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Rural Property Values Rise


NEWS RELEASE 26 JANUARY, 2000

RURAL PROPERTY VALUES RISE

The national median price for rural property rose over both year to year and month to month comparison, according to the Real Estate Institute of New Zealand’s latest monthly survey.

The national median price for December was $447,500, up from the November median of $402,500 and the December 1998 median of $437,000.

REINZ national councillor, Mr Murray Cleland, said today that the increase in rural property values from 1998 was an indication of the rural sectors recovery from the twin blights of drought and the Asian Crisis.

“The rural sector has laboured under extreme circumstances over the last two years and in comparison to 1999, the figures seem to indicate the longer-tern recovery of the rural property market.”


The national sales volume fell to 154 in December from the 186 transactions recorded in November, but rose from the 141 properties that changed hands in December 1998.

Mr Murray Cleland said that although sales volumes fell, the figures are still healthy.

He said, “After the strong figures for national median sales volume recorded in November, it is neither surprising nor worrying that the national median sales volume is down from last month, especially considering the corresponding figure for 1998, which showed a less healthy level of activity.”


The demand for dairy properties rose with 33 properties changing hands during December, compared to 28 in November, and the 27 recorded in December 1998.

The median sale price for dairy properties of $750,000 compares with $1,087,500 in November and $925,000 in December 1998.

Sixty-five grazing properties sold in December 1999, up on the 56 recorded in December 1998. Conversely, the median was down at $345,000, compared with $357,500 in December 1998.

Arable property sales were up on a year to year basis with seven transactions in the latest period, compared to two sales in December 1998, but the median fell, from $660,000 in December 1998 to $605,000 in the latest period

Horticultural property sales were down on a year to year basis, from 19 sales in December 1998 to 18 in December 1999. The median price rose, from $250,000 last December to $269,000 in the latest period.

The number of finishing properties sold was up to 36 from 24 a year ago, and the median was up from $536,000 last year to $601,000 in the latest period.

Lifestyle block sales rose on a year to year basis from 325 transactions in December 1998 to 343 sales in the latest period , while the median price of $ 173,000 for December 1999 compare to $193,000 for December 1998 and the $185,000 recorded last month.

Regional highlights:

Northland
Twelve farm sales were recorded in Northland in December, remaining consistent with December last year but four less than in November 1999. Eight grazing, two horticultural, one dairy and one finishing property made up the total. A total of fourty-three lifestyle block sales were recorded for December, nine more than in November 1999 and thirteen more than in December 1998. The median lifestyle block price was $138,000.

Auckland
Thirteen farms were sold in the Auckland region in December, four more than in November, and ten more than in December last year. Sales comprised two grazing, three horticultural, one dairy, one forestry and four finishing properties. Sales of lifestyle blocks fell with a total of 57 sales recorded, compared with 80 in November, and was also down on the 70 recorded in the same month last year. The median lifestyle block price was $265,000, compared with $315,000 in November and $281,500 in December 1998.

Waikato
The Twenty-one farms sold in the Waikato in December were two less than December last year, and two more than the nineteen transactions for November. The sales comprised seven grazing, eight dairy, five finishing and one forestry property.

Twenty-eight lifestyle blocks sold during December, eight less than December 1998, and two less than the thirty recorded in November. The median lifestyle block price was $190,000, compared with $140,650 in November and $179,500 in December last year.

Bay of Plenty
Six farms were sold, compared with eleven in November and in the same month last year. Two grazing, one horticultural and three dairy properties made up the total. Thirty-six lifestyle blocks were sold, up from thirty-two in November 1999 and thirty-one in December 1998. The median lifestyle block price was $181,250 for December and $211,000 for November and compared to $240,000 in December 1998.

Gisborne
Six properties changed hands in Gisborne during December, compared to one in November and three in December of last year. The sales comprised two grazing and four horticultural properties.

No lifestyle blocks changed hands in the region, compared to no transactions recorded in the same month last year and six in November 1999.

Hawkes Bay
Twelve farm settlements took place during December, compared to seventeen in November and thirteen in December last year. Five grazing, four horticultural, two finishing and one forestry property comprised the total.
Lifestyle block sales fell from twenty-nine in November to sixteen in the latest period, and compared to twenty-five in December last year. The median lifestyle block price was $147,500, compared with $240,000 in November and $178,000 last December.

Taranaki
Six farms changed hands in Taranaki compared with the same in November and four in December 1998. Six lifestyle blocks changed hands in the region, one less than in November and three less than the same month last year. The lifestyle block median price was $163,000, compared with $189,000 last month and $172,000 last December.

Manawatu/Wanganui
Farm sales fell during December, with a total of sixteen sales recorded, compared with twenty-nine in November and fifteen recorded in December 1998. The six grazing, one arable, five dairy, two finishing and one each of special and horticultural properties comprised the total farm sales.
Lifestyle block sales fell to thirty-eight from forty-nine in November compared to thirty-one in December 1998. The median lifestyle block price was $134,250, compared with $161,000 in November and $150,000 in December 1998.

Wellington
Three farms changed hands in the Wellington region during December, compared to four transactions in December last year and four in November 1999. One special, and two grazing properties made up the total. A total of twenty lifestyle blocks changed hands, compared with twenty-six in November and fourteen in the same month last year. The median lifestyle block price rose from both last month and last year at $146,000 compared to the November figure of $123,750 and the $217,500 recorded in December 1998.

Nelson/Marlborough
Farm sales were down from November in the Nelson/Marlborough region with a total of seven sales, compared to eighteen in November and seven in December last year. Three grazing and one each horticultural, arable, finishing and special properties made up the farm sales in the region.

Twenty-four lifestyle blocks sold and the median price was $165,000, compared with $254,000 in November when thirty-two were sold and $198,500 in December last year when twenty changed hands.

West Coast
One horticultural property changed hands on the West Coast during December – the volume consistent with November 1999 and up on December 1998. Five lifestyle blocks sold in the region, two more than November and compared to no transactions in December 1998.

Canterbury
A total of twenty-one farms changed hands in December, compared with seventeen in November 1999 and twelve in December last year. There were five arable, six grazing, five finishing, two dairy, one horticultural and two special properties sold. Lifestyle block sales fell, with thirty-nine changing hands for December 1999,compared to the same in December 1998, and sixty-six in November 1999. The median lifestyle block price for the region was $225,000, compared with $165,500 in November and $160,000 in December last year.

Otago
Ten farms were sold in Otago comprising five grazing, four finishing and one dairy property. This compared with thirteen sales in November and eleven in December last year. Lifestyle block sales fell in the region with a total of seventeen changing hands in December compared to twenty-four in November 1999, and twelve in the same month last year. The median lifestyle block price was $162,500, compared with $90,000 in November and $190,000 in December 1998.

Southland
Twenty farms changed hands in Southland, compared to twenty-five in November and twenty-three in the same month last year. There were twelve finishing, six dairy, and two grazing properties sold. Lifestyle block sales rose from eleven in November and eight in December 1998 to fourteen in December 1999. The median lifestyle block price was $129,000.

-ENDS-

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