Rural property remains subdued

Photo / Paul Estcourt

Sales of New Zealand's farm properties remain subdued and prices are steady, the Real Estate Institute's latest property report says.

In the three months to the end of July, 262 farms changed hands, an increase on the 229 sold in the same period last year, but about 45 per cent down on the number of properties sold during the same period two years ago.

The national median farm sale price eased up slightly to $1,118,500 for the three months to July, but is below the median of $1,200,000 for the same three months last year, and significantly down on the $1,800,000 recorded in 2008.

The largest number of farm sales for the three months was 45 in Canterbury.

- NZ HERALD ONLINE