The median farm price in Northland dropped to $741,250 last month from $746,250 in September, according to Real Estate Institute sales figures.
The latest price is well up on the $490,000 median recorded for the region in October last year, but still substantially lower than the $950,000 median for October 2008.
Twelve farms - eight grazing, two horticulture and two dairy - were sold in Northland last month, compared with 14 in September and 20 in October last year.
The median price for a Northland lifestyle block also dropped from $375,000 in September to $317,500 last month - a major step down from the September recovery toward the $399,000 median in October 2008, but still ahead of the $295,000 median for October last year.
Sixty-eight lifestyle blocks were sold in Northland last month, compared with 87 in September and 121 in October last year.
Information provided by the institute in relation to the rural real estate market covers a three-month period.
Therefore, references to October results refer to the period from August 1 to October 31 and references to September refer to the period from July 1 to September 30.
Nationally, the median farm sale price eased back to $950,000 last month from $1.0125 million in September.
Last month's price was an increase on the median of $875,000 for October last year but was still well down on the median of $1.5 million for October 2008.
REI spokesman Bryan Thomson said that while the whole rural market was quiet, the positive outlook internationally for milk products was starting to lift interest in dairy farms.
"But buyers are being very price sensitive, so vendors still expecting to realise the values of two and three years ago will continue to be disappointed," he said.
Median farm price drops: REI
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