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Year Ends On High Note For Rural Property Market

NEWS RELEASE 30 JANUARY, 2002


Year Ends On High Note For Rural Property Market


The year ended on a high note for the rural property market with both the national sales volume and national median price increasing during December, up on the figures recorded for both November 2001 and December 2000, according to the latest rural property statistics released today by the Real Estate Institute of New Zealand.

Rural spokesperson for the Institute, Mr Murray Cleland said today that the results defied the traditional slow period usually experienced in the lead up to Christmas.

He said, “December’s statistics are particularly pleasing given that trading in December is in reality restricted to only a two week period, as offices close and buyers tend to focus on the holiday season. Despite this, the rural property market continued to improve during December, the median price firming by 17.16 per cent on a year-to-year basis.”

According to statistics released today by the Institute, the national sales volume for December was 330, compared to the November sales volume of 306 and the December 2000 volume of 281.

The national median sale price for December was $758,079 compared to November at $757,500, and the December 2000 median of $647,000.

The national sales volume and national median price for December in the lifestyle block market firmed on year-to-year comparison but eased on a month-to-month basis, with 488 transactions at a median sales price of $219,000, compared to 498 sales in November at $220,000 and 375 in December 2000 at $195,000.

Mr Cleland said that the month to month easing of the lifestyle block statistics was likely due to the sector being more closely linked to the urban market than other aspects of the rural property market.

"The period leading up to Christmas is typically sees less activity in this market, so the slight easing is not at all surprising. It is more relevant that the December figures are well improved on those recorded for December 2000. The lifestyle block market has proved itself to be an exceptionally strong sector and I expect to see that continue into 2002."


The national median sale price for farms has firmed by 17.16 per cent from December 2000, with those sectors having firmed from a year ago including grazing property, firming by 23.89 per cent; finishing property, firming by 34.82 per cent; and arable property, firming by 194.40 per cent.

The only sector whose median price did not improve from December 2000 was South Island High Country merino property, with no sales recorded in either December 2000 or 2001.

The demand for dairy properties rose on a month-to-month basis but eased slightly on year-to-year comparison, with 88 properties changing hands during December, compared to 83 in November 2001 and 89 in December 2000.

The December 2001 median sale price for dairy properties of $1,429,500 was up on both the $1,230,000 recorded in December 2000, and the $1, 425,000 recorded in November 2001.

The national arable property median sale price was up on both a year to year and month to month basis, from $625,000 in December 2000 and $1,075,000 in November to $1,840,000 in the latest period, while sales rose to thirteen from the nine recorded in December 2000, and the eight sales recorded in November 2001.

Horticultural property sales rose on year-to-year comparison and eased on a month-to-month basis, with 23 sales in December compared to 37 sales in November 2001 and 21 sales in December 2000. The median price rose from last year and last month, from $400,000 in December 2000 to $600,000 in the latest period, and compared to $435,000 in November 2001.

Finishing property sales firmed on both year-to-year and month-to-month comparison, with 83 sales in December 2001 and 61 in November 2001,compared to 66 sales in December 2000. The median price rose from last month and last year with $539,000 in December 2000 and $700,000 in November 2001, compared to $726,720 December 2001.

One hundred and nine grazing properties sold in December, up on both the 105 sales in November and the 82 recorded in December 2000. The median sale price was up from last year and last month, from $385,000 in December 2000 and $475,000 in November 2001, to the $477,000 recorded in December 2001.

-ENDS-

For further information contact:
Mr Murray Cleland, REINZ Councillor Phone: (021) 950 445
Issued by Weber Shandwick Worldwide Phone: (025) 230 5768

Regional highlights:

Northland
Seventeen farm sales were recorded in Northland in December, three more than November and equal to sales in December 2000. Six grazing, three finishing, one forestry, two horticultural, and five dairy properties made up the total. The median farm price was $660,000, compared with $640,000 in November and $650,000 in December 2000.

A total of 39 lifestyle block sales were recorded for December, compared to 25 November and 31 sold in December 2000. The median lifestyle block price was $115,000, down on both November’s $160,000 and the $169,000 recorded in December 2000.


Auckland
Eighteen farms sold in the Auckland region in December, four more than both November 2001 and December 2000. Sales comprised three dairy, one special, two finishing and twelve grazing properties. The median farm price was $545,500, compared with $1,020,500 in November and $430,500 in December 2000.

Sales of lifestyle blocks rose on both a month-to-month and year-to-year comparison with 107 sales recorded, compared with 105 in November 2001 and 54 in December 2000. The median lifestyle block price was $360,000, compared with $319,000 in November and $279,000 in December 2000.

Waikato
The sixty-three farms sold in the Waikato were thirty more than December last year and twenty more eight more than the sales recorded for November. The sales comprised 18 grazing, 32 dairy, one special and twelve finishing properties. The median farm price was $1,000,000, compared with $1,280,000 in November and $1,080,000 in December 2000.

Forty-six lifestyle blocks sold during December, compared to 60 in December 2000, and 38 in November 2001. The median lifestyle block price was $207,500, compared with $247,500 in November and $207,500 in December last year.

Bay of Plenty
Fifteen farms were sold, eight less than in November 2001 and equivalent with December last year. Nine horticultural, three dairy, and three grazing properties made up the total. The median farm price was $930,000, compared with $615,000 in November and $870,000 in December 2000.

Twenty-nine lifestyle blocks were sold, 21 less than November and eight more than December 2000. The median lifestyle block price was $255,000 for December, less than the $264,500 recorded for November and the $300,000 in December 2000.


Gisborne
One property changed hands in Gisborne during December, seven less than in November 2001 and three less than December of last year. The median farm price was $415,000, compared with $643,000 in November 2001 and $335,000 twelve months ago.

Two lifestyle blocks changed hands in the region, two less than November and one less than the same month last year. The median lifestyle block price was $92,500, compared with $121,000 in November and $230,000 last December.

Hawkes Bay
Seventeen farm settlements took place during December, five less than November 2001 and six more than in December last year. Seven grazing, three finishing, one arable, one dairy and ten horticultural properties comprised the total. The median farm price was $400,000, compared with $400,000 in November and $722,000 in December 2000.

Lifestyle block sales fell to 16 in December from 19 in November and compared to 15 sales in December last year. The median lifestyle block price was $208,500, compared with $205,000 in November 2001 and $150,000 last December.


Taranaki
Thirty-three farms changed hands in Taranaki, compared with 23 in November 2001 and 24 in December 2000. Eight grazing, one finishing, one special and 23 dairy properties comprised the total farm sales. The median farm price was $950,000, compared with $900,000 in November and $640,000 in December 2000.

Nineteen lifestyle blocks changed hands in the region, two more than November and ten more than December 2000. The lifestyle block median price was $143,500, compared with $165,000 last month and $179,000 last December.

Manawatu/Wanganui
Farm sales eased from last month - from 25 for November to 20 in December 2001, and compared to 12 sales in December 2000. Eight grazing, five dairy, three finishing, one horticultural, two special and one arable property comprised the total. The median farm price was $915,000, compared with $635,000 in November and $390,000 in December 2000.

Lifestyle block sales fell to 34 from both the 37 recorded in November 2001 and the 42 recorded in December 2000. The median lifestyle block price was $105,500, compared with $155,000 in November and $111,500 in December 2000.


Wellington
Six properties, consisting of one forestry, one special, horticultural and four grazing properties changed hands in the Wellington region during December, compared to ten farm transactions in December last year and nine in November 2001. The median farm price was $531,500, compared with $220,000 in November and $658,000 in December 2000.

A total of 29 lifestyle blocks changed hands, eight less than the 37 recorded in November 2001 and five less than the 34 for December 2000. The median lifestyle block price fell to $165,000 compared to the November figure of $215,000 and the $174,000 recorded in December 2000.


Nelson/Marlborough
Farm sales rose in the Nelson/Marlborough region with 22 sales for December, 12 for November, and 10 sales recorded in December 2000. Eleven grazing, one dairy, two finishing, two forestry and six horticultural properties made up the farm sales in the region. The median farm price was $302,500, compared with $735,000 in November and $387,500 in December 2000.

Thirty-five lifestyle blocks sold and the median price was $275,000, compared with $267,000 in November when 24 were sold and $230,000 in December last year when 33 blocks changed hands.


West Coast
No transactions took place on the West Coast during December, compared to two farm transactions in November 2001 and ten in December 2000.

Seven lifestyle blocks sold in the region, three more than November 2001 and one less than December 2000.

Canterbury
A total of 47 farms changed hands in December, compared with 29 in November and 35 in December last year. There were one special, eleven arable, eight dairy, ten grazing, and seventeen finishing properties sold. The median farm price was $1,165,000, compared with $1,300,000 in November and $660,000 in December 2000.

Lifestyle block sales rose on a month-to-month and year to year basis, with 70 changing hands for December, compared to 55 in November 2001 and the 53 sales recorded in December 2000. The median lifestyle block price for the region was $213,000 compared to $185,000 in November and $180,000 in December last year.


Otago
Thirty-one farms were sold in Otago comprising one horticultural, one special, two forestry, two dairy, nine grazing and 16 finishing properties. This compared with 22 sales in December last year and 26 in November. The median farm price was $505,000, compared with $415,000 in November and $575,000 in December 2000.

Thirty-nine lifestyle blocks changed hands in the region, four less than November 2001 and twenty-six more than in December 2000. The median lifestyle block price was $184,000, up on both November’s $175,000 and the $115,000 recorded in December 2000.


Southland
The median farm price in Southland was $728,360 compared with $500,000 in November and $605,000 in December 2000.Forty farms changed hands compared to 45 in November and 63 in December last year. There were 26 finishing, eight grazing and six dairy properties sold.

Lifestyle block sales fell from 18 for November to 16 for December and compared to 21 in December 2000. The median lifestyle block price was $90,000, down on both November’s $130,250 and the $155,000 recorded in December 2000.

NUMBER OF SALES AND MEDIAN SALES PRICE
BY DISTRICT – DECEMBER 2001

All Farms
All Lifestyle
No. of Sales Median No. of Sales Median
Northland 17 660,000 39 115,000
Auckland 18 545,000 107 360,000
Waikato 63 1,000,000 46 207,500
Bay of Plenty 15 930,000 29 255,000
Gisborne 1 415,000 2 92,500
Hawkes Bay 17 551,000 16 208,500
Taranaki 33 950,000 19 143,500
Manawatu/
Wanganui 20 915,000 34 105,500
Wellington 6 531,500 29 165,000
Nelson/
Marlborough 22 302,500 35 275,000
West Coast 7 70,000
Canterbury 47 1,165,000 70 213,000
Otago 31 505,000 39 184,000
Southland 40 728,360 16 90,000


TOTAL 330
$758,079
488
$219,000


NUMBER OF SALES BY FARM TYPE – DECEMBER 2001

Arable Dairy Fattening Forestry Grazing Horticultural Sth Island High Country Special

Northland - 5 3 1 6 2 - -
Auckland - 3 2 - 12 - - 1
Waikato - 32 12 - 18 - - 1
Bay of Plenty - 3 - - 3 9 - -
Gisborne - - - - 1 - - -
Hawkes Bay 1 - 1 - 11 4 - -
Taranaki - 23 1 - 8 - - 1
Manawatu/
Wanganui 1 5 3 - 8 1 - 2
Wellington - - - 1 4 - - 1
Nelson / Marlborough - 1 2 2 11 6 - -
West Coast - - 1 - - 1 - -
Canterbury 11 8 17 - 10 - - 1
Otago - 2 16 2 9 1 - 1
Southland - 6 26 - 8 - - -

TOTAL 13 88 83 6 109 23 - 8

FARMS - SALES AND MEDIAN PRICE BY DISTRICT
DECEMBER 2000 NOVEMBER 2001 DECEMBER 2001
#. of Sales Median #. of Sales Median #. of Sales Median

Northland 17 650,000 14 640,000 17 660,000
Auckland 14 430,000 14 1,020,000 18 545,000
Waikato 33 1,080,000 55 1,280,000 63 1,000,000
Bay of Plenty 15 870,000 23 615,000 15 930,000
Gisborne 4 335,000 7 643,000 1 415,000
Hawke’s Bay 11 722,000 22 400,000 17 551,000
Taranaki 24 640,000 23 900,000 33 950,000
Manawatu/
Wanganui 12 390,000 25 635,000 20 915,000
Wellington 10 658,000 9 220,000 6 531,500
Nelson/
Marlborough 10 387,500 12 735,000 22 302,500
West Coast 11 543,000 2 688,500
Canterbury 35 660,000 29 1,300,000 47 1,165,000
Otago 22 575,000 26 415,000 31 505,000
Southland 63 605,000 45 500,000 40 728,360

TOTAL 281 $647,000 306 $757,500 330 $758,079

DECEMBER 1997 DECEMBER 1998 DECEMBER 1999
# of Sales Median # of Sales Median # of Sales Median

Northland 5 610,000 12 357,500 12 332,500
Auckland 6 877,500 3 355,000 13 360,000
Waikato 21 300,000 23 825,000 21 740,000
Bay of Plenty 19 497,500 11 450,000 6 480,000
Gisborne 3 945,000 3 250,000 6 757,500
Hawke’s Bay 10 522,500 13 510,000 12 287,500
Taranaki 6 742,500 4 500,000 6 625,000
Manawatu/
Wanganui 16 312,500 15 475,000 16 650,000
Wellington 8 317,500 4 305,000 3 840,000
Nelson/
Marlborough 4 301,550 7 325,000 7 410,000
West Coast 5 260000 1 160000
Canterbury 5 245,000 12 440,000 21 420,000
Otago 7 565,000 11 300,000 10 400,000
Southland 16 365,000 23 300,000 20 386,778

TOTAL 131 $425,000 141 $437,000 154 $447,500

LIFESTYLE BLOCKS - SALES AND MEDIAN PRICE BY DISTRICT

DECEMBER 2000 NOVEMBER 2001 DECEMBER 2001
# of Sales Median # of Sales Median # of Sales Median

Northland 31 169,000 25 160,000 39 115,000
Auckland 54 279,000 105 319,000 107 360,000
Waikato 38 207,500 60 247,500 46 207,500
Bay of Plenty 21 300,000 50 264,500 29 255,000
Gisborne 3 230,000 4 121,000 2 92,500
Hawke’s Bay 15 150,000 19 205,000 16 208,500
Taranaki 9 179,000 17 165,000 19 143,500
Manawatu/
Wanganui 42 111,500 37 155,000 34 105,500
Wellington 34 174,000 37 215,000 29 165,000
Nelson/
Marlborough 33 230,000 24 267,000 35 275,000
West Coast 8 116,250 4 34,250 7 70,000
Canterbury 53 180,000 55 185,000 70 213,000
Otago 13 115,000 43 175,000 39 184,000
Southland 21 155,000 18 130,250 16 90,000

TOTAL 375 $195,000 498 $220,000 488 $219,000

DECEMBER 1997 DECEMBER 1998 DECEMBER 1999
# of Sales Median # of Sales Median # of Sales Median


Northland 50 142,000 30 127,000 43 138,000
Auckland 59 320,000 70 281,500 57 265,000
Waikato 52 207,500 36 179,500 28 190,000
Bay of Plenty 21 210,000 31 240,000 36 181,250
Gisborne - - - - - -
Hawke’s Bay 9 195,000 25 178,000 16 147,500
Taranaki 10 116,400 9 172,000 6 163,000
Manawatu/
Wanganui 38 134,875 31 150,000 38 134,250
Wellington 16 107,500 14 217,500 20 146,000
Nelson/
Marlborough 12 221,500 20 198,500 24 165,000
West Coast 3 43,000 5 55,000
Canterbury 25 155,000 39 160,000 39 225,000
Otago 15 90,000 12 190,000 17 162,500
Southland 12 119,500 8 135,000 14 129,000

TOTAL 322 $179,500 325 $193,000 343 $173,000

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