Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 117 fewer farm sales (-30.2%) for the three months ended September 2017 than for the three months ended September 2016.
Overall, there were 271 farm sales in the three months ended September 2017, compared to the 311 farm sales for the three months which ended August 2017 (-12.9%), and 388 farm sales for the three months that ended September 2016.
1,667 farms were sold in the year to September 2017, 6.6% fewer than were sold in the year to September 2016.
The median price per hectare for all farms sold in the three months to September 2017 was $27,363 compared to $26,825 recorded for three months ended September 2016 (+2.0%). The median price per hectare fell 2.0% compared to August.
The REINZ All Farm Price Index fell 1.0% in the three months to September 2017 compared to the three months to August 2017. Compared to September 2016 the REINZ All Farm Price Index rose 10.6%.
The REINZ All Farm Price Index adjusts for differences in farm size, location and farming type, unlike the median price per hectare, which does not adjust for these factors.
Eleven of 14 regions recorded decreases in sales volume for the three months ended September 2017 compared to the three months ended September 2016. Nelson recorded the largest decrease in sales (-23 sales) followed by Auckland (-19 sales). Compared to the three months ended August 2017, 11 regions recorded a decrease in sales.
For the three months ended September 2017 the median sales price per hectare for horticulture farms was $189,044 (35 properties) compared to $158,546 (46 properties) for the three months ended August 2017, and $177,726 (82 properties) for the three months ended September 2016.
The median price per hectare for horticulture farms has risen 6.4% over the past 12 months. The median horticulture farm size for the three months ended September 2017 was eight hectares.
Source: scoop.co.nz