Rural Real Estate – Subdued Early Spring

Data released by the Real Estate Institute of New Zealand (REINZ) shows there were 21 less farm sales (-7.7%) nationally for the three months ended September 2018 than for the three months ended September 2017.

  • Overall, there were 250 farm sales in the three months ended September 2018, compared to 323 farm sales for the three months ended August 2018 (-22.6%), and 271 farm sales for the three months ended September 2017.
  • 1,460 farms were sold in the year to September 2018, 12.4% fewer than were sold in the year to September 2017, with 8.4% less dairy farms, 11.4% fewer grazing farms, 14.9% less finishing farms and 18.8% fewer arable farms sold over the same period.
  • The median price per hectare for all farms sold in the three months to September 2018 was $25,447 compared to $27,363 recorded for three months ended September 2017 (-7.0%).
  • The median price per hectare rose 28.6% compared to August 2018.
  • Points of Interest around New Zealand include:
  • Dairy – again, minimal activity with 3 sales only for September and 14 for the last 3 month period.
  • Finishing – solid activity in Waikato, Manawatu/ Wanganui and Canterbury, with high prices in the northern province, albeit on smaller properties; quiet in other regions.
  • Grazing – sufficient activity to be recorded in the Northland, Auckland and Wellington districts, as was the case in Canterbury and Otago, with steady sales in Southland.
  • Arable – quiet in most regions, Southland being the exception.
  • Horticulture – a continuation of good sales of mostly smaller orchards in the Bay of Plenty; some activity in Gisborne and Hawke’s Bay and a burst of sales in the Marlborough district.