OSCAR winner James Cameron is the latest celebrity to venture into the world of farming.

The Canadian director - of Avatar, Titanic and The Terminator fame - recently had two applications to purchase two properties approved by New Zealand's Overseas Investment Office.

The land - totalling more than 1000ha - is located at South Wairarapa, near Wellington.

Cameron is expected to arrive later this year to work on an Avatar sequel with Peter Jackson's Weta Digital production company.

The OIO decision said: "Cameron and his family intend to reside indefinitely in New Zealand and are acquiring the property to reside on and operate as a working farm''.

Cameron is reported to have paid $15.67 million for the land.

The sale was described by Federated Farmers president Bruce Wills as a "titanic opportunity'' for the region.

The Labour Party said it didn't have a problem if the family was going to live permanently in New Zealand, but did if they were going to "flit in and out''.

New Zealand First leader Winston Peters said the purchase was "a takeover'' which wasn't going to benefit farming or New Zealand's economy.

"It's just another example of (Prime Minister) John Key sucking up to his Hollywood mates and applying Wall Street values, which aren't values at all.''