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Farm sale volumes are down but values are holding up.
Recent data from the Real Estate Institute of New Zealand (REINZ) shows a 22.5% drop in the amount of farm sales for the three months ended July 2023 than for the same period in 2022.
In the year to July 2023, 35.5% fewer dairy farms were sold and 11.1% fewer dairy support farms were sold when compared to the year to July 2022.
The median price per hectare for all farms sold in the three months to July 2023 was $29,450 compared to $27,875 recorded for the three months ended July 2022, up 5.7%.
The median price per hectare increased by 6.1% compared to June 2023.
Dairy farms accounted for 12% of all sales and finishing farms accounted for a 31% share of all sales, while grazing farms accounted for 26% of all sales.
REINZ rural spokesman Shane O’Brien says the results follow the current trend for the year so far, with a reduction in the number of sales across the country in all sectors.
“The largest reduction occurred in the dairy sector with a 35% reduction in sales as farmers focused on controlling farm costs and higher interest rates and a predicted drop in farm gate milk prices,” O’Brien says.
“Similarly, the volume of sales of dairy support units was back.”
He says there was also a substantial decrease in the volumes of sales in the pastoral sector, which includes grazing and finishing properties.
“Recent weather events across a lot of New Zealand, a lower number of listings on the market and a drop in inquiry for carbon farming and forestry will have impacted this sector.”
O’Brien adds that while sales volumes themselves are down, sale values are holding steady.
He says the median price paid across all sectors is up by 5%.
“This shows that buyers, although being cautious will pay a good price for the right property that meets their needs,” he says.
Beef + Lamb New Zealand (B+LNZ) says the Government needs to close loopholes in the guidance around limits on carbon forestry as news of further whole-farm sales emerges.
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