The rural property market continues to limp along, with few sales, and subdued prices, according to the latest Real Estate Institute of New Zealand (REINZ) figures.
In the three months to April 30 the national median farm sale price reached $1 million, marginally up on the $970,000 in the three months to March 31, but still lower than the $1.045 million in the three-month period to February 28.
REINZ president Peter McDonald said in the period under review 267 farms sold, almost identical to the 266 for previous three months, but well down on the 786 sold in the three months to April 2008.
The dairy industry market remains flat with 12 selling in the three months to the end of April at an average price of $34,766 a ha, down from an average price for the three months to the end March of $36,905.
On a per kg of milk solids measure, the average sale price for the April period was $36 compared to $42 in March and $47 in February.
The median price of grazing properties increased slightly from $850,000 in the three months to March, to $900,000 in the period under review, while the median price for finishing farms also rose over the same period, from $953,100 to $1.225 million.
In Otago, the median sale price for the 28 farms sold in the period under review dipped slightly to $758,750 from $787,500, for 17 farm sales in the three months to the end of March.
In April last year the median price was $1.250 million for 25 farms.
The 28 farms sold in Otago consisted of 10 finishing, 10 grazing, three special, two horticulture, one arable, one dairy and one forestry.
In Southland, 21 farms sold in the period under review, for a median price of $815,000, continuing the slide in price which was now less than half the median price of a year ago.
In the three months to the end of March the median price for 19 farms was $900,000 and in April last year 16 farms sold for a median price of $1.766 million.
The 21 farms sold consisted of 10 grazing, five finishing, three dairying, two arable and one special.
