Rural property sales up in North

JENNY KEOWN
Last updated 11:12 23/07/2012

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The prices of Northland and greater Auckland lifestyle and rural properties rose 20 per cent in the past three months compared to the same period last year.

Barfoot & Thompson chief executive Wendy Alexander said these properties were experiencing similar price gains and sale numbers to Auckland City properties.

In the past six months, Barfoot & Thompson had sold 179 rural and lifestyle properties, with the monthly average of properties sold being a combined $24.4 million.

"This is the highest average price in a six month period for the past four years,'' said Alexander.

The Barfoot & Thompson sales figures match the most recent Real Estate Institute statistics for farm sales.

Those figures showed the national median price for lifestyle blocks hit a new record high of $477,500 in the three months to June, up $2,500 on the three months to May and up 3.8 per cent on the same time last year.  

Real Estate Institute NZ Rural market spokesman Brian Peacocke said the new record high reflected an on-going shortage of quality listings for lifestyle blocks nationwide, although there has been a slowdown in sales in this area over winter.

Barfoot & Thompson said from its sales, Northland dairy farms were selling for around $19,000 per hectare and dry stock farms for $10,000 per hectare.

The price per hectare for medium hill country farms more suited to sheep and beef ranged from $5000 to $9000 per hectare.

Closer to Auckland, buyers were interested in smaller holdings and lifestyle blocks, particularly Kumeu, Helensville, Coatesville and Clevedon.

"Banks are showing the same interest in lending to the rural market as they are to the residential market, and with interest rates being at historical lows, activity is high," said Alexander.

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- BusinessDay.co.nz

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