REINZ said Auckland recorded the largest increase in farm sales with 11 in the three-month period to the end of May compared to the same period last year, followed by Bay of Plenty with 10 and Gisborne with four.

The institute says the farm sales in the quarter reflected cautious confidence in the rural sector even though there were 62 fewer farm sales in the quarter than in the 2014 quarter.

Overall 504 farms were sold in the latest three-month period.

The institute said the median price a hectare for all farms sold in the three months was $28,563 compared to $25,018 in the three months to the end of May last year.

The REINZ all farm index rose by 4.6 per cent from the three-months to the end of May last year compared to the same period this year.

REINZ rural spokesman Brian Peacocke said sales activity across most categories remained surprisingly strong in the latest three-month period with the main limitation being the shortage of available properties.

“Given the time of the year, when most dairy farm settlements take place at the beginning of June and farmers are focused on wintering activities, such a shortage is expected and is likely to remain in place until spring.”

REINZ said among the highlights for the period were continuing strong horticultural sales in the Bay of Plenty and ongoing dairy sales in Northland, Waikato, Taranaki and Southland.

The median price for dairy farms was $35,281 a hectare with 87 properties sold.

This was an increase on the median price of $33,543 for the 95 dairy farms sold in the three months to the end of May last year.

Dairy farms sold in the latest period ranged in size from 17 in the Bay of Plenty to 625 in Taranaki.

 

Source: Whakatane Beacon