Rural Property Sales Continue Upward Trend

23 NOVEMBER, 2001

Sales volumes in the rural property market increased dramatically during October, well up on both September 2001 and October 2000, despite a slight easing in the national median sales price on a month to month basis, according to Mr Murray Cleland, rural spokesperson for the Real Estate Institute of New Zealand.

Mr Cleland said today that while the national median sales price has eased from that recorded in September 2001, it had firmed significantly from the same period in 2000.

Mr Cleland said, “The upward trend for rural property continued during October the median price firming by 23.88 per cent on a year-to-year basis, and market activity has increased by approximately 35 percent.”

According to statistics released today by the Institute, the national sales volume for October was 240, compared to the September sales volume of 182 and the October 2000 volume of 177.

The national median sale price for October was $557,500 compared to September at $560,000, and the October 2000 median of $450,000.

Sales in the lifestyle block market firmed on both year-to-year and month-to-month comparison while the median price firmed on both last year and last month.

Statistics for October reported 526 transactions at a median sales price of $199,500, compared to 463 sales
in September at $192,000 and 413 in October 2000 at $195,000.

The demand for dairy properties rose on both a month-to-month and year-to-year basis, with 48 properties changing hands during October, compared to 32 in September 2001 and 27 in October 2000.

The October 2001 median sale price for dairy properties of $1,303,600 was up on both the $845,000 recorded in October 2000, and the $1, 157,500 recorded in September 2001.

The national median sale price has firmed by 23.88 per cent from October 2000, with those sectors having firmed from a year ago including grazing property, firming by 36.56 per cent; and dairy property, firming by 54.27 per cent.

Those sectors whose median price has decreased from October 2000 include special property, easing by 27.39 per cent; horticultural property, decreasing by 1.03 per cent; and arable property, decreasing by 23.13 per cent.

The national arable property median sale price was down on both a year to year and month to month basis, from $485,500 in October 2000 and $1,500,000 in September to $372,825 in the latest period, while sales rose to eight from the seven recorded in October 2000, and fell from the nine sales recorded in September 2001.

Horticultural property sales rose on year-to-year and month-to-month comparison, with 38 sales in October compared to 23 sales in September 2001 and 23 sales in October 2000. The median price fell from last year and last month, from $365,000 in October 2000 to $361,250 in the latest period, and compared to $380,000 in September 2001.

Finishing property sales firmed on both year-to-year and month-to-month comparison, with 48 sales in October 2001 and 34 in September 2001,compared to 47 sales in October 2000. The median price fell from last month but was consistent with last year and, with $600,000 in October 2000 and October 2001, compared to $1,019,435 in September 2001.

Eighty-eight grazing properties sold in October, up on both the 74 sales in September and the 60 recorded in October 2000. The median sale price was up from last year and last month, from $362,460 in October 2000 and $367,500 in September 2001, to the $495,000 recorded in October 2001.

-ENDS-

Regional highlights:

Northland
Eleven farm sales were recorded in Northland in October, seven less than September and equal with than October 2000. Five grazing, one finishing, two horticultural, and three dairy properties made up the total. The median farm price was $440,000, compared with $405,000 in September and $325,000 in October 2000.

A total of 35 lifestyle block sales were recorded for October, compared to 29 September and 39 sold in October 2000. The median lifestyle block price was $147,000, up on September’s $140,000 and down on the $169,000 recorded in October 2000.

Auckland
Ten farms sold in the Auckland region in October, two less than September 2001 and four more than October 2000. Sales comprised two dairy, one finishing and seven grazing properties. The median farm price was $557,500, compared with $375,500 in September and $851,250 in October 2000.

Sales of lifestyle blocks rose on both a month-to-month and year-to-year comparison with 94 sales recorded, compared with 85 in September 2001 and 78 in October 2000. The median lifestyle block price was $345,000, compared with $320,000 in September and $325,500 in October 2000.

Waikato
The Thirty-five farms sold in the Waikato were twenty-five more than October last year and twenty more than the sales recorded for September. The sales comprised ten grazing, 19 dairy and five finishing properties. The median farm price was $915,000, compared with $828,000 in September and $721,000 in October 2000.

Seventy-three lifestyle blocks sold during October, compared to 53 in both October 2000, and September 2001. The median lifestyle block price was $176,000, compared with $145,000 in September and $212,500 in October last year.

Bay of Plenty
Twenty-one farms were sold, eleven more than in September 2001 and five more than in October last year. Ten horticultural, four dairy, one special and six grazing properties made up the total. The median farm price was $650,000, compared with $582,500 in September and $385,000 in October 2000.

Forty-seven lifestyle blocks were sold, five more than September and 27 more than October 2000. The median lifestyle block price was $286,000 for October, more than both the $232,500 recorded for September and the $237,500 in October 2000.

Gisborne
Six properties changed hands in Gisborne during October, one less than in September 2001 and four more than October of last year. The median farm price was $357,250, compared with $280,000 in September 2001 and $1,057,500 twelve months ago.

Four lifestyle blocks changed hands in the region, two less than in September and one less than the same month last year. The median lifestyle block price was $183,000, compared with $173,250 in September and $147,000 last October.

Hawkes Bay
Thirteen farm settlements took place during October, equal with September 2001 and four more than in October last year. Three grazing, one finishing, one arable, and eight horticultural properties comprised the total. The median farm price was $475,000, compared with $320,000 in September and $495,000 in October 2000.

Lifestyle block sales fell to 17 in October from 27 in September and the 28 sales in October last year. The median lifestyle block price was $281,500, compared with $235,000 in September 2001 and $77,500 last October.

Taranaki
Fourteen farms changed hands in Taranaki, compared with seven in September 2001 and nine in October 2000. Six grazing, one finishing and seven dairy properties comprised the total farm sales. The median farm price was $650,885, compared with $700,000 in September and $490,000 in October 2000.

Eleven lifestyle blocks changed hands in the region, one less than September and two less more than October 2000. The lifestyle block median price was $218,000, compared with $193,000 last month and $130,000 last October.

Manawatu/Wanganui
Farm sales were increased last month from twelve for September to fourteen in October 2001, and compared to fourteen sales in October 2000. Six grazing, four dairy, one finishing, one special and two finishing properties comprised the total. The median farm price was $695,000, compared with $423,500 in September and $325,000 in October 2000.

Lifestyle block sales fell to 39 from the 49 recorded in both September 2001 and October 2000. The median lifestyle block price was $118,000, compared with $140,000 in September and $150,000 in October 2000.

Wellington
Eleven properties, consisting of one arable, two finishing and eight grazing properties changed hands in the Wellington region during October, compared to one farm transaction in October last year and four in September 2001. The median farm price was $730,000, compared with $417,500 in September and $197,000 in October 2000.

A total of 32 lifestyle blocks changed hands, eight more than the 24 recorded in September 2001 and ten more than the 22 for October 2000. The median lifestyle block price rose to $201,000 compared to the September figure of $158,000 and the $166,500 recorded in October 2000.

Nelson/Marlborough
Farm sales rose on a month to month basis in the Nelson/Marlborough region with thirty-six sales for October, thirteen for September, and eleven sales recorded in October 2000. Fourteen grazing, two arable, four dairy, four finishing and 12 horticultural properties made up the farm sales in the region. The median farm price was $462,500, compared with $580,000 in September and $226,000 in October 2000.

Thirty-nine lifestyle blocks sold and the median price was $157,000, compared with $209,450 in September when 27 were sold and $226,250 in October last year when 20 blocks changed hands.

West Coast
Two dairy and two forestry properties changed hands on the West Coast during October – compared to six farm transactions in September 2001 and one in October 2000.

Three lifestyle blocks sold in the region, one less than both September 2001 and October 2000.

Canterbury
A total of 20 farms changed hands in October, compared with 27 in September and 28 in October last year. There were one special, two arable, ten grazing, and seven finishing properties sold. The median farm price was $465,325, compared with $740,000 in September and $435,000 in October 2000.

Lifestyle block sales rose on a month-to-month and year to year basis, with 75 changing hands for October, compared to 53 in September 2001 and the 49 sales recorded in October 2000. The median lifestyle block price for the region was $160,000 compared to $230,000 in September and $165,000 in October last year.

Otago
Nineteen farms were sold in Otago comprising five horticultural, two forestry, eight grazing and four finishing properties. This compared with fourteen sales in October last year and thirteen in September. The median farm price was $245,000, compared with $777,778 in September and $331,232 in October 2000.

Thirty-six lifestyle blocks changed hands in the region, three more than September 2001 and sixteen more than in October 2000. The median lifestyle block price was $86,000, down on both September’s $200,000 and the $142,000 recorded in October 2000.

Southland
The median farm price in Southland was $560,000 compared with $1,040,000 in September and $603,511 in October 2000.Twenty-six farms changed hands compared to 25 in September and 45 in October last year. There were nineteen finishing, three grazing, one special and three dairy properties sold.

Lifestyle block sales rose from 19 for September to 21 for October and compared to 20 in October 2000. The median lifestyle block price was $120,000, down on September’s $150,000 and up on the $118,000 recorded in October 2000.

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