Tuesday 15th November 2011 |
Text too small? |
New Zealand farm sales nearly doubled in the three months ended October 2011, compared with a year earlier, according to the Real Estate Institute of NZ (REINZ).
The number of sales jumped 94.6 percent compared to the same period a year ago, with 286 properties sold. However, the median average price only increased 6.7 percent to $18,878.
REINZ spokesperson Brian Peacocke said nine regions recorded an increase in sales volumes, including Canterbury, Auckland and Nelson, while Manawatu, Wanganui experienced a 3 percent drop in sales.
"The rise in the number of sales in the three months to October reflects the large number of properties currently being marketed for sales and a general mood of cautious optimism despite current economic challenges internationally."
Grazing properties accounted for the largest number of sales with a 58.7 percent share of sales over the three months, horticulture properties accounted for 7.7 percent and diary properties, 5.9 percent.
Peacocke said the recent reduction in Fonterra's forecast payout impacted the diary sector but this was offset by the best spring growth conditions seen in years.
The lifestyle property market also eased 5.1 percent, with Auckland recording the largest fall followed by Bay of Plenty and Taranaki.
BusinessDesk.co.nz
August 1st Morning Report
Infratil releases Climate Related Disclosures
The Warehouse Group Appoints Chief Digital & Transformation
The Financial Collapse Has Already Begun - Will You Be Caught Off Guard?
NWF - IMPLEMENTATION OF SCHEME OF ARRANGEMENT
EROAD Publishes FY25 Group Climate Statement
Synlait provides performance update
Air New Zealand Chief Executive Officer Appointment
July 30th Morning Report
IKE 1Q FY26 Performance Update