There are tentative signs of life in the depressed rural property market, with the number of properties sold and the average price all lifting in November.
Sales for the three months to the end of November were 170, up from 147 for the three months to the end of October and 164 for the same three-month period to September.
The median price also rose to $968,500 for the period under review from $950,000 for the three months to the end of October, the previous corresponding period.
Real Estate Institute of New Zealand spokesman Bryan Thomson said the median price for the November period a year ago was $880,000, but for the same period in 2008 it was $1,542,750.
"While there is plenty of investigation going on, both sellers and buyers are still coming to terms with the changes in price levels and taking time to make their decisions."
Nationally, there were 14 dairy farms sold in the period under review at an average price of $2.950 million, $1.25 million higher than the previous corresponding period.
This pushed up the average price per kg of milksolids from $33 to $37 a kg/ms.
In Otago, the median price lifted from $670,000 in the three months to October to $750,000 for the three months to November, although fewer farms sold: 12 compared with 13.
The 12 sales consisted of eight grazing, two finishing, one arable and one dairy properties.
In Southland just seven farms sold - five grazing and two finishing compared with 11 for the previous corresponding period - but the median price rose slightly from $1.125 million to $1.250 million.
There were more lifestyle blocks sold, 71 compared with 67, but the median price fell from $410,000 to $381,000.
