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Rural Property Sales Rise

The national sales volume for the rural property sector rose while national median price fell over both a year to year and month to month basis, according to the Real Estate Institute of New Zealand’s latest monthly survey.

The national sales volume rose to 186 in November from the 128 transactions recorded in October, and the 119 properties that changed hands in November 1998.

The national median price for November was $402,500, down from the October median of $409,750 and the November 1998 median of $470,000.

REINZ national councillor, Mr Murray Cleland, said the sales volumes figures are the third highest this year, with only the traditionally busy months of April and May recording higher figures.

He said, “The sales volume is encouraging, considering the other pressures on the rural sector, such as rising mortgage interest rates and the election, the rural property market is showing a healthy level of activity.”

Mr Cleland added that rural agents are reporting high levels of enquiry and a number of large holdings had changed hands over the last month.

“Now that New Zealand has confirmed the parties that will lead the Government for the next three years, the uncertainty regarding ongoing rural policy has been alleviated to a large extent, which the Institute hopes results in the upward trend in activity continuing into the year 2000.”

Mr Cleland added, however, that this would rely on the ‘settling in’ period of the new Government being relatively trauma free.

The demand for dairy properties rose under month to month comparison with 28 properties changing hands during November, compared to 13 in October, but fell from the 30 recorded in October 1999.

The median sale price for dairy properties of $1,087,500 compares with $1,119,500 in October and $1,175,000 in November 1998.

Sixty-five grazing properties sold in November 1999, up on the thirty-nine recorded in November 1998. Conversely, the median was down at $315,000, compared with $336,00 in November 1998.

Arable property sales was consistent on a year to year basis with four transactions in both November 1998 and the latest period, but the median fell, from $670,000 in November 1998 to $402,500 in the latest period

Horticultural property sales were up on a year to year basis, from 17 sales in November 1998 to 33 in November 1999. The median price rose, from $310,000 last November to $320,000 in the latest period.

The number of finishing properties sold was up to 38 from 15 a year ago, and the median was up from $370,000 last year to $408,75 in the latest period.

Lifestyle block sales rose on both a year to year and month to month basis from 395 transactions in November 1998 and 399 in October to 429 sales in the latest period , while the median price of $185,000 for November is consistent with the same month last year but down on the $195,000 recorded last month.

Regional highlights:

Northland
Sixteen farm sales were recorded in Northland in November, five more than November last year and fourteen more than in October 1999. Seven grazing, five horticultural, three dairy and one finishing property made up the total. A total of thirty-four lifestyle block sales were recorded for November, seven more than in October 1999 and three less than in November 1998. The median lifestyle block price was $114,500.

Auckland
Nine farms were sold in the Auckland region in November, five less than in October, and six less than in November last year. Sales comprised five grazing, two horticultural, one dairy and one finishing property. Sales of lifestyle blocks fell with a total of 80 sales recorded, compared with 88 in October, and was up on the 66 recorded in the same month last year. The median lifestyle block price was $315,000, compared with $325,000 in October and $335,000 in November 1998.

Waikato
The nineteen farms sold in Waikato in November was three less than November last year, and six more than the thirteen transactions for October. The sales comprised eight grazing, six dairy, two finishing, two special and one horticultural property.

Thirty lifestyle blocks sold during November, six less than November 1998, and thirteen less than the forty-three recorded in October. The median lifestyle block price was $140,650, compared with $188,000 in October and $208,500 in November last year.

Bay of Plenty
Eleven farms were sold, compared with sixteen in October and seven in the same month last year. Four grazing, four horticultural and three dairy properties made up the balance. A total of thirty-two lifestyle blocks were sold, down from thirty-four in October 1999 and forty-six in November 1998. The median lifestyle block price was $211,000, for November and October and compared to $235,000 in November 1998.

Gisborne
One property changed hands in Gisborne during November, compared to four in October and two in November of last year. The sales comprised one grazing property.

Six lifestyle blocks changed hands in the region, compared to the two transactions recorded in the same month last year and October 1999.

Hawkes Bay
Seventeen farm settlements took place during November, compared to eight in both October, and November last year. Three grazing, ten horticultural, two finishing and two special properties comprised the total.
Lifestyle block sales rose from seventeen in October to twenty-nine in the latest period, and compared to twenty-two in November last year. The median lifestyle block price was $240,000, compared with $152,000 in October and $157,500 last November.

Taranaki
Six farms changed hands in Taranaki compared with seven in October and five in November 1998. Seven lifestyle blocks changed hands in the region, three less than in October and three less than the same month last year. The lifestyle block price was $189,000, compared with $210,000 last month and $187,000 last November.

Manawatu/Wanganui
Farm sales rose during November, with a total of twenty-nine sales recorded compared with eighteen in October and twelve recorded in November 1998. The eleven grazing properties sold comprised the bulk of the farm sales, with nine finishing, three special, three dairy, two horticultural and one forestry property making up the balance.

Lifestyle block sales rose to forty-nine from forty-two in October and compared to fifty-four in November 1998. The median lifestyle block price was $161,000, compared with $137,500 in October and $133,500 in November 1998.

Wellington
Four farms changed hands in the Wellington region during November, compared to no transactions in November last year and five in October 1998. One each grazing, finishing, dairy and special properties made up the total. A total of twenty-six lifestyle blocks changed hands, compared with twenty-nine in October and twenty-one in the same month last year. The median lifestyle block price was less than last month at $123,750, compared to $125,000 and compared to $159,000 in November 1998.

Nelson/Marlborough
Farm sales were up on October in the Nelson/Marlborough region with a total of eighteen sales, compared to six in October and nine in November last year. Nine horticultural, four grazing, two arable and one each dairy, high country and special property made up the farm sales in the region.

Thirty-two lifestyle blocks sold and the median price was $254,000, compared with $161,000 in October when twenty-one were sold and $190,000 in November last year when nineteen changed hands.

West Coast
One deer farm changed hands on the West Coast during November – the volume consistent with both October 1999 and November 1998. Three lifestyle blocks sold in the region, two less than October and compared to no transactions in November 1998.

Canterbury
A total of seventeen farms changed hands in November, compared with ten in October 1999 and eleven in November last year. There were two arable, seven grazing, six finishing and two dairy properties sold. Lifestyle block sales rose, with sixty-six changing hands for November 1999,compared to fifty-nine in November 1998, and fifty-eight in October 1999. The median lifestyle block price for the region was $165,500, compared with $160,000 in October and $181,500 in November last year.

Otago
Thirteen farms were sold in Otago comprising eight grazing, two finishing and one each forestry, high country and special property. This compared with eight sales in October and eleven in November last year. Lifestyle block sales rose in the region with a total of twenty-four changing hands in November compared to fourteen in October 1999, and twenty-one in the same month last year. The median lifestyle block price was $90,000, compared with $265,000 in October and $148,500 in November 1998.

Southland
Twenty-five farms changed hands in Southland, compared to sixteen in October and five in the same month last year. There were fifteen finishing, five dairy, three grazing and one each special and forestry property sold. Lifestyle block sales rose from eight in October and November 1998 to eleven in November. The median lifestyle block price was $126,000.

-ENDS-

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