Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Spring Growth Spurt in Rural Property Market


News Release

Spring Growth Spurt in Rural Property Market

Spring has brought some new growth to the rural property market with a small rise in the number of farm sales and the median sale price up on the same time last year according to the latest Real Estate Institute of New Zealand (REINZ) Rural Market Report released today.

“After a very quiet period there is now a higher level of genuine inquiry and increased activity in the rural market resulting in the lift in sales, but that is to be expected at this time of the year,” says Real Estate Institute of New Zealand spokesperson Bryan Thomson. “While there is plenty of investigation going on, both sellers and buyers are still coming to terms with the changes in price levels and taking time to make their decisions.”

From $950,00 for the three months to October 2010, the national median farm sale price eased up to $968,500 for the three months to November 2010. This is a 10 per cent increase on the median of $880,000 for the same period in 2009, but still well down on the median of $1,542,750 for the equivalent period in 2008.

In the three months to the end of November 170 farms changed owners, still less than the 223 sold in the same three months in 2009, but an increase on the 164 farm sales in the three months to September 2010 and the just 147 in the three months to October 2010.

With 14 dairy farms sold in the three months to November 2010 the median price has increased to $2,950,000 from $1,700,000 at the end of October. Nine of the dairy farm sales were in November at an average price of $4,153,333, and the average price per kilogramme of milk solids recovered from $33 in October to $37 in November.

On a regional basis, during the three months to November there were 24 farm sales in the Bay of Plenty, 18 of them horticulture properties. Canterbury was next highest with 22 farms sold and in the Waikato there were 19.

Across the country the median price for the three months ending November 2010 is up $88,000 on the same three months in 2009, but the district median price fell in 6 out of the 14 districts. For the three months to November 2010 compared to the corresponding period in 2009, the median farm sale prices were down in Auckland from $928,000 to $760,000, Waikato from $1,612,500 to $1,315,000, Bay of Plenty from $897,500 to $820,000, Hawkes Bay from $1,070,000 to $826,064, Taranaki $1,235,000 to $702,500, and Wellington from $1,300,000 to $762,500. However when compared with the same three months to November 2009 there have been median price increases in Northland from $520,000 to $700,000, Gisborne from $827,500 to $980,000, Manawatu/Wanganui from $600,000 to $837,500 and all the South Island regions (Nelson from $817,269 to $1,805,000, West Coast from $195,817 to $2,650,000, Canterbury from $957,500 to $1,192,500, Otago from $585,000 to $750,000 and Southland from $654,000 to $1,250,000) .

Sales of lifestyle properties increased again from 1053 for the three months to October up to 1076 for the three months to November. The median selling price rose to $431,750 from $425,000 at the end of October, but is down on the median of $455,000 for the three months to the end of November in 2009.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

RNZ: Housing Boom Could Get Worse, Economist Warns

Economists are calling on the Reserve Bank to reinstate lending restrictions, warning the housing market is spiralling out of control. More>>

ALSO:

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Economy: NZ Small Business Recovery Continues In September

Xero, the global small business platform, today released its Small Business Insights (XSBI) for September revealing an uptick in small business jobs and year-on-year revenue growth in New Zealand. Nationwide, the average number of jobs in the small ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO: