More sales for quarter than same time last year
Data released this month by the Real Estate Institute of New Zealand shows there were 93 more sales (+56.7 per cent) for the three months ended September 2011 than for the three months ended September 2010.
Overall, there were 257 farm sales in the three months to the end of September 2011 compared with 164 sales in the three months to September 2010.
The number of sales fell by eight (-3 per cent) in the three months to September 2011 compared to the three months ended August 2011.
The median price per hectare for all farms sold in the three months to September 2011 was $17,694 compared to $15,148 in the three months to August 2011 and $17,447 for the three months to September 2010.
The number of sales for the 12 months to September 2011 was 1053, the largest in more than two years.
‘‘Sales volumes to date reflect the early spring period with many marketing programmes just commencing. The early signs indicate higher expectations for volumes and prices as market momentum increases,’’ said the institute’s rural market spokesman Brian Peacocke.
‘‘The supply of listings in some areas is becoming short, although overall the volume of properties available is higher than at the same time last year.
‘‘The excellent early spring conditions and for many, the best growing conditions in years, combined with strong income levels is generating cautious optimism in the rural sector; reflected by the banks’ increased appetite for lending to farmers.’’
Included in sales for the month of September were four dairy farms at an average sale value of $32,334 per hectare. The average farm size was 138 hectares.