19 May 2010

Farm sales still slow

6:13 am on 19 May 2010

The rural property market is still in a bit of a drought. Latest figures from the Real Estate Institute show no significant lift in either farm sales or prices.

The national median sale price rose to $1 million for the three months to April.

That was slightly up on the three months to March, but still $45,000 down on the February average.

The number of farms sold was 267 - almost the same as a year ago, but only about a third of the sales in the same period in 2008.

Although it is effectively the last month in the dairy farm selling season, only 12 dairy farms were sold in April at a reduced median price of US3.55 million.

Against that trend, more grazing properties sold, compared with the March period and the prices for those and finishing farms also lifted.