Record Year for Rural Land Sales
Written by: Duncan B. on 31 December 2020
2020 was a record year for rural land sales despite the coronavirus. Four sales in 2020 exceeded $100 million while 15 sales made $50 million or more.
The Canadian Public Sector Pension Investment Board spent more than $1billion on rural properties this year following on from 2019 when it was also the biggest buyer of Australian rural property. PSP spent $845 million in 2020 to take over Webster Limited which is Australia’s fourth-oldest company and one of the nation’s biggest landholders.
Other major investors were the US-based Hancock Agricultural Investment Group which spent $218 million to secure two of Australia’s most expensive farms and Macquarie Infrastructure and Real Assets which also made some big purchases.
The rural property market changes rapidly with properties being bought and sold all the time. Properties also pass in and out of Australian hands as Australian and foreign owners buy and sell holdings. Chinese companies both bought and sold properties during the year.
There is a lot of concern in some circles about Chinese investment in Australian agriculture. Perhaps we should be more worried about the Canadians!
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