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

Museum of Waitangi set to become a national and visitor Icon

5 Feb 2016 News
05 February 2016 Museum of Waitangi set to become a national and visitor Icon The new Museum of Waitangi, opened today by the... more

ETS Review modelling documents released

5 Feb 2016 Environment
5 February 2016 ETS Review modelling documents released Three technical documents are being released to help New Zealanders engage... more

Business

NZ wool prices slip on higher kiwi, reduced China demand

5 Feb 2016 Business News By Tina Morrison
Article - BusinessDesk   NZ wool prices slip on higher kiwi dollar, reduced demand from China By Tina Morrison Feb. 5 ... more

NZ directors more aware of risk, focus on cyber security

5 Feb 2016 Business News By Sophie Boot
Article - BusinessDesk   NZ directors more aware of risk, focus on cyber security   Feb. 5 (BusinessDesk) - Directors of... more

Living

Does what it means to be a Kiwi depend on where you live?

5 Feb 2016 Lifestyle
  4 February 2016What it is to be a Kiwi may depend of where you live – Auckland or elsewhere in New Zealand – with... more

2015: The Year of the Blockbuster

21 Jan 2016 Entertainment
Motion Pictures Distributors' Association   January 21, 2016 2015: The Year of the Blockbuster For the second year in a row the ... more

Property

Auckland house sales volumes jump to 8-year high in January

4 Feb 2016 Property By Tina Morrison
  Auckland's house sales volumes jump to 8-year high in January, Barfoot says Feb. 4 (BusinessDesk) - Auckland residential... more

Auckland house prices little changed in December

6 Jan 2016 Property By Sophie Boot
Article - BusinessDesk   Auckland house prices little changed in December as sales volumes, listings drop Jan. 6 (BusinessDesk)... more

Migration

More than 27,000 new Kiwis in 2015

5 Feb 2016 Migration
  This Waitangi Day, New Zealand will roll out the welcome mat to 24 new citizens at Government House, and acknowledge over... more

NZ net migrants reach all-time high 63,700 in boom November

21 Dec 2015 Migration
Article - Businesswire   NZ net migrants reach all-time high 63,700 in boom November year for travel By Jonathan Underhill Dec. ... more

Travel

More than 100,000 SmartGate users in one week

22 Jan 2016 Travel & Tourism
New Zealand Government Hon Nicky WagnerMinister of Customs 22 January 2016 More than 100,000 SmartGate users in one week Customs ... more

Wellington ratepayers to pay $8mln for Canberra flights

21 Jan 2016 Travel & Tourism By Pattrick Smellie
Wellington ratepayers to pay $8mln over 10 years for Canberra flights Jan. 21 (BusinessDesk) - Wellington City Council is... more

Sport

Global Racing Teams Attracted to Godzone’s Fifth Chapter

5 Feb 2016 Multisport
70 teams from 11 nations will come together in Kaiteriteri, Tasman this April for the fifth chapter of New Zealand’s premier ... more

Rob Nicol joins Mondiale Aces squad

22 Jan 2016 Cricket
Auckland Cricket Friday, 22 January 2016 Rob Nicol joins Mondiale Aces squad for Ford Trophy Qualifying Final The Mondiale Auckland... more

Columns

Gordon Campbell on Paula Bennett’s fantasy politics and Iran's election

22 Jan 2016 Opinion By Gordon Campbell
We seem to be living in an era of virtual government, where governments promote only an illusion of policy kapow! rather than the... more

Gordon Campbell on the Dotcom extradition decision

24 Dec 2015 Opinion
Column - Gordon Campbell   Gordon Campbell on the Dotcom extradition decision Inevitably – and with justification –... more

Kiwi Success

Appointment of GCSB Acting Director

5 Feb 2016 Appointments
New Zealand Government Hon Christopher Finlayson5 February 2016 GCSB Chief Legal Advisor Lisa Fong will become the Acting Director... more

Heading to Europe And the Olympics of Architecture

22 Jan 2016 Flying Kiwi*
Warren and Mahoney Heading to Europe And the Olympics of Architecture Architectural graduate Antonia Lapwood has been awarded the... more

Recruitment

Addressing skills shortages in dairy farming

11 Dec 2015 Recruitment
    11 December 2015 Minister for Tertiary Education, Skills and Employment Steven Joyce and Minister for Social... more

Alignment of NZ and Australian qualifications frameworks

4 Dec 2015 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 4 December 2015 Tertiary Education,... more