Dairy Sector Drives Strong Rural Property Market Activity in NZ
The latest data from the Real Estate Institute of New Zealand (REINZ) reveals a mixed rural property market due to consistent inflation concerns.
There were 10 fewer farm sales (-2.9%) in the three months ended September 2015 than in the three months ended September 2014.
Overall, there were 337 farm sales in the three months ended September 2015, vs 387 in the three months ended August 2015 (-12.9%) and 347 in the three months ended September 2014.
1726 farms were sold in the year to September 2015, 10.1% fewer than in the year to September 2014.
Six regions recorded increases in sales volume in the three months ended September 2015 vs the three months ended September 2014.
Auckland recorded the largest increase in sales (+19 sales), followed by Hawkes Bay (+10 sales) and Wellington (+9 sales). Compared to the three months ended August 2015, three regions recorded an increase in sales.
"Spring sunshine, warmer temperatures, good prospects for beef and lamb and the slow turnaround in the dairy industry are combining to lift morale in the rural sector," says REINZ rural spokesman Brian Peacocke.
"The latest payout figure from Fonterra and the lift in the Global Dairy Trade auction prices have stimulated a collective sigh of relief among dairy farmers.
