Farm sales down on last year

Last updated 05:00 20/11/2012

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There were 54 farms and lifestyle blocks sold in the Southland district in August, September and October - 25 fewer than the 79 sold in the corresponding period last year, Real Estate Institute of New Zealand figures show.

The figures, when broken down, reveal 18 farms were sold in Southland in the three months to the end of October this year, down from 29 farm sales in the corresponding period last year.

Sales of lifestyle blocks were also down in Southland; from 50 in the same three months last year to 36 this year, the figures show.

REINZ rural market spokesman Brian Peacocke said the spring selling season was in full swing across the country with a considerable number of farms being marketed in October.

The national decrease of sales in October was more a reflection of the timing of sales at the start of spring rather than an indication of any particular trend, he said.

The median selling price per hectare for all farms sold in Southland in the three months was $23,194, down from $26,034 in the same three months last year.

The Southland median hectare price was above the national median of $19,872, which was up by 5.3 per cent on the previous year.

The number of days it took to sell lifestyle properties in Southland in the three months ending October was 53, compared to the national average of 71 days.

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- © Fairfax NZ News

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