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THE REAL Estate Institute of New Zealand's dairy farm price index is up 34.4% year on year, figures released for the three months ending October show.
Median price per hectare was $43,299 across 23 dairy properties sold compared to $32,701 and 37 properties for the three months ended October 2013. Median area this year was 97ha and production 1,062kgMS/ha.
Compared to the three months ending September, when the median was $40,462 across 20 properties, October's index was up 7.3%. The index adjusts for differences in farm size and location, whereas median prices do not.
"Sales figures for the three month period ending October reflect an awakening market, with a strong build-up moving into spring", says REINZ rural spokesman Brian Peacocke.
"A large number of properties throughout the North Island have been marketed during October, but with unconditional dates after the end of the month the results will not be known until the November data is available," he says.
"Feedback from around the country indicates strong buyer enquiry, careful due diligence being undertaken by purchases and a market fully firm on last season."
Buoyed by strong forecasts for milk prices and a renewed demand for dairy assets, the South Island rural real estate market has begun the year with positive momentum, according to Colliers.
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