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Headlines this week suggest that dairy land prices have fallen by 30 per cent, but Peter Newbold says there are a few factors to take into consideration.

"I guess that was a big headline, and maybe some may have got to that, but depending on where they are, size, location ... it depends."

Despite this, the GM for PGG Wrightson Real Estate did concede that there has been a decrease in prices when he spoke to The Country's Jamie Mackay.

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"What I will say is depending whether it's tier one, two or three - there has definitely been a drop.

Listen below:

"I think at the moment we're still in that space where the vendor and the purchaser are still trying to find common ground."

The price drop is more marked in the South Island compared to the North Island, although Newbold says, "we're starting to see some signs where the parties are meeting, and we're starting to see some transactions take place."

Also in today's interview: Peter Newbold takes a look at the rest of the rural real estate market.