A very strong market with limited supply in the kiwifruit sector has led to high prices for both green and gold orchards in the Bay of Plenty, reports REINZ.
Similarly, solid demand from local purchasers and Auckland buyers for a reduced number of lifestyle blocks means prices for those properties are holding up to and above $800,000.
Activity has been strong around Rotorua, as well as Taupo, with prices generally peaking at under $1 million for lifestyle blocks.
The median price for all lifestyle properties sold in the three months to February 2017 reached a new record high of $600,000 and was $57,000 higher compared to the three months ending February 2016 (+10.5 per cent).
Nationally, the median price per hectare for all farms sold in the three months to February 2017 was $27,395 compared to $25,970 recorded for three months ended February 2016 (+5.5 per cent). The median price per hectare rose 1.3 per cent compared to January.
REINZ Rural Spokesman Brian Peacocke says horticulture remains the bright spot on the immediate horizon, particularly the kiwifruit and pip-fruit sectors, followed closely by a resilient beef market.
“Caution, uncertainty and delayed decision-making are the over-riding comments relating to the current market as the rural sector continues to grapple with volatility of income, volatility of climate and the ever increasing emphasis on compliance and environmental issues.”