22 Jan 2010

Farm sales remain low

1:44 pm on 22 January 2010

Just 241 farms sold across the country during the final quarter of last year, down more than 500 on two years ago.

The Real Estate Institute says the value of farms also dropped by $650,000 during this period to $1 million.

The institute's national president, Peter McDonald, says this is due to the economic climate forcing a tightening up of the rural finance sector.

As a result, Mr McDonald says, young farmers have struggled to purchase properties and retiring landowners have been unable to sell their farms.