Farm sales remain flat

Photo / Sarah Ivey

A trend of low farm sales over the past three years is continuing, according to the latest Real Estate Institute of New Zealand (REINZ) report on rural property. There were 204 farm sales in the three months ended February, down from 219 in the three months ended January and 205 in the three months to February last year.

REINZ said the trend of low farm sales was continuing but anecdotal evidence suggested banks may be starting to have greater confidence in the rural sector. A 1000ha fattening property in Hawkes Bay last month sold for more than $9 million, the first such sale of this size for some time.

Grazing properties accounted for 41.2 per cent of sales, dairy properties accounted for 24.5 per cent and horticulture properties 10.6 per cent.