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Despite lower farm sales in the three months to the end of October compared to last year, the Real Estate Institute of New Zealand (REINZ) expects a lift this month.
The institute also says in some areas there are insufficient good sheep and beef properties to meet demand, while in some areas there are more dairy farms on the market than demand requires.
REINZ data shows there were 30 fewer farm sales (-10.5%) for the three months ended October 2012 than for the same period last year. However farms sales for the year to the end of October (1410) were up 28.6%
"The spring selling season is in full swing across the country with a considerable number of farms being marketed during October," says REINZ rural market spokesman Brian Peacocke. "The decrease in sales in October is more a reflection of the timing of sales at the start of spring rather than an indication of any particular trend. Based on the levels of activity in October we would expect a lift in sales in November as properties go unconditional.
"Levels of listings are generally good, although several regions report insufficient stocks of good sheep and beef properties to meet buyer demand. In contrast, some areas report higher stocks of dairy farms than current demand requires."
The median price per hectare for all farms sold in the three months to October 2012 was $19,872; a 10.1% increase on the $18,041 recorded for three months ended September 2012. The median price per hectare increased by 5.3% compared to October 2011.
The median price per hectare for all farms sold in the three months to October 2012 was $19,872; a 10.1% increase on the $18,041 recorded for three months ended September 2012. The median price per hectare increased by 5.3% compared to October 2011.
Five regions recorded increases in sales volumes for the three months ended October 2012 compared to the three months ended October 2011. Auckland recorded the largest increase in sales (+14 sales), followed by Canterbury (+10 sales) and Nelson (+8 sales). Wellington, Southland and Northland all recorded 11 fewer sales followed by Hawkes Bay and Bay Of Plenty with eight fewer sales each. Compared to the three months ended September 2012 only three regions recorded an increase in sales, led by Nelson (+3 sales).
Grazing properties accounted for the largest number of sales with 50.4% share of all sales over the three months. Finishing properties accounted for 16.0%, with horticulture properties accounting for 13.7% and Special and Dairy properties 5.1% each of all sales. These five property types accounted for 90.2% of all sales during the three months ended October 2012.
Dairy Farms
For the three months ended October the median sales price per hectare for dairy farms was $27,368 (13 properties), compared to $19,604 for the three months ended September 2012 (9 properties), and $29,668 (17 properties) for the three months ended October 2011. The median dairy farm size for the three months ended October 2012 was 125ha.
Included in sales for the month of October were six dairy farms at a median sale value of $29,160 per hectare. The median farm size was 82ha with a range of 44ha in Northland to 299ha in Canterbury. The median production per hectare across all dairy farms sold in October 2012 was 848kgs of milk solids.
The REINZ Dairy Farm Price Index rose by 10.2% in the three months to October compared to the three months to September, from 1645 to 1813. Compared to October 2011 the REINZ Dairy Farm Price Index fell by 11.2%. Further details on the REINZ Dairy Farm Price Index are set out below.
Finishing Farms
For the three months ended October 2012 the median sales price per hectare for finishing farms was $20,402 (41 properties), compared to $22,468 for the three months ended September (45 properties), and $18,847 (43 properties) for the three months ended October 2011. The median finishing farm size for the three months ended October 2012 was 82ha.
Grazing Farms
For the three months ended October 2012 the median sales price per hectare for grazing farms was $11,671 (129 properties) compared to $11,444 for the three months ended September (140 properties), and $16,013 (168 properties) for the three months ended October 2011. The median grazing farm size for the three months ended October 2012 was 88ha.
Horticulture Farms
For the three months ended October 2012 the median sales price per hectare for horticulture farms was $157,838 (35 properties) compared to $141,968 (37 properties) for the three months ended September, and $84,960 (22 properties) for the three months ended October 2011. The median horticulture farm size for the three months ended October 2012 was 5ha.
Regions
Eight regions recorded increases in sales compared to September while six recorded decreases. Auckland recorded the largest increase (+29 sales), followed by Manawatu/Wanganui (+9 sales) and Canterbury (+7 sales). Waikato recorded the largest fall in sales (-8 sales), followed by Bay of Plenty (-6 sales) and Northland (-4 sales). Compared to October 2011 nine regions recorded increases in sales with five regions recorded decreases.
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