Auction Proves Rural Property Market Still Buoyant
Recent Auction Proves Rural Property Market Still Buoyant
The property market in rural New Zealand remains positive judging by a recent successful auction of a 95ha dairy unit in the Bay of Plenty.
Starting with an opening bid of $1.5 million, lively bidding from four buyers saw the price climb rapidly to the point where it was sold to local property owners under the hammer for $2.335million.
Located in Galatea - 70km from Whakatane and Rotorua, the property consisted of relatively flat land with a stream on one boundary and a house, cowshed and hay barn.
Harveys Whakatane rural sales rep, Warwick Searle, says the sale highlighted the importance of effective marketing for this type of property. “The property was marketed through a range of local and national publications over a four week period leading up to the auction,” he says.
Attracting predominantly local buyers with some from Opotiki and Whakatane, the farm was eventually sold to nearby land owners who have plans to convert 250ha of forest to farm land. They will be using the Galatea property to build up their herd for their large dairy farm.
The sale shows that there is still strong confidence in the sector. “This is the fourth dairy unit sold by Harveys Whakatane in the past six months,” says Mr Searle.
According to Mr Searle buyers remain in the market for good dairy units. “There has been a lot of recent interest in dairy farms in the region. It is regarded as a good location, offering worthwhile investments, a pleasant climate and favourable lifestyle,” he says.