The median price for the 170 Northland lifestyle blocks sold in the three months to January 31 this year fell $35,000 to $565,000 from the $600,000 median sales price in December 2018.

Despite this reduction, Real Estate Institute of New Zealand (REINZ) data show Northland lifestyle block prices are still substantially ahead of the January 2018 median of $450,000 and the January 2017 median of $455,000.

There were 7050 lifestyle properties sold in New Zealand during the year to January 2019, 533 (7 per cent) fewer than were sold in the year to January 2018. The value of lifestyle properties sold was $5.73 billion for the year to January 2019.

'Reports from the regions experiencing reductions indicate the [lifestyle block] market is in a transition stage, with a number of vendors having price expectations 5-10 per cent ahead of where purchasers are prepared to go.'

The median price for all lifestyle properties sold around the country in the three months to January 2019 was $690,000 and was $32,750 higher than the $657,250 median for January 2018.

Advertisement

REINZ rural spokesman Brian Peacocke says, "Lifestyle block sales data for the three-month period indicates an easing from the period ending December 2018, as would be expected as a result of the holiday period, but a significant reduction on the very strong volumes recorded for the same period two years ago.

"Reports from the regions experiencing reductions indicate the market is in a transition stage, with a number of vendors having price expectations 5-10 per cent ahead of where purchasers are prepared to go.

"The major reassuring factor is that the median price which covers the total country is holding at the record levels of recent months, this being an indication of reasonable health in the wider market."

Other sales

Meanwhile, the 32 Northland farms — 14 grazing, nine finishing, four horticulture, two dairy and single sales of forestry, arable and special farms — sold in the three months to January 31 this year had a median sales price of $17,291/ha, well up on the $13,748/ha median for the region's farm sales in January 2018 and the $14,616/ha median in January 2017.

The 14 Northland grazing properties had a median sales price of $10,013/ha, similar to December 2018 sales but still lagging behind the $13.304/ha median for the region's grazing farm sales in January 2018.

The 118 grazing farms averaging 140ha sold nationally for the three months ended January 31 had a median price of $10,295/ha . The median price per hectare for grazing farms has fallen 13 per cent over the past 12 months.

The nine Northland finishing farms had a median sales price of $26,562/ha, down from $28,603/ha in December last year and $31,096/ha in January 2018.

Advertisement

The 136 finishing farms averaging 42ha sold around New Zealand for the three months ended January 2019 had a median price of $29,587/ha, compared with $31,169/ha for the three months ended December 2018 and $30,328 for January 2018. The median price per hectare for finishing farms has fallen 2.4 per cent over the past 12 months.

The two Northland dairy farms sold for the three months to January this year had a median price of $21,302/ha, similar to December 2018 and substantially ahead of the January 2018 median of $13,292/ha.

The 69 dairy farms averaging 101ha sold nationally for the three months ended January 2019 had a median price of $38,642/ha, down from $40,589/ha for December 2018 sales and $37,235/ha in January last year.

The median price per hectare for dairy farms has increased 3.8 per cent over the past 12 months. On a price per kilogram of milksolids basis the median sales price was $40.28 kgMS for the three months ended January 2019, compared to $40.56 kgMS for the three months ended December 2018 and $36.91 kgMS for the three months ended January 2018.

The four Northland horticulture properties sold in the three months ended January 31 had a median sales price of $161,043/ha, down from $218,342/ha for December last year and $174,613/ha for Northland orchard sales in January 2018.

The 41 horticulture properties averaging 10ha sold nationally for the three months to January 31 had a median price of $160,618/ha, down from $164,143/ha for sales in December last year and $205,807/ha for January 2018 sales. The median price per hectare for horticulture farms has dropped 22 per cent over the past 12 months.

The Northland forestry block sold for $10,399/ha, while the arable farm made $77,809/ha and the special farm fetched $96,154/ha.