The Agricultural Investment Development Corp. (AIDC) has bought the 22,400 hectare, Kangerong Station in Queensland for an overseas client at the discounted price of just under $10 million compared to the $16 million price the seller paid for the property in 2008. Even though Kangerong is one of the best developed and productive stations in the region, the property was placed in receivership due to debt and drought conditions. After years of difficulty both AIDC and Rabobank have stated that they believe that Australia’s beef sector will begin to see a turnaround in 2014 as domestic supplies tighten, global demand continues to be strong, and the Australian dollar falls.
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