Property report: Rural market wraps up 2020-21 season

PGG Wrightson's GM for Rural Real Estate Peter Newbold. Photo / Supplied

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The Country's Rowena Duncum is joined by PGG Wrightson's General Manager for Rural Real Estate Peter Newbold to take a look at the rural property market this month.

The 2020-21 rural real estate season had come to an end.

Newbold said it had been the best year recently, with all sectors selling robustly.

Values were up and there had been some promising movement in the dairy sector, he said.

Duncum asked who the most active buyers were this past season.

Usually it was someone from the rural community, but now there were a lot of new entrance buyers in the market, which hadn't been seen for some time, Newbold said.

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Farmers who were looking at putting their properties on the market had been driven by retirement, family succession, the banks being cooperative, and the current positive market place.

For those looking at selling, now would be a really good time, Newbold said.

Overseas investment office regulations were still impacting the rural real estate market, particularly with properties over the $13 million mark, Newbold said.

Duncum asked if issues around labour shortages were influencing property buyers' decisions.

Newbold said there was more to the day-to-day operation of a farm than some people realised - but the rural industry was a wonderful community to be involved with.