NZ farm sales set to fall as stellar season ends, REINZ says 15 May 2012
- Shell and Todd caught drilling without approval Business
- MARKET CLOSE: NZX 50 rises to record, led by Xero Business
- NZ dollar gains after Australian inflation higher Business
- NZ Super Fund encouraged to establish derivatives policy Business
- Quattro IPO back on as it halves NZ property portfolio Business
- CORRECT: ACC FY profit more than halves as claims mount Business
- Vector warns on $80M hit from falling electricity use: CEO Business
- Orion private placements provide clue for IPO price Business
- Fletcher drops to 2014 low as investors sell on guidance Business
- James Pascoe increases stake in Warehouse to 6.3% Business
The Real Estate Institute is warning of a slowdown in farm sales as seasonal conditions look set to sour, ending the best quarterly sales period since August 2008.
The number of farms sold rose 53 percent to 443 in the three months ended April 31, up from 290 sales a year earlier, according to the Real Estate Institute of New Zealand. The median price per hectare for all farms sold rose 3.8 percent to $17,938.
"The earlier confidence arising from the very good season just past is being replaced by a distinct note of caution as purchasers take account of recent reductions in market returns for dairy products, mutton and lamb," said Brian Peacocke, REINZ rural market spokesman. "Expectations are for the market to continue to slow as we move into winter - there is an acknowledgment that income levels are likely to be down for the forthcoming season."
A strong kiwi dollar and falling prices for locally produced raw materials are set to weigh on the rural sector after uncharacteristically good weather conditions stoked New Zealand's production last year. That's prompted Bank of New Zealand economists to warn the nation's export receipts may drop by $3 billion over the coming year, weighing on farmers' incomes.
REINZ said all regions except Hawkes Bay and Otago recorded an increase in sales in the April quarter compared with a year earlier. Waikato showed the largest increase in sales, up 32 sales, followed by Canterbury with 28 more sales. Hawkes Bay dropped five sales, while sales in Otago fell by four.
Grazing properties accounted for the largest increase in sales, rising 53 percent in the three month period. That was followed by finishing properties, climbing 16 percent and dairy farms, up 15 percent.
The lifestyle property market increased its sales by about 29 percent.
19 Oct 2014 Politics
New Zealand Labour Party Labour Names Review Team Labour’s New Zealand Council has appointed Bryan Gould as Convenor of its ... more
18 Oct 2014 News
The Nation Lisa Owen interviews RSA President BJ Clark and tech innovator Ian Taylor about changing the NZ flag Lisa Owen: Welcome... more
17 Oct 2014 Business News
Oct. 17 (BusinessDesk) - New Zealand needs to lift its retirement age and take advantage of an adaptable workforce before it gets... more
20 Oct 2014 ANZAC
On Thursday 16 October, the NZ-UK Link Foundation held their Inaugural Annual Lecture at the University of London’s Senate... more
16 Oct 2014 Food & Wine
New Zealand’s organic wine industry has scored a major export victory with the announcement that the European Commission... more
15 Oct 2014 Property
The Resource Management Act needs to explicitly recognise the importance of New Zealanders’ access to more affordable housing... more
30 Sep 2014 Migration
There are thousands of expats living in the UK who are aiming for permanent residency status and, eventually, a British passport. But... more
10 Oct 2014 Travel & Tourism
By Paul McBeth Oct. 10 (BusinessDesk) - New Zealand guest nights were largely flat in August from a month earlier as a gain... more
19 Oct 2014 Sport
New Master Woolhandler Joel Henare continued an unbeaten start to the new shearing sports season with a triumphant homecoming in ... more
16 Oct 2014 Opinion
Gordon Campbell on New Zealand getting involved (again) in other peoples wars Apparently, the Key government is still... more
15 Oct 2014 Opinion
The politicisation of (a) the public service and (b) the operations of the Official Information Act have been highlighted by the ... more
17 Oct 2014 Appointments
Institute Of Directors Local businessman Brian Corban was made a Distinguished Fellow of the Institute of Directors yesterday, in a... more
13 Oct 2014 Appointments
Article - BusinessDesk Kiwi Income Property reshuffles executive positions By Suze Metherell Oct. 13 (BusinessDesk) - Kiwi... more
9 Oct 2014 Recruitment
Te Runanga o Ngati Awa is widening its scope in the hunt for directors for the Whakatane based iwi authority’s commercial arm... more