Overall 397 farms were sold, 207 more than the same period last year, Real Estate Institute of NZ (REINZ) figures show.
REINZ rural market spokesman Brian Peacocke says the sale reflected the strengthening of the rural economy, bolstered by favourable growing conditions.
However he sounded a note of caution with the industry expecting more moderate income levels next season.
“It is unlikely the combination of current benevolent factors will be repeated for some time to come,” he says.
A total of 1400 farms were sold in the year to March 2012, 61% more than were sold in the same six months last year.
The median price per ha for all farms was $20,056, a 7.3% decrease on the $21,641 recorded for the three months ended February 2012 and up $2479 per hectare (+14.1%) on the $17,577 recorded for the three months to March 2011.
Included in sales for the month of February were 27 dairy farms at an average sale value of $23,220 per ha. The average farm size was 184.3ha and the average production per hectare on all dairy farms sold in March 2012 was 674kgMS.
For the three months ended March the median sales price per ha for dairy farms was $32,294 (61 properties) compared to $34,223 for the three months ended February 2012 (61) and $32,533 (35) for the three months ended March 2011.
Grazing properties accounted for the largest number of sales: 53.9% during the three
months.
