According to the Daily Mail, real estate investors are now eyeing housing expansion in Australia, with a cattle farm selling for hundreds of millions of dollars.
The Beveridge,Laffan family, 40 kilometers north of Melbourne, recently sold a 600-hectare Deloraine farm to a Chinese developer.
Melbourne-based developer Zeng Xionglin (Zeng Xiong Lin,) paid 200 million yuan for the popular cattle farm. It is reported that the Laffan family has run the cattle farm for 54 years.
The land, if approved for housing, could accommodate 6000 families, according to the Australian Financial Review.
The Laffan family acquired the land in 1964, which sold for about one hundred and fifty thousand yuan, or about $ one hundred and thirty thousand today.
The cattle farm`s sale was one of two recent real estate deals, totaling 400 million yuan. The second deal took place in Clyde North, 42 kilometers in Melbourne, which was bought by Goldmate Group, a Sydney developer run by Kim Ni, for 200 million yuan. The area is believed to be divided into 1300 residential areas.
Industry experts have predicted a housing boom in northern urban areas outside Melbourne, saying the owners are actually sitting on gold mines because the area has been redivided into residential areas.
Once re-developed, the total value of the two deals will reach 4 billion yuan. So, in the replanned area, developers will pay 1 million yuan per hectare.
Frank Nagle, director of operations at Biggin&Scott Land, said the sale of the land would "redefine real estate."
"this land can accommodate 6000 families and there is a huge park in, Mt Fraser, where there are four schools and direct access to Hume Freeway.," he said.
Taylors Strategists`s Nick Hooper said the opportunity to buy such a large piece of land and replan it as a home is rare.
