Otago farm sales up, but NZ trend down

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Otago has recorded a bounce in farm sales during the past three months, but overall the market is down more than 18% against the previous July.

Across the country for the three months to August there were 323 farm sales, down 18.6% on the 397 sales recorded in the three months to July.

Otago was in the top three regions making gains on sales for the three months to August, rising by nine sales to 33, while Southland booked an increase of 12 farms to 37, and Manawatu/Whanganui sales were up by 16 farms, according to Real Estate Institute of New Zealand data.

REINZ rural spokesman Brian Peacocke said the three-month period ending August was ''reasonably consistent'' compared with a year ago, but well down on the same period in 2016.

Mr Peacocke said heavy falls of snow caused considerable disruption to farming activities in the central to southern areas of the South Island.

In parts of the central to coastal regions of the North Island, Mr Peacocke said extended wet and stormy periods had resulted in heavy losses of new-born lambs.

Otago had eight finishing farm sales, 17 grazing, four arable, one horticultural and three forestry sales but no dairy farm sales.

Southland had three dairy sales, 12 finishing, 20 grazing, no arable, two horticultural and no forestry sales.

The median price per hectare across all farms was down 29% on the three months to August last year, from $27,928 to $19,792, while dairy farm prices fell from $37,842 per hectare last year to $30,830.