This thesis examines rural development processes, and in particular the impact over time of infrastructure investment on locational value in a farming community in northern Victoria, Australia. Correlation between infrastructure investment and land values was found to change over time, with the full cost of infrastructure provision not reflected in increased land values. Its impact depended on the type of infrastructure, and was linked to technological changes in agricultural production that led to different demands. The study also revealed the complexity of land ownership and use during the development of typical northern Victorian farmland, and the patterns of land value that emerged. As an historical study of land development it provides a deeper understanding of rural valuation methodology and sales analysis. It also contributes to the theory of land development, and in particular rural land-use and value.