The rural property market finished March on a slightly softer note with lifestyle block sales particularly low.
According to the Real Estate Institute of NZ, 395 farms were sold over the three months to the end of March this year, down 10.5% compared to the same period of last year.
Lifestyle block sales showed an even bigger decline, with 1619 lifestyle sales in the three months to March this year, down 32.5% compared to the same period of last year.
However while the number of rural properties being sold has softened, prices appear to be holding.
The REINZ All Farm Price Index, which adjusts for differences in the mix of farms sold by size, type and location, was up 30.7% over the three months to March this year compared to the same period of last year, and up 4.8% compared to the three months to the end of February this year.
The REINZ Dairy Farm Price Index, which adjusts for differences in the mix of dairy farms sold by size and location, was up 6.9% in the three months to March this year compared to the same period of last year, but down just 0.4% compared to February this year.
"Whilst [farm] sales data for the three months ending March 2022 reflects an easing in volumes from both last month and the equivalent period 12 months ago, total farm sales are still well ahead of the number of sales recorded for the March period two years ago," REINZ rural spokesman Brian Peacocke said.
"[Lifestyle] figures for the period ending 31 March 2022 confirm total sales volumes are continuing to ease to levels not experienced for several years," he said.
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5 Comments
From what I can see, lots of subdivision of farmland.
Been watching Waikato for a year or more. Listings certainly on the way up.
People sell inner city, ie Devonport to move to Diary Flat.... no wonder lifestyle slow no one can sell in the city to move rural. Someone just paid 90 mil for the block next to Milldale though.....
It's almost like no one wants the commute?
Most companies offering a hybrid WFH/Office thing of 3/2 or 2/3, many only commute 3 days a week now. Commute from Silverdale park and ride to CBD is about 35mins, be quicker once the bus lane is finished. I don't think the commute has suddenly got worse, its the fact that people struggling to get last years prices on inner city and people still wanting last years prices in Diary Flat/Coastsville/Hamilton Boundries etc..... both need to fall a lot then market can start functioning again.
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