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Although those in the dairy industry are use to dealing with cows, today on The Country Jamie Mackay wanted to talk to PGG Wrightson Real Estate GM Peter Newbold about elephants.

The Country host was referring to the elephant in the room for New Zealand dairy listings - debt.

Newbold put the current situation "back to that time when everyone was working in that capital gains story - and I guess that stopped".

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As a result the buyers that are out there will be purchasing on different terms and "it becomes more of a yield situation" said Newbold.

But there is a light at the end of the tunnel.

"I think for dairy to start gaining a bit more momentum there needs to be a change in values. We're already seeing that. I guess spring this year will be a good barometer on where those values sit", said Newbold.

Also in today's interview: Newbold takes a look at a positive dairy market in the West Coast, gives an update on how other rural property sectors are faring and talks about PGG Wrightson Real Estate's Property of the Week.