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Rural Property Market Ends 2006 With Strong Sales


22 Jan 2007


The rural property market ended 2006 strongly with an increase in both the median sales price for

farms and lifestyle properties for the month of December. The national median farm sales price

increased from $1,100,000 in November 2006 to $1,425,000 in December 2006 and from $1,200,000

in December 2005.

Farm sales were down however, with 210 transactions compared with 241 farms sold in November

and the 233 in December 2005.

A similar trend was apparent in the lifestyle property sector with the national median sales price

increasing from $420,000 in November to $450,000 in December 2006, and up from $387,500 at year

earlier. While lifestyle property sales for the month were down to 621 from 777 in the previous month;

however they were up on the December 2005 figures when 552 lifestyle properties were sold.

REINZ National President Murray Cleland said today that the fall in the number of farm sales was an

indication of the shortage of listings with buyer interest exceeding the number of properties available

leading to an increase in demand and prices obtained.

Of the 210 farm sales, 112 were grazing properties, with a median sales price of $1,075,000 up from

$792,500 in November 2006, and from $890,000 in December 2005. Dairy farms recorded the second

highest number of sales, 38 for the month, down on the 46 dairy farms sold in November 2006. The 38

dairy farms sold attracted a median sales price of $2,592,500, up from $2,487,500 in November.

The regions that experienced the largest number of farm sales in December were Canterbury, 31 up

from 25 in November 2006; Waikato, 28 down from 41 in the previous month; and

Manawatu/Wanganui, 24 up from 23 in November 2006.

More lifestyle properties were again sold in Auckland with 113 sold in December 2006, compared with

146 in the previous month and 92 in December 2005. The median sales price for an Auckland lifestyle

property was $680,000 in December, down from $745,000 in November 2006, but up from $672,500

in December 2005.

Canterbury recorded 94 lifestyle property sales with a median price of $396,250; and Northland where

71 properties changed hands with a median of $370,000.

Issued on behalf of the Real Estate Institute (Inc) by Sorensen Group Ltd

For further information, please contact:

Murray Cleland Tel: 07 854 6936

Real Estate Institute of New Zealand 021 950 445

Or

Rob McGregor Tel: 04 496 5511

029 237 2676

For more real estate information, including New Zealand's most comprehensive range of listings for

residential, lifestyle, rural, commercial, investment and rental properties, visit www.realestate.co.nz -

REINZ's official property directory website.

Download documents:
REINZ Rural Market Report Dec 2006.pdf
REINZ Rural Market Report Stats - Dec 2006.pdf