Sales slowed by economic and seasonal factors
The Real Estate Institute of New Zealand (REINZ) has released its latest data on farm sales, showing a decrease in activity due to economic and seasonal factors.
There were 215 farm sales in the three months ending June, down 6.1% from the same period in 2023.
Economic and seasonal impact
“The results for June 2024 have continued the trend of much of 2024 with sales back on preceding years,” said Shane O’Brien (pictured above), rural spokesperson at REINZ.
Despite a lift in sales in Waikato and Southland, overall activity has been impacted by economic conditions and seasonal factors.
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Lower buyer enquiry
O’Brien noted that interest from potential buyers is lower than expected.
“Buyer enquiry on most farm listings is lower than desired as farmers grapple with the change in weather, lower-than-needed farm product prices, and higher farm working expenses,” he said.
Price trends and regional performance
The median price per hectare for all farms sold in the three months to June was $25,880, a 3.9% decrease from the same period in 2023.
Regional sales varied, with Waikato and Southland seeing notable increases while Manawatu-Wanganui and West Coast reported the largest decreases.
REINZ on market outlook
June is traditionally a quieter month for sales, and agents are hopeful for a market pick-up in spring.
“Many agents across New Zealand are reporting on an expected busy spring with good numbers of farm listings potentially coming to the market,” O’Brien said.
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