NZ farm sales set to fall as stellar season ends, REINZ says   15 May 2012

Hannah

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.

(BusinessDesk)

Add a comment

Bookmark and Share

News

Nurses urge action on climate change

28 Nov 2014 News
New Zealand Nurses Organisation Nurses urge action on climate change Nurses commenting on a Special Article published today in the... more

Awards put spotlight on location innovation

28 Nov 2014 News
The limitless potential of location information, and the innovative people working at its forefront, took centre stage last night at... more

Business

Lambskin prices slump

28 Nov 2014 Business News
By Tina Morrison Nov. 28 (BusinessDesk) - Global lambskin prices have collapsed from the first quarter's record highs, as a Chinese... more

China's tannery crackdown, Russian sanctions dent lambskin

28 Nov 2010 Business News
By Tina Morrison Nov. 28 (BusinessDesk) - Global lambskin prices have collapsed from the first quarter's record highs, as a Chinese... more

Living

Chase & Status to Join Netsky at Lake Hawea Hotel

28 Nov 2014 Entertainment
Rhythm Group Rhythm Group Entertainment is excited to announce that Chase an... more

Charles Bradley And His Extraordinaires Announce NZ Sideshow

28 Nov 2014 Lifestyle
Bluesfest Bluesfest Touring are thrilled to confirm yet another series of fantastic New Zealand sideshows, adding to the array of... more

Property

Encouraging growth in latest building consent data

28 Nov 2014 Property
Building and Housing Minister Dr Nick Smith today welcomed the latest release of figures from Statistics New Zealand which shows the... more

NZ house building consents bounce back in October

28 Nov 2014 Property
By Paul McBeth Nov. 28 (BusinessDesk) - New Zealand house building consents rose at their fastest monthly pace in more than two... more

Migration

Minister to attend the OECD Forum on migration

28 Nov 2014 Migration
Immigration Minister Michael Woodhouse will travel to Paris tomorrow to represent the New Zealand Government at the Organisation for... more

High Commissioner to Fiji reinstated

28 Nov 2014 Migration
Foreign Minister Murray McCully has announced the reinstatement of New Zealand’s High Commissioner to Fiji. “New ... more

Travel

More Customs officers in time for Christmas

28 Nov 2014 Travel & Tourism
Customs Minister Nicky Wagner congratulates the twenty seven new Customs officers who are graduating in Auckland today, in time to ... more

Doubling of flights between NZ and China

26 Nov 2014 Travel & Tourism
New Zealand Government Flights between New Zealand and China are set to double under amended air services arrangements, says ... more

Sport

ARL launches NCEA match official initiative

28 Nov 2014 Rugby League
Auckland Rugby League The Auckland Rugby League has today announced a new initiative which will see students able to gain NCEA... more

Black Sox named for Oceania qualifier

27 Nov 2014 Sport
Hard work has been rewarded in the naming of the Golden Homes Black Sox softball team for next month’s ISF Oceania Qualifying ... more

Columns

Gordon Campbell on Andrew Little, Mockingjay & drunk texting

28 Nov 2014 Opinion
Column - Gordon Campbell   Gordon Campbell on Andrew Little’s debut, Mockingjay, and drunk texting by Gordon ... more

Gordon Campbell: govt arrogance, Ferguson & Police pursuits

27 Nov 2014 Opinion By Gordon Campbell
As anyone who’s ever encountered him around Parliament will verify, Chris Finlayson’s arrogance is matched only by his... more

Kiwi Success

UK Police return soldier's lost medals to family in New Zealand

28 Nov 2014 People
Police in Southport have reunited war medals belonging to a local soldier with his surviving family 12,000 miles away in New Zealand.... more

Scientist wins major American geological award

28 Nov 2014 People
University of Canterbury’s Associate Professor Mark Quigley is the first scientist outside North America to win the Geological... more

Recruitment

Lincoln IT day installs interest in pupils

28 Nov 2014 Recruitment
The robots might not match the Terminator but it was hoped the students controlling them might one day use the catchphrase... more

Joyce to attend Sydney job fair

28 Nov 2014 Recruitment
Economic Development Minister Steven Joyce will travel to Sydney on Sunday morning to attend the New Zealand job fair. The Sydney... more