NZ farm sales set to fall as stellar season ends, REINZ says 15 May 2012
- MARKET CLOSE: NZ shares rise; Spark, Meridian gain Business
- Kiwi heads for 1.7% weekly fall as RBNZ rules out rate hike Business
- Chinese demand drives lamb wool price rises to 6-week high Business
- Spark's market cap slips, as investors weigh competition Business
- Fonterra reshuffles management team Kiwi Success
- Horticultural production tops $7B, led by wine and apples Business
- Race-based water rights a step closer Business
- Pan Pacific independent directors reject Zeta offer Business
- Lubricant deal slips away as Commission nixes merger Business
- LanzaTech has other commercial plants in the pipeline 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.
25 Apr 2015 News
NZ News UK attended several ANZAC ceremonies in Auckland today. These photos were taken at the Northcote Community where the... more
24 Apr 2015 News
Anzac Day 'We will remember them' Anzac Day 2015 – Message from the Governor-General of New Zealand On 25 April every... more
24 Apr 2015 Business News
Article - BusinessDesk Mercer's CEO Shepherd, CFO Blathwayt quit the manufacturer By Suze Metherell April 24 (BusinessDesk) -... more
23 Apr 2015 Business News
Oracle-owned boatbuilder has had two government grants in three years April 23 (BusinessDesk) - Core Builders Composites,... more
25 Apr 2015 ANZAC
100 years after allied forces landed in Gallipoli, 25 April – ANZAC Day – has been commemorated in the UK officially for... more
24 Apr 2015 ANZAC
Tomorrow marks the 100th ANZAC Day, and if you are a Kiwi or Aussie far from home there are plenty of events on to enable you both to... more
21 Apr 2015 Property
Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to... more
14 Apr 2015 Property
April 14 (BusinessDesk) - New Zealand residential property prices rose in March, led by Auckland where housing supply isn't meeting... more
23 Apr 2015 Migration
April 23 (BusinessDesk) - New Zealand migration hit a new annual record in March, as more students arrived from India and China and... more
2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more
17 Apr 2015 Travel & Tourism
Air NZ's Houston service paves the way for partnership with United Airlines, analysts say April 17 (BusinessDesk) - Air New... more
17 Apr 2015 Travel & Tourism
Wellington Airport's revised fees are 'just within' acceptable range of returns, regulator says April 17 (BusinessDesk) -... more
25 Apr 2015 Equestrian
Kiwi eventer Tim Price and Wesko have delivered their best-ever dressage score to sit at the front of the field this morning at the... more
24 Apr 2015 Column
Gordon Campbell on the hair-pulling finale, and the real hero of Gallipoli Don’t know about you, but when hi-jinks and... more
14 Apr 2015 Opinion
Houston, there is clearly a problem with (a) the plunge in pass rates for University Entrance qualifications, which has been ... more
24 Apr 2015 Appointments
Fonterra reshuffles management team to speed up value-add strategy April 24 (BusinessDesk) - Fonterra Cooperative Group, the... more
18 Apr 2015 Recruitment
The He Toki ki te Mahi Apprenticeship Training Trust was launched by Prime Minister, the Rt Hon John Key at Rehua Marae in ... more