fbpx
Print this page
Tuesday, 15 October 2024 11:55

Shift in farm sales, prices

Written by  Jessica Marshall
There was an 18.9% increase in farm sales for the three months ending August 2024 compared to the same period in 2023 There was an 18.9% increase in farm sales for the three months ending August 2024 compared to the same period in 2023

Farm sales are on the rise. According to recent data from the Real Estate Institute of New Zealand (REINZ), there was an 18.9% increase in farm sales for the three months ending August 2024 compared to the same period in 2023.

However, this was still a 10% decrease on the 231 sales recorded for the three months ending July 2024.

In total, 923 farms were sold in the year to August 2024, a decline of 166 farms compared to the previous year.

Overall, the REINZ All Farm Price Index showed stability, with a slight decrease of 2.1% in the three months leading up to August compared to July.

The three months leading to August 2023 marked a 3.2% decline.

REINZ rural spokesman Shane O’Brien says that despite the headwinds currently faced by the rural sector, it is encouraging to see sales levels reach the same levels of the past two years, with 57 sales recorded in August 2024 compared to 55 in August 2022 and 51 in August 2023.

“August is traditionally a slow month for sales as many sellers wait for the warmer spring months and the traditionally busier selling months of October to December,” O’Brien says.

Read More

“Many agents across the country are reporting increased enquiries during the month, with many tipping, so there could be some renewed confidence among buyers towards the dairy and dairy support sectors of the market,” he says.

For the three months ending August 2024, the median sales price per hectare for dairy farms was $36,930, compared to $35,705 for the three months ending July 2024 and $35,960 for the three months ending August 2023. The median price per hectare for dairy farms has increased by 2.7% over the past 12 months.

More like this

Buyers hunting for right farm

It could be that buyers are hunting out the right farm to purchase as farm sales drop for the three months ended December 2023. That’s according to the Real Estate Institute of New Zealand (REINZ).

Popular Reads

Featured

Applications open for 2027 Zanda McDonald Award

Applications are set to open for the 2027 Zanda McDonald Award, a trans-Tasman award recognised for identifying and fast-tracking talented young leaders in agriculture and agribusiness.

GP Rural: New Pathway Proposed to Fix Rural GP Shortage

The Royal New Zealand College of General Practitioners (the College) and Hauora Taiwhenua Rural Health Network are calling for investment in a proposed new training pathway for rural GPs, warning that many rural practices are struggling to recruit while a large share of the existing workforce nears retirement.

CODC Sludge-to-Lauder Plan Slammed by Federated Farmers

Federated Farmers has called on Central Otago District Council (CODC) to drop or vote down a plan to truck sludge from Alexandra and Cromwell to farmland near Lauder, warning it would compound an "outrageous" situation created by a separate council's decision weeks earlier.

National

Machinery & Products