23 Mar 2015

Farm sales fall, prices rise

8:13 am on 23 March 2015

Fewer farms were sold over the past three months compared with the same period last year, but prices rose.

Farmer, South Island.

Photo: AFP / Antoine Lorgnier

The latest rural property sales figures from the Real Estate Institute show 70 fewer farms were sold over the past three months than in the previous period.

However the median price of $28,000 a hectare was about 24 percent higher than a year ago.

Dairy farm sales followed a similar trend; they were down by 26 on a year ago, but the median selling price of about $45,105 a hectare was more than $10,000 up on the previous year.

Meanwhile, sales of horticulture properties have climbed, along with the median price which has almost doubled in a year.

The institute says there's still a buoyant market for top of the line kiwifruit orchards in the Bay of Plenty, as the industry continues its recovery from Psa vine disease.

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