Foreign property investors are snapping up farmland in NSW, it has been reported.
According to a report by PRDnationwide, investors from the UK account for the largest foreign property investment in NSW agricultural land, buying more than 613,000ha. Korean investors rank second with 227,300ha.
Ninety-two per cent of the UK investment in NSW land is represented by one company, John Swire & Sons, with another UK mixed farming investor, MHPF Fund, now expanding rapidly to acquire agricultural land in the state.
PRDnationwide NSW research director Oded Reuveni Etzioni said the figures show strong foreign investment in distressed agricultural properties in the state.
"Foreign companies are investing not only for the monetary benefits, but also to secure scarce resources," he said.
Reuveni Etzioni pointed to Chinese mining company Shenhua Watermark, and said the company has invested the highest monetary amount in NSW land, with a total investment of $158m.
"The Chinese coal miner owns approximately 33,000ha in the Gannedah region, with arable land purchased over the last two years accounting for a large portion of it," he commented.