Improved Turnover In Rural Real Estate

Attached: REINZ_Rural_Market_Statistics__April_2009.pdf

FOR IMMEDIATE RELEASE

News Release 14 May 2009

IMPROVED TURNOVER IN RURAL REAL ESTATE

Statistics released today by the Real Estate Institute of New Zealand (REINZ) indicate a degree of consolidation in the rural sector with an improvement in turnover and a settling down of prices.

REINZ National Councillor and rural spokesperson Peter McDonald said the increased turnover is “a really good sign”. However he notes that the figures are considered quite quiet compared with what would normally be expected in April.

The number of farms sold in the last three months to April 2009 was 266, up from 231 in the three months to March 2009. This includes 47 dairy farms, 119 grazing farms and 37 horticultural properties.

“The results for the three months to April are similar to what we saw the previous three month period, settling back to the more realistic 2007 levels we experienced pre the Fonterra payout spike of 2008. Along with the 20 per cent increase in activity, that’s a positive indicator.”

The number of lifestyle properties sold has also risen from 1041 in the three months to March 2009 to 1178 in the three months to April 2009.

The median sale price nationally across all farm type was slightly down for the three months to April 2009 at $1,042,500, compared with $1,175,000 for the three months to March 2009.

However, prices rose in six out of 12 districts. In the three months period to April 2009 compared with the corresponding period to March 2009, farm sale prices were up in Wellington from $1,204,500 to $1,800,000; in Nelson ($565,200 to $583,750), on the West Coast ($1,142,500 to $2,100,000), Canterbury ($950,000 to $1,050,000) and Otago ($774,000 to $1,250,000).

The biggest drops were in Hawkes Bay, down from $2,060,000 to $1,322,500 and Southland, down from $2,862,500 to $1,766,000. Northland was unchanged at $520,000.

Sales of lifestyle blocks remained pretty static with a median national price of $442,222 for the three months to April 2009 compared with $448,500 in the three month period to March 2009.

“Lifestyle blocks continue to be the most consistent performers of all rural markets,” Mr McDonald said.

ENDS

Attached: REINZ_Rural_Market_Statistics__April_2009.pdf

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For more real estate information and market trends data, visit www.reinz.co.nz . For New Zealand's most comprehensive range of listings for residential, lifestyle, rural, commercial, investment and rental properties, visit www.realestate.co.nz - REINZ's official property directory website.

Explanatory Note:
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

Rural Regional Highlights – April 2009
Northland
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median farm price in Northland remained steady at $520,000 in April. (March 2009 : $520,000; April 2008: $1,650,000). 19 farms sold (March 2009: 15; April 2008: 43). The 19 farms sold consisted of 13 grazing, three dairy, two horticulture and one special.
The median price for a lifestyle block dropped to $319,000 in April, from $357,500 in March (April 2008: $360,000). 100 lifestyle blocks sold during the period (March 2009: 98; April 2008: 131).

Auckland
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median farm price in Auckland fell to $790,000 in April (March 2009: $1,187,500; April 2008: $1,250,000). 19 farms sold (10 grazing, four horticulture, three special and two arable). (March 2009: 14; April 2008: 33).

The number of lifestyle blocks sold increased to 181 in April. (March 2009: 157; April 2008: 193). The median price dipped to $705,000 in April (March 2009: $735,000; April 2008: $765,000).

Waikato
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

30 farms (15 dairy, 10 grazing, two each finishing and special and one arable) sold in April, down from the 32 sold in March (April 2008: 111). The median price was down at $2,140,000 from $2,490,000 in March (April 2008: $2,700,000).

136 lifestyle blocks sold in April, up from the 124 sold in March. The median price remained steady at $419,000 (March 2009; $419,000). In April 2008, 206 lifestyle blocks sold with a median price of $419,500.

Bay of Plenty
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median price for a farm dropped to $915,000 in April (March 2009: $957,500; April 2008: $1,500,000). 27 farms (16 horticulture, nine grazing and one each dairy and special) sold in April, up from the 20 sold in March (April 2008: 49).

93 lifestyle blocks sold in April (March 2009: 86; April 2008: 83). The median price was steady at $475,000 (March 2009: $475,000; April 2008: $530,000).

Gisborne
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

Nine farms (four each grazing and horticulture and one finishing) sold in April (March 2009: six; April 2008: 16). The median price decreased to $935,000 in April, from $1,245,000 in March (April 2008: $1,290,000).

Lifestyle block sales volume was up with 12 sold (March 2009: nine; April 2008: 11). The median price rose to $311,000 from March’s $297,000 (April 2008: $472,000).

Hawkes Bay
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median farm price decreased to $1,322,500 in April, from $2,060,000 in March (April 2008: $1,550,000). 12 farms sold (March 2009: 9; April 2008: 29) consisting of six grazing, four horticulture and one each arable and special.

47 lifestyle blocks sold in April, up from the 40 sold in March. The median price dropped to $415,000 from March’s $464,500. In April 2008, 51 lifestyle blocks sold with a median sale price of $500,000.

Taranaki
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median farm price in Taranaki was down at $1,257,500 in April, from $1,325,000 in March (April 2008: $1,150,000). 22 farms (10 grazing, eight dairy and four special) sold in April. March 2009: 28; April 2008: 90).

56 lifestyle blocks sold in April (March 2009: 43; April 2008: 55). The median price was down at $381,000 in April (March 2009: $400,000; April 2008: $408,000).

Manawatu/Wanganui
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

24 farms (14 grazing, eight dairy and one each arable and finishing) sold in April (March 2009: 15; April 2008: 63). The median price rose to $945,000 from March’s $850,000 (April 2008: $1,600,000).

The median price for a lifestyle block was down at $311,000 in April (March 2009: $330,000; April 2008: $342,500). In total 93 lifestyle blocks sold, up from the 88 sold in March (April 2008: 106).

Wellington
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median price for a Wellington farm increased to $1,800,000 in April, (March 2009: $1,204,500; April 2008: $1,210,090). Nine farms (four grazing and one each arable, dairy, finishing, forestry and horticulture) sold in April, compared with 10 sold in March (April 2008: 16).

77 lifestyle blocks sold in April (March 2009: 66; April 2008: 76). The median price rose to $480,000 from $433,000 in March (April 2008: $445,000).

Nelson/Marlborough
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median farm price rose to $583,750 in April, from $565,200 in March (April 2008: $1,156,500). The number of farm sales increased with 16 (eight grazing, three horticulture, two special and one each dairy, finishing and forestry) sold. (March 2009: 11; April 2008: 24).

62 lifestyle blocks sold in April, unchanged from the 62 sold in March 2009. (April 2008: 85). The median rose to $558,500 from $522,500 in March (April 2008: $470,000).

West Coast
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median price for a lifestyle block was unchanged from March’s $147,000 (April 2008: $232,500). 11 lifestyle blocks sold in April, down on the 13 sold in March (April 2008: 20).

Canterbury
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

33 farms (16 grazing, five finishing, four special and two each arable, dairy, forestry and horticulture) sold in April, up one on the 32 sold in March (April 2008: 128). The median price increased to $1,050,000 from $950,000 in March April 2008: $2,002,500).

218 lifestyle blocks sold, compared with 174 sold in March. The median price eased to $420,000 (March 2009: $424,500). In April 2008, 252 lifestyle blocks sold with a median price of $497,500.

Otago
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

The median farm price rose to $1,250,000 in April, up from $774,000 in March (April 2008: $1,967,500). 25 farms sold (March 2009: 21; April 2008: 66). The farms sold consisted of 11 finishing, six each grazing and special and one each dairy and horticulture.

51 lifestyle blocks sold in April (March 2009: 47; April 2008: 86). The median price rose to $399,000 from $380,000 in March (April 2008: $400,000).
Southland
The information provided by the Real Estate Institute in relation to the rural and lifestyle real estate market covers a three month period. Therefore references to April results refer to the period from 1 February – 30 April 2009 and references to March refer to the period from 1 January – 31 March 2009.

Farm sales remained steady with 16 farms (seven grazing, five dairy, three finishing and one special) sold in April (March 2009: 16; April 2008: 103). The median price dipped to $1,766,000 in April. (March 2009: $2,862,500; April 2008: $2,377,500).

41 lifestyle blocks sold in April, compared with 34 sold in March. The median price was up at $295,000. (March 2009: $280,025). In April 2008, 83 lifestyle blocks sold with a median price of $275,000.

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