The rural property market remains constrained with no significant rise in either prices or farm sales in the latest market statistics for the three months to April released today by the Real Estate Institute of New Zealand (REINZ).
“Though there have been lots of inquiries the slow inactive market continues as buyers are being very cautious,” says Real Estate Institute of New Zealand (REINZ) President Peter McDonald.
The national median farm sale price rose to $1,000,000 for the three months to April 2010, fractionally up on the median of $970,000 for the three months to March 2010, but still down on the February figure of $1,045,000.
The total number of farms sold in the three months to April was 267, almost the same as the 266 in the same period last year but well down on the 786 farms sold in the three months to April 2008.
Though it is effectively the last month in the dairy farm sales season, only 12 dairy farms sold in April and the median price for the three month period fell from $3,600,000 at the end of March to $3,550,000. The average price per hectare for the April dairy farm sales was just $34,766, a further decline on the March average of $36,905, and the February average of $43,970. And the average sale price per kilogram of milk solids fell to $36 from $42 in March and $47 in February.
On a regional basis the largest number of farm sales during the three months to April was 38 in the
While there was an increase in the sale of lifestyle properties from 1118 at the end of the three months to March to 1167 at the end of the three months to April, the national median selling price remained the same at $440,000. In