The latest rural sales figures from the Real Estate Institute of NZ show that 353 farms of all types were sold in the fourth quarter of last year, down 32% compared to Q4 2021.
The slump in sales was across all farm types, with dairy farm sales down 15% compared to Q4 2021, dairy support properties -19%, grazing properties -16%, finishing farms -14% and arable farms -19%.
The median price per hectare across all farm types was down 5.8% compared to a year earlier.
REINZ rural spokesman Shane O’Brien said unseasonal weather had reduced the number of farms being listed for sale.
“The lower number of sales for the last quarter of 2022 when compared to 2021 may well be explained by a lower number of listings in many regions.
“A late spring and a wet October across a number of regions saw a delay in the release of many listings, with a healthy number of farms under offer but not sold at year end,” he said
Sales of lifestyle blocks were even harder to come by, with 1272 lifestyle sales in Q4 2022, down a whopping 43.5% on the same period of last year.
Prices were also softer, with prices for farmlet lifestyle blocks in Q4 2022 down by $90,000 (-7%) compared to a year earlier, while the median price for bare land lifestyle blocks was down by $20,000 (-4.2%) compared to a year earlier.
