Dairy land earning 'spectacular' prices

18:47, Dec 17 2013

A healthy rural real estate market has seen some "spectacular" prices paid for select properties in prime locations, particularly in the main dairying areas of Canterbury, Waikato, Taranaki and Southland.

The demand for good sheep and beef properties is also strong in Canterbury, Otago, Southland and Hawke's Bay, particularly in the 5000-10,000 stock unit range with prices ranging from $7000 to $10,000 a hectare, with top properties in demand.

PGGWrightson Real Estate South Canterbury sales manager Susie Williams said as properties sold, more were needed to offer to buyers.

Canterbury's lifestyle property market has been quieter in November, according to Mrs Williams, particularly at the top end of the market.

"Properties in the $1 million bracket-plus are proving a bit sticky and buyers are being thorough in their due diligence," she said.

In November, 214 lifestyle blocks were sold in Canterbury, compared with 227 the previous month.

The median sale price for lifestyle blocks in Canterbury for November was $565,500 up slightly from $559,000 in the previous month. That was a record for the province.


The Timaru Herald