Rural Property – The News Is All Good

NEWS RELEASE 28 December, 2001

Rural Property – The News Is All Good

Both sales volumes and median price in the rural property market increased dramatically during November, well up on both October 2001 and November 2000, according to the latest rural property statistics released today by the Real Estate Institute of New Zealand.

Rural spokesperson for the Institute, Mr Murray Cleland said today that the results were a reflection of the optimism and confidence of the rural economy.

“A recent Massey University rural market survey reported a positive outlook for the seventh consecutive quarter and the Institute feels that this confidence is a major factor in the continued growth witnessed in the rural property market. “

Mr Cleland said, “Yet again the upward trend for rural property continued during November, the median price firming by 32.31 per cent on a year-to-year basis, and market activity has increased by approximately 50 percent.”

According to statistics released today by the Institute, the national sales volume for November was 306, compared to the October sales volume of 240 and the November 2000 volume of 214.

The national median sale price for November was $757,500 compared to October at $557,500, and the November 2000 median of $527,500.

Sales in the lifestyle block market firmed on year-to-year comparison but eased on a month-to-month basis, while the median price firmed on both last year and last month.

Statistics for November reported 498 transactions at a median sales price of $220,000, compared to 526 sales in October at $199,500 and 432 in November 2000 at $205,000.

The national median sale price has firmed by 32.31 per cent from November 2000, with those sectors having firmed from a year ago including grazing property, firming by 8.57 per cent; finishing property, firming by 47.36 per cent; and dairy property, firming by 15.38 per cent.

The only sector whose median price decreased from November 2000 was forestry property, easing by 69.70 per cent. No change was recorded in South Island High Country merino properties, with no sales in either November 2000 or 2001.

The demand for dairy properties rose on both a month-to-month and year-to-year basis, with 83 properties changing hands during November, compared to 48 in October 2001 and 52 in November 2000.

The November 2001 median sale price for dairy properties of $1,425,000 was up on both the $1,235,000 recorded in November 2000, and the $1, 303,600 recorded in October 2001.

The national arable property median sale price was up on both a year to year and month to month basis, from $1,032,500 in November 2000 and $372,825 in October to $1,075,000 in the latest period, while sales fell four to eight from the twelve recorded in November 2000, but remained consistent with the eight sales recorded in October 2001.

Horticultural property sales rose on year-to-year comparison and fell slightly on a month-to-month basis, with 37 sales in November compared to 38 sales in October 2001 and 25 sales in November 2000. The median price rose from last year and last month, from $400,000 in November 2000 to $435,000 in the latest period, and compared to $361,250 in October 2001.

Finishing property sales firmed on both year-to-year and month-to-month comparison, with 61 sales in November 2001 and 48 in October 2001,compared to 48 sales in November 2000. The median price rose from last month and last year with $475,000 in November 2000 and $700,000 November 2001, compared to $600,000 in October 2001.

One hundred and five grazing properties sold in November, up on both the 88 sales in October and the 70 recorded in November 2000. The median sale price was up from last year but down on last month, from $437,500 in November 2000 and $495,000 in October 2001, to the $475,000 recorded in November 2001.

-ENDS-

For further information contact:
Mr Murray Cleland, REINZ Councillor Phone: (025) 950 445
Issued by Weber Shandwick Worldwide Phone: (025) 230 5768

Regional highlights:

Northland
Fourteen farm sales were recorded in Northland in November, three more than October and two less than November 2000. Seven grazing, one finishing, one horticultural, and five dairy properties made up the total. The median farm price was $640,000, compared with $440,000 in October and $570,500 in November 2000.

A total of 25 lifestyle block sales were recorded for November, compared to 35 October and 41 sold in November 2000. The median lifestyle block price was $160,000, up on both October’s $147,000 and the $130,000 recorded in November 2000.

Auckland
Fourteen farms sold in the Auckland region in November, four more than October 2001 and eight more than November 2000. Sales comprised four dairy, two special, one finishing and seven grazing properties. The median farm price was $1,020,500, compared with $557,500 in October and $437,500 in November 2000.

Sales of lifestyle blocks rose on both a month-to-month and year-to-year comparison with 105 sales recorded, compared with 94 in October 2001 and 99 in November 2000. The median lifestyle block price was $319,000, compared with $345,000 in October and $355,000 in November 2000.

Waikato
The fifty-five farms sold in the Waikato were thirty more than November last year and twenty morethan the sales recorded for October. The sales comprised 17 grazing, 33 dairy, two special and three finishing properties. The median farm price was $1,280,000, compared with $915,000 in October and $995,000 in November 2000.

Sixty lifestyle blocks sold during November, compared to 36 in November 2000, and 73 in October 2001. The median lifestyle block price was $247,500, compared with $176,000 in October and $168,500 in November last year.

Bay of Plenty
Twenty-three farms were sold, two more than in October 2001 and one more than in November last year. Ten horticultural, seven dairy, one special, one forestry and four grazing properties made up the total. The median farm price was $615,000, compared with $650,000 in October and $446,500 in November 2000.

Fifty lifestyle blocks were sold, three more than October and eighteen more than November 2000. The median lifestyle block price was $264,500 for November, more than the $286,000 recorded for October and compared to $216,500 in November 2000.

Gisborne
Seven properties changed hands in Gisborne during November, one more than in October 2001 and three more than November of last year. The median farm price was $643,000, compared with $357,250 in October 2001 and $179,000 twelve months ago.

Four lifestyle blocks changed hands in the region, consistent with October and three more than the same month last year. The median lifestyle block price was $121,000, compared with $183,000 in October and $50,000 last November.

Hawkes Bay
Twenty-two farm settlements took place during November, nine more than October 2001 and thirteen more than in November last year. Seven grazing, three finishing, one arable, one dairy and ten horticultural properties comprised the total. The median farm price was $400,000, compared with $475,000 in October and $735,000 in November 2000.

Lifestyle block sales rose to 19 in November from 17 in October and compared to 20 sales in November last year. The median lifestyle block price was $205,000, compared with $281,500 in October 2001 and $211,500 last November.

Taranaki
Twenty-three farms changed hands in Taranaki, compared with 14 in October 2001 and twelve in November 2000. Seven grazing, four finishing and twelve dairy properties comprised the total farm sales. The median farm price was $900,000, compared with $650,885 in October and $705,000 in November 2000.

Seventeen lifestyle blocks changed hands in the region, six more than October and nine more than November 2000. The lifestyle block median price was $165,000, compared with $218,000 last month and $225,000 last November.

Manawatu/Wanganui
Farm sales were increased last month from fourteen for October to 25 in November 2001, and compared to 27 sales in November 2000. Eleven grazing, five dairy, six finishing, one horticultural, one special and one arable property comprised the total. The median farm price was $635,000, compared with $695,000 in October and $410,000 in November 2000.

Lifestyle block sales fell to 37 from the 39 recorded in October 2001 but rose from the 34 recorded in November 2000. The median lifestyle block price was $155,000, compared with $118,000 in October and $170,000 in November 2000.

Wellington
Nine properties, consisting of one dairy, one forestry, two horticultural and five grazing properties changed hands in the Wellington region during November, compared to two farm transactions in November last year and 11 in October 2001. The median farm price was $220,000, compared with $730,000 in October and $345,381 in November 2000.

A total of 37 lifestyle blocks changed hands, five more than the 32 recorded in October 2001 and ten more than the 27 for November 2000. The median lifestyle block price rose to $215,000 compared to the October figure of $201,000 and the $120,000 recorded in November 2000.

Nelson/Marlborough
Farm sales fell on a month to month basis in the Nelson/Marlborough region with 12 sales for November, 36 for October, and 11 sales recorded in November 2000. Three grazing, two dairy, one special and six horticultural properties made up the farm sales in the region. The median farm price was $735,000, compared with $462,500 in October and $375,556 in November 2000.

Twenty-four lifestyle blocks sold and the median price was $267,000, compared with $157,000 in October when 39 were sold and $265,000 in November last year when 23 blocks changed hands.

West Coast
One horticultural and one finishing properties changed hands on the West Coast during November – compared to four farm transactions in October 2001 and none in November 2000.

Four lifestyle blocks sold in the region, one more than October 2001 and two less than November 2000.

Canterbury
A total of 29 farms changed hands in November, compared with 20 in October and 27 in November last year. There were one special, one horticultural, four arable, three dairy, 12 grazing, one forestry, and seven finishing properties sold. The median farm price was $1,300,000, compared with $465,325 in October and $1,960,000 in November 2000.

Lifestyle block sales fell on a month-to-month and year to year basis, with 55 changing hands for November, compared to 75 in October 2001 and the 59 sales recorded in November 2000. The median lifestyle block price for the region was $185,000 compared to $160,000 in October and $215,000 in November last year.

Otago
Twenty-six farms were sold in Otago comprising one horticultural, one arable, two dairy, 11 grazing and 11 finishing properties. This compared with 12 sales in November last year and 19 in October. The median farm price was $415,000, compared with $245,000 in October and $662,500 in November 2000.

Forty-three lifestyle blocks changed hands in the region, seven more than October 2001 and sixteen more than in November 2000. The median lifestyle block price was $175,000, up on both October’s $86,000 and the $123,050 recorded in November 2000.

Southland
The median farm price in Southland was $500,000 compared with $560,000 in October and $520,000 in November 2000.Forty-five farms changed hands compared to 26 in October and 41 in November last year. There were 24 finishing, 12 grazing, one special and eight dairy properties sold.

Lifestyle block sales fell from 21 for October to 18 for November and compared to 19 in November 2000. The median lifestyle block price was $130,250, up on October’s $120,000 and down on the $145,500 recorded in November 2000.

NUMBER OF SALES AND MEDIAN SALES PRICE
BY DISTRICT – NOVEMBER 2001

All Farms
All Lifestyle
No. of Sales Median No. of Sales Median
Northland 14 640,000 25 160,000
Auckland 14 1,020,000 105 319,000
Waikato 55 1,280,000 60 247,500
Bay of Plenty 23 615,000 50 264,500
Gisborne 7 643,000 4 121,000
Hawkes Bay 22 400,000 19 205,000
Taranaki 23 900,000 17 165,000
Manawatu/
Wanganui 25 635,000 37 155,000
Wellington 9 220,000 37 215,000
Nelson/
Marlborough 12 735,000 24 267,000
West Coast 2 688,500 4 34,250
Canterbury 29 1,300,000 55 185,000
Otago 26 415,000 43 175,000
Southland 45 500,000 18 130,250

TOTAL 306 $757,500 498 $220,000

NUMBER OF SALES BY FARM TYPE – NOVEMBER 2001

Arable Dairy Fattening Forestry Grazing Horticultural Sth Island High Country Special

Northland - 5 1 - 7 1 - -
Auckland - 4 1 - 7 - - 2
Waikato - 33 3 - 17 - - 2
Bay of Plenty - 7 - 1 4 10 - 1
Gisborne 1 - - - 2 4 - -
Hawkes Bay 1 1 3 - 7 10 - -
Taranaki - 12 4 - 7 - - -
Manawatu/
Wanganui 1 5 6 - 11 1 - 1
Wellington - 1 - 1 5 2 - -
Nelson / Marlborough - 2 - - 3 6 - 1
West Coast - - 1 - - 1 - -
Canterbury 4 3 7 1 12 1 - 1
Otago 1 2 11 - 11 1 - -
Southland - 8 24 - 12 - - 1

TOTAL 8 83 61 3 105 37 - 9

FARMS - SALES AND MEDIAN PRICE BY DISTRICT
NOVEMBER 2000 OCTOBER 2001 NOVEMBER 2001
#. of Sales Median #. of Sales Median #. of Sales Median

Northland 16 570,500 11 440,000 14 640,000
Auckland 6 437,500 10 557,500 14 1,020,000
Waikato 25 995,000 35 915,000 55 1,280,000
Bay of Plenty 22 446,500 21 650,000 23 615,000
Gisborne 4 179,000 6 357,250 7 643,000
Hawke’s Bay 9 735,000 13 475,000 22 400,000
Taranaki 12 705,000 14 650,885 23 900,000
Manawatu/
Wanganui 27 410,000 14 695,000 25 635,000
Wellington 2 345,381 11 730,000 9 220,000
Nelson/
Marlborough 11 375,556 36 462,500 12 735,000
West Coast 0 - 4 1,259,687 2 688,500
Canterbury 27 1,960,000 20 465,325 29 1,300,000
Otago 12 662,500 19 245,000 26 415,000
Southland 41 520,000 26 560,000 45 500,000

TOTAL 214 $572,500 240 $557,500 306 $757,500

NOVEMBER 1997 NOVEMBER 1998 NOVEMBER 1999
# of Sales Median # of Sales Median # of Sales Median

Northland 10 215,000 11 450,000 16 317,500
Auckland 2 405,000 15 525,000 9 600,000
Waikato 13 700,000 22 876,500 19 650,000
Bay of Plenty 15 400,000 7 415,000 11 750,000
Gisborne 1 269,970 2 397,500 1 180,000
Hawke’s Bay 13 305,000 8 375,000 17 300,000
Taranaki 13 410,000 5 375,000 6 532,500
Manawatu/
Wanganui 24 337,500 12 750,000 29 420,000
Wellington 6 245,000 - - 4 297,500
Nelson/
Marlborough 7 350,000 9 214,500 18 387,500
West Coast 3 135000 1 35000 1 185000
Canterbury 11 440,000 11 625,000 17 595,000
Otago 14 290,500 11 175,000 13 330,000
Southland 9 300,000 5 267,750 25 325,000

TOTAL 141 $340,000 119 $470,000 186 $402,500

LIFESTYLE BLOCKS - SALES AND MEDIAN PRICE BY DISTRICT

NOVEMBER 2000 OCTOBER 2001 NOVEMBER 2001
# of Sales Median # of Sales Median # of Sales Median

Northland 41 130,000 35 147,000 25 160,000
Auckland 99 355,000 94 345,000 105 319,000
Waikato 36 168,500 73 176,000 60 247,500
Bay of Plenty 32 216,500 47 286,000 50 264,500
Gisborne 1 50,000 4 183,000 4 121,000
Hawke’s Bay 20 211,500 17 281,500 19 205,000
Taranaki 8 225,000 11 218,000 17 165,000
Manawatu/
Wanganui 34 170,000 39 118,000 37 155,000
Wellington 27 120,000 32 201,000 37 215,000
Nelson/
Marlborough 23 265,000 39 157,000 24 267,000
West Coast 6 59,500 3 118,000 4 34,250
Canterbury 59 215,000 75 160,000 55 185,000
Otago 27 123,050 36 86,000 43 175,000
Southland 19 145,500 21 120,000 18 130,250

TOTAL 432 $205,000 526 $199,500 498 $220,000

NOVEMBER 1997 NOVEMBER 1998 NOVEMBER 1999
# of Sales Median # of Sales Median # of Sales Median

Northland 36 127,500 37 115,000 34 114,500
Auckland 70 349,500 66 335,000 80 315,000
Waikato 40 152,500 36 208,500 30 140,650
Bay of Plenty 48 250,000 36 235,000 32 211,000
Gisborne 4 190,000 2 112,250 6 122,500
Hawke’s Bay 9 156,000 22 157,500 29 240,000
Taranaki 14 134,000 15 187,000 7 189,000
Manawatu/
Wanganui 42 116,500 54 133,500 49 161,000
Wellington 20 109,000 21 159,000 26 123,750
Nelson/
Marlborough 15 160,000 19 190,000 32 254,000
West Coast 2 262,500 - - 3 117,000
Canterbury 42 135,000 58 181,500 66 165,500
Otago 8 130,000 21 146,000 24 90,000
Southland 12 122,500 8 148,500 11 126,000

TOTAL 362 $180,000 395 $185,000 429 $185,000

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