More than $500 million worth of cattle stations is on the market in Australia's Top End as owners seek to take advantage of the weak Australian dollar, strong demand for beef in Asia and high land prices.
According to today's Australian Financial Review, a London-based hedge fund is leading the charge by bankrolling Sydney-based Primary Holdings International for the $75m purchase of Peter Camm's LaBelle Downs and Welltree Station in the Northern Territory.
There is also hype that Tipperary Station could fetch as much as $200m, but such big numbers have pundits questioning whether the market is over-heated.
Heytesbury Beef chief executive Paul Holmes a Court told the paper that such asking prices are "inflated" and "irrational".
"The values on these properties are totally out of sync with what they can earn," he said.
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