Rural Property Sales Continue to Rise

NEWS RELEASE 24 APRIL, 2001

Rural Property Sales Continue to Rise

The national sales volume for rural property has risen steadily throughout the first quarter of 2001 and the sales volume for March 2001 is also improved on March 2000, and while the national median sales price eased slightly from last month it had risen significantly from twelve months ago, according to Mr Murray Cleland, rural spokesperson for the Real Estate Institute of New Zealand.

Mr Cleland said today that rural property market in New Zealand was continuing to go from strength to strength.

He said, “Considering the record breaking level of activity and farm values reached in the market during February, it would not have been unreasonable to expect a significant easing of both values and sales in March. Conversely, the rural property market is continuing to trend upward.”

“The only easing experienced in the latest figures is that of the national median price on month-to-month comparison. Taking into account that the national median price for February was the highest figure recorded for February since 1996, the result for March is still pleasing.”

According to statistics released today by the Institute, both the national median sales price and national sales volume for March 2001 have risen over and above March 2000, although only the sales volume for March 2001 bettered the results reported for in February 2001.

The March 2001 national rural median price has risen 46.72 per cent from last year.

The national median sale price for March was $650,000, compared to the February median of $780,000 and the March 2000 median of $443,000.

The national sales volume for March was 265, compared to the February sales volume of 252 and the March 2000 volume of 207.

Sales in the lifestyle block market have improved from both February and March 2000, while values eased from last month, but rose on year to year comparison. Statistics for March reported 553 transactions at a median sales price of $195,000, compared to 434 sales in February at $217,000 and 503 in March 2000 at $185,000.

The demand for dairy properties remained consistent on a month-to-month basis and rose on year-to-year comparison, with 85 properties changing hands during March and February 2001 and 43 in March 2000.

The March 2001 median sale price for dairy properties of $1,200,000 was up on the $850,000 recorded in March 2000 and down on the $1,515,000 recorded in February 2001.

The national median sale price has increased by 46.72 per cent from March 2000 and all sectors bar two have recorded an improvement on a year ago, those being arable and forestry properties, easing 57.73 and 55.89 per cent respectively.

Those sectors whose median price has increased from March 2000 include horticultural property, improved by 50.08 per cent; grazing property, increasing by 32.63 per cent; and finishing property, improved by 25.00 per cent.

The national arable property median sale price was down on both a year to year and month to month basis, from $1,100,000 in March 2000 and $580,000 in February to $465,000 in the latest period, while sales rose one from the seven recorded in March 2000, and rose three from the five sales recorded in February 2001.

Horticultural property sales fell on a year-to-year basis and rose on month-to-month comparison, with 25 sales in March 2001 compared to 36 sales in March 2000 and 23 sales in February 2001. The median price rose from last year and last month, from $286,500 in March 2000 to $430,000 in the latest period, and $405,000 in February 2001.

The median price for finishing properties was down from last month, and up from last year, with $650,000 recorded in March 2001 compared to $663,500 in February and $520,000 twelve months ago.

The sales volume for March was up from last year and last month, at 59 in March 2001 from 41 a year ago and the 52 recorded in February 2001.

Seventy-eight grazing properties sold in March, up on the 72 sales in February and up on the 62 recorded in March 2000. The median sale price was up from last year and last month, from $360,000 in March 2000 and $475,500 in February 2001, to the $477,500 recorded in March 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
Sixteen farm sales were recorded in Northland in March, three less than March last year and one less than February. Eight grazing, one finishing, two horticultural, one forestry and four dairy properties made up the total. The median farm price was $322,931, compared with $475,000 in February and $345,000 in March 2000.

A total of 42 lifestyle block sales were recorded for March, fourteen more than in February and six less than the 40 sold in March 2000. The median lifestyle block price was $159,000, down on both February’s $210,000 and the $192,500 recorded in March 2000.

Auckland
Twelve farms sold in the Auckland region in March, three more than February 2001 and one less than March 2000. Sales comprised three dairy, one finishing, and eight grazing properties. The median farm price was $672,500, compared with $515,000 in February and $737,000 in March 2000.

Sales of lifestyle blocks rose on both month-to-month basis and year-to-year comparison with 106 sales recorded, compared with 83 in February 2001 and 103 in March 2000. The median lifestyle block price was $317,500, compared with $319,000 in February and $252,500 in March 2000.

Waikato
The 41 farms sold in the Waikato were eleven more than March last year and three less than the sales recorded for February. The sales comprised seven grazing, 28 dairy, four finishing and one forestry property. The median farm price was $1,100,000, compared with $1,157,500 in February and $632,500 in March 2000.

Fifty-one lifestyle blocks sold during March, compared to 30 in March 2000, and 39 in February. The median lifestyle block price was $215,500, compared with $225,000 in February and $192,000 in March last year.

Bay of Plenty
Twenty-four farms were sold, thirteen more than in February 2001 and ten more than in March last year. Twelve horticultural, nine dairy, one special and two grazing properties made up the total. The median farm price was $715,000, compared with $1,157,500 in February and $937,500 in March 2000.

Fifty lifestyle blocks were sold, 23 more than February and six more than March 2000. The median lifestyle block price was $270,000 for March, more than both the $246,500 recorded for February and the $269,500 in March 2000.

Gisborne
Eight properties changed hands in Gisborne during March, seven more than February and six more than in March of last year. The median farm price was $336,000, compared with $1,400,000 in February 2001 and $402,500 twelve months ago.

Nine lifestyle blocks changed hands in the region, five more than in February and two more than the same month last year.

Hawkes Bay
Nine farm settlements took place during March, one more than February 2001 and three more than in March last year. Three grazing, three horticultural, one dairy and two finishing properties comprised the total. The median farm price was $574,062, compared with $975,000 in February and $301,500 in March 2000.

Lifestyle block sales rose to 28 in March from 26 in February and eleven sales in March last year. The median lifestyle block price was $144,500, compared with $215,000 in February and $145,000 last March.

Taranaki
Twelve farms changed hands in Taranaki compared with thirteen in February and fourteen in March 2000. Seven grazing, and five dairy properties comprised the total farm sales. The median farm price was $499,259, compared with $795,000 in February and $592,500 in March 2000.

Fifteen lifestyle blocks changed hands in the region, three more than February and four more than the same month last year. The lifestyle block median price was $182,500, compared with $195,000 last month and $153,000 last March.

Manawatu/Wanganui
Farm sales fell by five from last month to 23 for March 2001, and compared to 23 sales in March 2000. Nine grazing, five dairy, one arable, one special, one forestry and six finishing property comprised the total. The median farm price was $680,000, compared with $281,000 in February and $360,000 in March 2000.

Lifestyle block sales rose to 47 from the 42 recorded in February 2001 but eased from the 57 sales recorded in March 2000. The median lifestyle block price was $155,000, compared with $129,000 in February and $110,000 in March 2000.

Wellington
Twelve properties, consisting of two dairy, five finishing one forestry, three grazing and one horticultural property changed hands in the Wellington region during March, compared to three farm transactions in March last year and four in February 2001. The median farm price was $588,500, compared with $693,000 in February and $240,000 in March 2000.

A total of 23 lifestyle blocks changed hands, four less than the 27 recorded in February 2001 and March 2000. The median lifestyle block price fell to $170,000 compared to the February figure of $185,000 and the $132,000 recorded in March 2000.

Nelson/Marlborough
Farm sales rose in the Nelson/Marlborough region with fifteen sales for March and nine for February, but sales were down on the twenty sales recorded in March 2000. Seven grazing, one finishing, two dairy and five horticultural properties made up the farm sales in the region. The median farm price was $390,000, compared with $455,000 in February and $345,000 in March 2000.

Twenty-nine lifestyle blocks sold and the median price was $189,000, compared with $215,000 in February when 27 were sold and $160,000 in March last year when 29 blocks changed hands.

West Coast
Nine transactions were recorded on the West Coast during March – compared to nil in February 2001 and four in March 2000.

Six lifestyle blocks sold in the region, two more than both February 2001 and March 2000.

Canterbury
A total of 38 farms changed hands in March, compared with 45 in February and 20 in March last year. There were five arable, 11 grazing, thirteen finishing, one forestry, seven dairy and one horticultural property sold. The median farm price was $540,000, compared with $790,000 in February and $449,000 in March 2000.

Lifestyle block sales fell on a month to month basis, with 78 changing hands for March, compared to 81 in February 2001 and rose on a year to year basis, compared to the 72 sales recorded in March 2000. The median lifestyle block price for the region was $170,000 compared to $205,000 in February and $167,500 in March last year.

Otago
Eighteen farms were sold in Otago comprising four dairy, one forestry, four grazing, one horticultural, one High Country Merino and seven finishing properties. This compared with thirteen sales in March last year and 33 in February. The median farm price was $568,750, compared with $650,000 in February and $390,000 in March 2000.

Forty-eight lifestyle blocks changed hands in the region, twenty-four more than February 2001 and twenty more than in March 2000. The median lifestyle block price was $137,500, down on both February’s $145,750 and the $177,250 recorded in March 2000.

Southland
The median farm price in Southland was $620,000, compared with $822,500 in February and $565,000 in March 2000.Twenty-eight farms changed hands compared to 30 in February and 26 in March last year. There were fourteen finishing, ten dairy, and four grazing properties sold.

Lifestyle block sales rose from 17 in February to 18 in March and compared to 20 in March 2000. The median lifestyle block price was $107,750, down on both February’s $150,000 and $111,500 in March 2000.

MEDIAN PRICE AND SALES BY DISTRICT – MARCH 2001

All Farms
All Lifestyle
No. of Sales Median No. of Sales Median
Northland 16 322,931 42 159,000
Auckland 12 672,500 106 317,500
Waikato 41 1,100,000 51 215,500
Bay of Plenty 24 715,000 50 270,000
Gisborne 8 336,000 9 226,000
Hawkes Bay 9 574,062 28 144,500
Taranaki 12 499,259 18 182,500
Manawatu/
Wanganui 23 680,000 47 155,000
Wellington 12 588,500 23 170,000
Nelson/
Marlborough 15 390,000 29 189,000
West Coast 9 840,000 6 125,000
Canterbury 38 540,000 78 170,000
Otago 18 568,750 48 137,500
Southland 28 620,000 18 107,750
TOTAL 265 650,000 553 195,000

MEDIAN PRICE AND SALES BY DISTRICT – MARCH 2001
Arable Dairy Fattening Forestry Grazing Horticultural Sth Island High Country Special

Northland - 4 1 1 8 2 - -
Auckland - 3 1 - 8 - - -
Waikato - 28 4 1 7 - - 1
Bay of Plenty - 9 - - 2 12 - 1
Gisborne 2 - 3 - 3 - - -
Hawkes Bay - 1 2 - 3 3 - -
Taranaki - 5 - - 7 - - -
Manawatu/
Wanganui 1 5 6 1 9 - - 1
Wellington - 2 5 1 3 1 - -
Nelson/
Marlborough - 2 1 - 7 5 - -
West Coast - 5 2 - 2 - - -
Canterbury 5 7 13 1 11 1 - -
Otago - 4 7 1 4 1 1 -
Southland - 10 14 - 4 - - -
TOTAL 8 85 59 6 78 25 1 3

FARMS - SALES AND MEDIAN PRICE BY DISTRICT
MARCH 2000 FEBRUARY 2001 MARCH 2001

No. of Sales Median No. of Sales Median No. of Sales Median
Northland 19 345,000 17 475,000 16 322,931
Auckland 13 737,000 9 515,000 12 672,500
Waikato 30 632,500 44 1,157,500 41 1,100,000
Bay of Plenty 14 937,500 11 1,046,250 24 715,000
Gisborne 2 402,500 1 1,400,000 8 336,000
Hawke’s Bay 6 301,500 8 975,000 9 574,062
Taranaki 14 592,500 13 795,000 12 499,259
Manawatu/
Wanganui 23 360,000 28 281,000 23 680,000
Wellington 3 240,000 4 693,000 12 588,500
Nelson/
Marlborough 20 345,000 9 455,000 15 390,000
West Coast 4 505,000 - - 9 840,000
Canterbury 20 449,000 45 790,000 38 540,000
Otago 13 390,000 33 650,000 18 568,750
Southland 26 565,000 30 822,500 28 620,000
TOTAL 207 $443,000 252 $780,000 265 $650,000

FARMS - SALES AND MEDIAN PRICE BY DISTRICT
MARCH 1998 MARCH 1999

No. of Sales Median No. of Sales Median
Northland 11 285,000 12 517,500
Auckland 16 795,500 9 770,000
Waikato 34 862,500 26 865,000
Bay of Plenty 10 372,500 11 447,000
Gisborne 2 233,750 4 357,500
Hawke’s Bay 6 315,000 10 395,000
Taranaki 19 530,000 5 660,000
Manawatu/
Wanganui 20 440,000 22 451,250
Wellington 5 260,000 4 220,750
Nelson/
Marlborough 10 450,000 17 310,000
West Coast - - 1 170,000
Canterbury 12 258,500 13 535,000
Otago 10 203,750 12 346,250
Southland 26 272,500 27 502,255
TOTAL 181 $450,000 173 $482,000

LIFESTYLE BLOCKS - SALES AND MEDIAN PRICE BY DISTRICT
MARCH 2000 FEBRUARY 2001 MARCH 2001

No. of Sales Median No. of Sales Median No. of Sales Median
Northland 48 192,500 28 210,000 42 159,000
Auckland 103 252,500 83 319,000 106 317,500
Waikato 39 192,000 30 225,000 51 215,500
Bay of Plenty 44 269,500 26 246,500 50 270,000
Gisborne 7 175,000 4 210,000 9 226,000
Hawke’s Bay 11 145,000 26 215,000 28 144,500
Taranaki 14 153,000 15 195,000 18 182,500
Manawatu/
Wanganui 57 110,000 42 129,000 47 155,000
Wellington 27 132,000 27 185,000 23 170,000
Nelson/
Marlborough 29 160,000 27 215,000 29 189,000
West Coast 4 92,500 4 111,500 6 125,000
Canterbury 72 167,500 81 205,000 78 170,000
Otago 28 177,250 24 145,750 48 137,500
Southland 20 111,500 17 150,000 18 107,750
TOTAL 503 $185,000 434 $217,000 553 $195,000

LIFESTYLE BLOCKS - SALES AND MEDIAN PRICE BY DISTRICT
MARCH 1998 MARCH 1999

No. of Sales Median No. of Sales Median
Northland 41 135,000 39 130,000
Auckland 72 283,500 78 327,500
Waikato 59 195,000 48 180,000
Bay of Plenty 42 187,500 46 200,500
Gisborne 2 275,000 6 109,500
Hawke’s Bay 14 193,000 15 138,000
Taranaki 11 168,000 7 155,000
Manawatu/
Wanganui 28 100,000 64 95,500
Wellington 22 125,250 30 166,000
Nelson/
Marlborough 13 225,000 27 165,000
West Coast 5 63,000 2 86,500
Canterbury 55 147,000 49 174,000
Otago 13 105,000 27 145,000
Southland 12 116,722 9 117,000
TOTAL 389 $180,000 447 $175,000

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