessed on: 18/05/2012 at 05:54 pm)6. Land Use in Australia, please visit these addresses (www.brs.gov.au/landuse) and (http://adl.brs.gov.au/mapserv/landuse/pdf_files/Web_LandUseataGlance.pdf, acce ssed on 18/05/2012 at 05:48 pm)7. Land Management in Australia, Case Study with Emphasis on the State of Victoria by John PARKER and Leonie NEWNHAM, Australia, please visit this address (http://www.fig.net/pub/mexico/papers_eng/ts3_parker_eng.pdf, accessed on 05/04/2012 at 05:44 pm)8. Successful Land Leasing in Australia, A guide for farmers and their advisers by Rod Ashby & Duncan Ashby, Publication No. 11/052, please visit this address (https://rirdc.infoservices.com.au/downloads/11-052, accessed on 05/04/2012 at 05:56 pm) 24 May 2012 73
  74. 74. Cambodia - Australia9. Property Ownership In Australia by Doctor Mark Cooray (1995) (http://www.ourcivilisation.com/cooray/rights/chap813.htm, accessed on 05/04/2012 at 05:44 pm)10. Australia, (http://www.abflags.com/flags-of-the-world/oceania/australia, accessed on 05/04/2012 at 05:47 pm)11. Victoria (Australia), (http://en.wikipedia.org/wiki/Victoria_%28Australia%29, accessed on 05/04/2012 at 05:52 pm)12. Cambridge Advanced Learner’s Dictionary, 3rd Edition24 May 2012 74
  75. 75. Cambodia - Australia Our Team Members, we are available and can be contacted at: 1. Mr. Vibol CHETMAY 2. Mr. Sengly SAM Tel: + 855 (0) 976 783 493 Tel: + 855 (0) 12 828 918 E-mail: vibolchetmay@yahoo.com E-mail: senglysam@yahoo.com 3. Mr. Taingkou DOUNG 4. Mr. Phanit LY Tel: + 855 (0) 10 602 099 Tel: + 855 (0) 10 802 023 E-mail: taingkoudoung@yahoo.com E-mail: phanitly@yahoo.com 5. Mr. Bunarith PRAK 6. Mr. Sambath PRAK Tel: + 855 (0) 70 819 992 Tel: + 855 (0) 89 775 781 E-mail: bunarithprak@yahoo.com E-mail: sambathprak@yahoo.com24 May 2012 75
  76. 76. Cambodia - Australia Thank you very much for your kind attention!!! Click here for PDF24 May 2012 76

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