Sales of rural properties are consistently strong in the Bay of Plenty, with REINZ reporting solid sales of horticultural properties and strong prices for lifestyle blocks.
Nationally, the median price for all lifestyle properties sold in the three months to January 2017 remained at its record high of $583,000, despite sales slowing over the summer holiday period.
“All regions apart from the West Coast of the South Island have experienced significant reductions in sales volumes during January 2017, making this the lowest month for volumes over the last two years”, says REINZ rural spokesman Brian Peacocke.
“Reports confirm January as being challenging from a sales perspective, but listings are starting to flow after the conclusion of the holiday period.”
The median price per hectare for farms has decreased slightly, from $27,395 in the three months ended January 2016 to $27,058 in the three months ended January 2017.
However, six regions recorded increases in sales volume, including the Bay of Plenty, which had an increase of 10 properties in three months ended January 2017, compared with the same period last year.
“Current concerns in the rural sector centre on volatility of income, compliance issues and drought conditions in northern and eastern districts of both the North and South Islands,” says Brian.
“Caution and uncertainty continue to be ongoing components of the marketplace. This is causing some frustration with transactions taking longer to come together. Nevertheless, each region has experienced specific highlights during the recent period.”