Rural Values Break Records

The national median sales price is the highest median recorded for a February in the history of the Real Estate Institute of New Zealand rural report and the national median sales volume for the same period is the highest figure recorded for a February since 1996, according to Mr Murray Cleland, rural spokesperson for the Real Estate Institute of New Zealand.

Mr Cleland said today that the latest statistics are excellent news for the rural New Zealand.

He said, “Statistics for the rural sector are always more valuable when assessed over a longer term as month to month fluctuations can be caused by the sale of a single large property. It is only when comparing February’s figures the same period in previous years that we can see how truly impressive this result is, it’s official - the news is all good.”

According to statistics released today by the Institute, both the national median sales price and national sales volume for February 2001 have risen over both January and February 2000.

The February 2001 national rural median price has risen 75.28 per cent from last year.

The national median sale price for February was $780,000, compared to the January median of $702,500 and the February 2000 median of $526,500.

The national sales volume for February was 252, compared to the January sales volume of 235 and the February 2000 volume of 159. The 252 transactions compare to the 1996 volume of 281.

The lifestyle block market has improved overall from January and February 2000, with 434 transactions at a median sales price of $217,000, compared to 408 sales in January at $210,000 and 465 in February 2000 at $175,000.

The demand for dairy properties rose on both month-to-month and year-to-year comparison, with 85 properties changing hands during February 2001, compared to 78 in January and 50 in February 2000.

The February 2001 median sale price for dairy properties of $1,515,000 was up on both the $751,000 recorded in February 2000 and the $1,085,000 recorded in January 2001.

The national median sale price has increased by 75.28 per cent from February 2000 and all sectors bar two have recorded an improvement on a year ago, those being forestry and high country merino properties, however in the case of the latter there were no sales in the months surveyed to allow comparison, while the former eased 31.31 per cent.

Those sectors whose median price has increased from February 2000 include arable property, improved by 46.83 per cent; grazing property, increasing by 50.95 per cent; and finishing property, improved by 57.97 per cent.

The national arable property median sale price was up on a year to year basis and down on a month to month basis, from $395,000 in February 2000 and $1,400,000 in January to $580,000 in the latest period, while sales remained consistent with February 2000, and rose from the three sales recorded in January 2001.

Horticultural property sales rose on a year-to-year basis while easing on month-to-month comparison, with 23 sales in February 2001 compared to 14 sales in February 2000 and 31 sales in January 2001. The median price rose from last year and last month, from $298,750 in February 2000 to $405,000 in the latest period, and $385,000 in January 2001.

The median price for finishing properties was down from last month, and up from last year, with $663,500 recorded in February 2001 compared to $781,250 in January and $420,000 twelve months ago.

The sales volume for February was up from last year and last month, at 52 in February 2001 from 33 a year ago and the 44 recorded in January 2001.

Seventy-two grazing properties sold in February, down on the 74 sales in January and up on the 50 recorded in February 2000. The median sale price was up from last year and last month, from $315,000 in February 2000 and $409,000 in January 2001, to the $475,500 recorded in February 2001.

-ENDS-

For further information contact:
Mr Murray Cleland, REINZ Councillor Phone: (07) 839 7466 (025) 950 445
Issued by Shandwick (NZ) Limited Phone: (04) 472 4190

Regional highlights:

Northland
Seventeen farm sales were recorded in Northland in February, two more than February last year and one ess than January. Eight grazing, two finishing, four horticultural and three dairy properties made up the total. The median farm price was $475,000, compared with $572,500 in January and $245,000 in February 2000.

A total of 28 lifestyle block sales were recorded for February, nine less than in January and twelve less than the 40 sold in February 2000. The median lifestyle block price was $210,000, up on both January’s $173,334 and the $140,000 recorded in February 2000.

Auckland
Nine farms sold in the Auckland region in February, six less than January 2001 and two more than February 2000. Sales comprised three dairy, one finishing, two forestry and three grazing properties. The median farm price was $515,000, compared with $610,000 in January and $477,500 in February 2000.

Sales of lifestyle blocks eased on a month-to-month basis but rose on year-to-year comparison with 83 sales recorded, compared with 95 in January 2001 and 80 in February 2000. The median lifestyle block price was $319,000, compared with $280,000 in January and $320,000 in February 2000.

Waikato
The 44 farms sold in the Waikato were 25 more than February last year and one less than the sales recorded for January. The sales comprised seven grazing, 31 dairy, four finishing and two special properties. The median farm price was $1,157,500, compared with $900,000 in January and $665,000 in February 2000.

Thirty lifestyle blocks sold during February, compared to 42 in February 2000, and 41 in January. The median lifestyle block price was $225,000, compared with $230,000 in January and $163,500 in February last year.

Bay of Plenty
Eleven farms were sold, consistent with both January 2000 and February last year. Five horticultural, four dairy, one special and one grazing property made up the total. The median farm price was $780,000, compared with $1,046,250 in January and $292,000 in February 2000.

Twenty-six lifestyle blocks were sold, consistent with January and 20 less than February 2000. The median lifestyle block price was $246,500 for February, less than the $270,000 recorded for January and more than the $186,500 in February 2000.

Gisborne
One property changed hands in Gisborne during February, one less than both January and February of last year. The median farm price was $1,400,000, compared with $715,201 in January 2001 and $617,500 twelve months ago.

Four lifestyle blocks changed hands in the region, four more than in January and consistent with the same month last year.

Hawkes Bay
Eight farm settlements took place during February, eight less than January 2001 and five more than in February last year. Two grazing, one horticultural and five finishing properties comprised the total. The median farm price was $975,000, compared with $447,500 in January and $617,500 in February 2000.

Lifestyle block sales rose to 26 in February from 19 in January and 15 sales in February last year. The median lifestyle block price was $215,000, compared with $211,500 in January and $158,000 last February.

Taranaki
Thirteen farms changed hands in Taranaki compared with ten in January and thirteen in February 2000. Two grazing, two finishing, two special and seven dairy comprised the total farm sales. The median farm price was $795,000, compared with $660,000 in January and $505,000 in February 2000.

Fifteen lifestyle blocks changed hands in the region, twelve more than January and seven more than the same month last year. The lifestyle block median price was $195,000, compared with $165,000 last month and $140,000 last February.

Manawatu/Wanganui
Farm sales rose by sixteen from last month to 28 for February 2001, and compared to 21 sales in February 2000. Sixteen grazing, one dairy, four horticultural, one special, one forestry and five finishing property comprised the total. The median farm price was $281,000, compared with $363,750 in January and $350,000 in February 2000.

Lifestyle block sales rose to 42 from both the 32 recorded in January 2001 but eased from the 48 sales recorded in February 2000. The median lifestyle block price was $129,000, compared with $121,250 in January and $135,500 in February 2000.

Wellington
Two dairy, one finishing and one horticultural property changed hands in the Wellington region during February, compared to four farm transactions in February last year and five in January 2001. The median farm price was $455,000, compared with $385,000 in January and $370,000 in February 2000.

A total of 27 lifestyle blocks changed hands, six more than the 21 recorded in January 2001 and compared to the 44 sales in February 2000. The median lifestyle block price rose to $185,000 compared to the January figure of $168,000 and the $146,750 recorded in February 2000.

Nelson/Marlborough
Farm sales fell in the Nelson/Marlborough region with nine sales for February and seventeen for January, and was also down on the eleven sales recorded in February 2000. One grazing, one forestry and seven horticultural properties made up the farm sales in the region. The median farm price was $455,000, compared with $385,000 in January and $370,000 in February 2000.

Twenty-seven lifestyle blocks sold and the median price was $215,000, compared with $263,000 in January when 23 were sold and $142,000 in February last year when 29 blocks changed hands.

West Coast
No transactions were recorded on the West Coast during February – compared to six in January 2001 and four in February 2000..

Four lifestyle blocks sold in the region, two more than January 2001 and one more than in February 2000.

Canterbury
A total of 45 farms changed hands in February, compared with 20 in January and fifteen in February last year. There were four arable, 19 grazing, three finishing, one forestry, two special, 15 dairy and one horticultural property sold. The median farm price was $790,000, compared with $1,139,500 in January and $525,000 in February 2000.

Lifestyle block sales rose on both a month to month basis, with 81 changing hands for February, compared to 59 in January 2001 and year to year, compared to the 68 sales recorded in February 2000. The median lifestyle block price for the region was $205,000 compared to $214,500 in January and $191,500 in February last year.

Otago
Thirty-three farms were sold in Otago comprising nine dairy, one arable, nine grazing and fourteen finishing properties. This compared with nine sales in February last year and 33 in January. The median farm price was $650,000, compared with $403,000 in January and $610,000 in February 2000.

Twenty-four lifestyle blocks changed hands in the region, seven less than January 2001 and five more than in February 2000. The median lifestyle block price was $145,750, down on both January’s $160,000 and the $168,000 recorded in February 2000.

Southland
The median farm price in Southland was $822,500, compared with $870,000 in January and $420,000 in February 2000.Thirty farms changed hands compared to 25 in both January and February last year. There were fifteen finishing, ten dairy, two special and three grazing properties sold.

Lifestyle block sales fell from 19 in January to 17 in February and compared to 19 in February 2000. The median lifestyle block price was $150,000, up on both January’s $140,000 and $127,000 in February 2000.

MEDIAN PRICE AND SALES BY DISTRICT – FEBRUARY 2001
Arable Dairy Fattening Forestry Grazing Horticultural Sth Island High Country Special
All Farms
All Lifestyle
No. of Sales Median No. of Sales Median
Northland - 3 2 - 8 4 - - 17 475,000 28 210,000
Auckland - 3 1 2 3 - - - 9 515,000 83 319,000
Waikato - 31 4 - 7 - - 2 44 1,157,500 30 225,000
Bay of Plenty - 4 - - 1 5 - 1 11 1,046,250 26 246,500
Gisborne - - - - 1 - - - 1 1,400,000 4 210,000
Hawkes Bay - - 5 - 2 1 - - 8 975,000 26 215,000
Taranaki - 7 2 - 2 - - 2 13 795,000 15 195,000
Manawatu/
Wanganui - 1 5 1 16 4 - 1 28 281,000 42 129,000
Wellington - 2 1 - - 1 - - 4 693,000 27 185,000
Nelson/
Marlborough - - - 1 1 7 - - 9 455,000 27 215,000
West Coast - - - - - - - - - - 4 111,500
Canterbury 4 15 3 1 19 1 - 2 45 790,000 81 205,000
Otago 1 9 14 - 9 - - - 33 650,000 24 145,750
Southland - 10 15 - 3 - - 2 30 822,500 17 150,000
TOTAL 5 85 52 5 72 23 - 10 252 $780,000 434 $217,000

FARMS - SALES AND MEDIAN PRICE BY DISTRICT
FEBRUARY 1998 FEBRUARY 1999 FEBRUARY 2000 JANUARY 2001 FEBRUARY 2001

No. of Sales Median No. of Sales Median No. of Sales Median No. of Sales Median No. of Sales Median
Northland 6 310,000 6 345,000 15 245,000 18 572,500 17 475,000
Auckland 11 450,000 10 775,000 7 477,500 15 610,000 9 515,000
Waikato 14 462,500 25 900,000 19 665,000 45 900,000 44 1,157,500
Bay of Plenty 10 457,500 26 535,000 11 292,000 11 780,000 11 1,046,250
Gisborne 6 307,000 - - 2 617,500 2 715,201 1 1,400,000
Hawke’s Bay 4 285,000 12 387,500 3 455,000 16 447,500 8 975,000
Taranaki 11 650,000 13 710,000 13 505,000 10 660,000 13 795,000
Manawatu/
Wanganui 12 513,750 11 325,000 21 350,000 12 363,750 28 281,000
Wellington 4 407,500 5 330,000 4 410,000 5 290,000 4 693,000
Nelson/
Marlborough 8 252,245 11 265,000 11 370,000 17 385,000 9 455,000
West Coast - - 6 382,000 4 660,000 6 352,000 - -
Canterbury 3 630,000 12 702,500 15 525,000 20 1,139,500 45 790,000
Otago 23 335,000 10 500,000 9 610,000 33 403,000 33 650,000
Southland 9 425,000 18 617,500 25 420,000 25 870,000 30 822,500
TOTAL 121 $394,500 165 $550,000 159 $445,000 235 $702,500 252 $780,000

LIFESTYLE BLOCKS - SALES AND MEDIAN PRICE BY DISTRICT
FEBRUARY 1998 FEBRUARY 1999 FEBRUARY 2000 JANUARY 2001 FEBRUARY 2001

No. of Sales Median No. of Sales Median No. of Sales Median No. of Sales Median No. of Sales Median
Northland 32 177,500 29 123,000 40 140,000 37 173,334 28 210,000
Auckland 62 320,000 82 320,000 80 320,000 95 280,000 83 319,000
Waikato 47 208,888 60 195,000 42 163,500 41 230,000 30 225,000
Bay of Plenty 34 225,500 38 216,000 46 186,500 26 270,000 26 246,500
Gisborne - - 2 169,000 4 230,000 - 4 210,000
Hawke’s Bay 7 174,000 17 110,000 15 158,000 19 211,500 26 215,000
Taranaki 5 175,000 16 158,250 8 140,000 3 165,000 15 195,000
Manawatu/
Wanganui 31 105,000 34 120,500 48 135,000 32 121,250 42 129,000
Wellington 16 152,250 22 122,500 44 146,750 21 168,000 27 185,000
Nelson/
Marlborough 11 157,000 34 226,000 29 142,000 23 263,000 27 215,000
West Coast 9 100,000 3 50,000 3 125,000 2 122,500 4 111,500
Canterbury 32 177,500 50 206,500 68 191,500 59 214,500 81 205,000
Otago 21 118,000 17 169,000 19 168,000 31 160,000 24 145,750
Southland 9 165,000 21 110,000 19 127,000 19 140,000 17 150,000
TOTAL 316 $184,500 425 $199,000 465 $175,000 408 $210,000 434 $217,000

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