Data issued by the Real Estate Institute of New Zealand shows strong demand for rural properties but a shortage of supply.
Overall, there were 369 farm sales in the three months ending August, compared to 438 farm sales for the three months ending July.
The Real Estate Institute says the figures show farm sales are currently constrained.
Rural spokesperson Brian Peacocke says this appears to be down to farmers focusing on peak seasonal workloads as well as good weather, early grass growth and the prospect of increasing levels of income.
The median price per hectare for all farms sold during June, July and August rose by 20.7% from last year.
However, Mr Peacocke says that comes down to the mix of farms sold within the period; for example: the more dairy farms sold, the higher the median price.
