By LIAM DANN
Fears of a decline in the dairy sector have not dampened the property market.
The Real Estate Institute of New Zealand reports that dairy farm prices set records last month, although grazing properties experienced the strongest demand.
The national dairy farm median selling price reached $2,075,000 last month, up on
the February figure of $1,808,550 and the March 2002 and 2003 medians - which both stood at $1,700,000.
Grazing properties led the sales figures with 163 sales, well up on the 109 of February and the 144 properties sold in March last year.
The turnover of dairy farms, at 32 properties, was relatively low compared with the figures of 52 in February and 72 in March last year.
The national median selling price for all farms last month was $706,000, slightly down on the February figure of $750,000, but up on the March 2003 figure of $695,000.
The institute's rural spokesman, Murray Cleland, said the continued rise in dairy prices reflected long-term confidence in the sector.
