A rural Wanganui property has sold for just under $1.5 million - nearly 50 per cent more than its rateable value.
The property agent who sold it said the sale was an indication the rural sector was in good health.
David Cotton, from Property Brokers, said the Brunswick property, which had been in the vendor's family for 30 years, sold at auction on Wednesday.
Bidding started at $700,000.
The rateable value was $1 million, but after intense bidding by eight bidders, the property sold for $1.48 million.
The property consists of a three-bedroom homestead, outside study, two double garages, woolshed, covered yard, and sheep and cattle yards, on 44.62ha of land.
Mr Cotton said he was thrilled by the final sale.
"The auction room was chocka - there wasn't even standing room."
He said it was unusual to have eight bidders, but the property was "impeccable".
He said it was bought by "a well-known Wanganui dairy farming family".
The sale marked the the first time Mr Cotton had sold a farm for more than $1 million in 14 months.
But he said the top-end rural real estate market, while not big in Wanganui, had remained steady throughout the overall market's ups and downs.
"There tends to be stand-offs between buyers and vendors because no-one is hamstrung by lack of money.
"No one will miss out on a sale for a lack of $10,000 or even $20,000."
He said quality properties would always sell, no matter the state of the market.
Mr Cotton, who is also a stock agent, said the market was particularly buoyant at the moment because the farming sector was doing so well.
"I've been in agriculture for 35 years and every type of farming is doing exceptionally well at the moment.
"This obviously impacts positively on the rural real estate market."