Rural Values Show Consistent Improvement

Rural Values Show Consistent Improvement

The February 2003 national median price for rural property has risen on both last year and last month, according to the latest rural property statistics released today by the Real Estate Institute of New Zealand.

Rural spokesperson for the Institute, Mr. Murray Cleland said today that it was good news, considering a relatively lackluster median price in January 03.

He said, “January’s lower national median price was largely a seasonal effect, so it was expected that the February statistics would be much improved form that result . Of more importance is the comparison with February 2002. 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 that the rural property market is still showing consistent improvement.”

According to statistics released today by the Institute, the national sales volume for February was 197, compared to the January sales volume of 179 and the February 2002 volume of 255.

The national median sale price for February was $735,000 compared to January at $522,500, and the February 2002 median of $680,000.

The lifestyle block market also remains healthy, with the national sales volume and national median price for February firming on month-to-month and year-to-year comparison, with 594 transactions at a median sales price of $265,000, compared to 512 sales in January at $255,000 and 528 in February 2002 at $219,000.

The demand for dairy properties eased on year-to-year comparison but firmed on a month-to-month basis, with 43 properties changing hands during February, compared to 31 in January 2003 and 80 in February 2002.

However values remained relatively stable, the February 2003 median sale price for dairy properties at $1,660,000, up on the $1,544,000 recorded in February 2002, but slightly down on the $1, 700,000 recorded in January 2003.

Horticultural property sales eased on year-to-year comparison but rose on a month-to-month basis, with 24 sales in February compared to 13 sales in January 2003 and 28 sales in February 2002. The median price rose from last year and fell from last month, from $418,750 in February 2002 to $545,000 in the latest period, and compared to $610,000 in January 2003.

Finishing property sales eased on year-to-year and month-to-month comparison, with 27 sales in February 2003 and 35 in January 2003, compared to 40 sales in February 2002. The median price rose from last month and last year with $635,000 in February 2002 and $700,000 in January 2003, compared to $1,070,500 February 2003.

Ninety grazing properties sold in February, one less than the 91 sales in January but up from the 83 sales recorded in February 2002. The median sale price was up from last year and last month, from $440,000 in February 2002 and $420,000 in January 2003, to the $470,000 recorded in February 2003.

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