The study presented in this research report provides a comprehensive review of the theories put forward to explain land price movements and applies the models which those theories develop, to the New Zealand situation. This work will be seen as a significant step towards explaining the movements in land prices with respect to the causes of those movements. The results presented in this report will enable a much improved analysis of the potential impact of any future government policy actions and provide a valuable contribution to the "bank of knowledge" pertaining to the agricultural sector.