The deal was done within 48 hours. The Chinese billionaire had zeroed in on 54 hectares of farmland in Werribee, golden fields of canola in full bloom, just off the Princes Freeway, not far from where the suburban fringe begins.

With lightning speed, the contracts and documents were sent to China for translation overnight. When they arrived back, the only things veteran real estate agent John Castran recognised were his logo and that of his solicitor.

Real Estate agent John Castran sold a paddock in Werribee for $4.4 million. Credit:Photo: Simon O'Dwyer

The next step was the signing of the contracts eight days ago, with the land sold for $4.4 million, in what could be a record for rural land in the area, according to Mr Castran.

Welcome to the new world of foreign investment in the Australian property market, where the deals are big, and often involve Chinese money. Mr Castran likens the impact to what wool, wheat, iron ore and coal have meant for Australia.