Real Estate Institute of New Zealand figures show 39 (20.5%) fewer farms were sold in the three months to the end of September compared to a year earlier. The median price per hectare for all farms sold in the three months to September was $24,730 compared to $23,140 for the same three months last year (a 6.9% increase). REINZ rural spokesperson Shane O’Brien says September also saw a large number of properties come to the market across all sectors in New Zealand for the traditional spring market with a good volume of property now available. He says agents report buyer interest is building weekly as they adjust to a higher interest rate environment and a market that was buoyed by Fonterra increasing its forecast milk price.
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