According to today's Australian Financial Review, a London-based hedge fund is leading the charge by bankrolling Sydney-based Primary Holdings International for the $75m purchase of Peter Camm's LaBelle Downs and Welltree Station in the Northern Territory.

There is also hype that Tipperary Station could fetch as much as $200m, but such big numbers have pundits questioning whether the market is over-heated.

Heytesbury Beef chief executive Paul Holmes a Court told the paper that such asking prices are "inflated" and "irrational".

"The values on these properties are totally out of sync with what they can earn," he said.