Fewer farms change hands, latest report reveals

Twelve Northland farms were sold in the three months to October 31, 11 fewer than in the same period last year.

A Real Estate Institute of NZ (REINZ) report shows the properties sold consisted of two dairy farms, a finishing farm, eight grazing blocks and an orchard. The dairy farms, with a median size of 184 hectares, fetched a median price of $13,167/ha, up on the $9288/ha median a month earlier, but down on the $16,497/ha median paid for Northland dairy farms in October 2010.

The 17ha finishing farm sold for $48,744/ha and the 35ha orchard went for $10,537/ha.

The eight grazing blocks had a median size of 76ha and their median sales price was $4973/ha, down on the $10,605/ha median for similar farmland sold in the same period last year and the $8500/ha median for October 2010.

Nationally, there were 256 farm sales in the three months to October, compared with 269 in the three months to September, 1410 farms were sold in the year to October 31, or 28.6 per cent more than in the previous year.

REINZ spokesman Brian Peacock said the drop in sales in October was more a reflection of the timing of sales at the start of spring rather than an indication of any particular trend. He expected a sales lift this month as properties went unconditional.

The 13 dairy farms sold nationally in the three months to October had a median sale value of $29,160/ha, while the 129 grazing blocks sold nationally had a median price of $11,671/ha.

The median for the 41 finishing farms sold nationally in the past three months was $20,402/ha and the median price for 35 horticulture farms sold was $157,838/ha.

Meanwhile, 98 Northland lifestyle blocks were sold in the three months to October, comparable with the 102 sold in the three months to September but substantially up on the 86 sold in the same period to October last year and the 68 sold in October 2010.