The rural property market is experiencing mixed fortunes with fewer properties being sold than a year ago, but prices are up. According to the latest rural sales figures from the Real Estate Institute of New Zealand, 432 farms were sold in the three months to the end of April this year, compared to 486 in the same period of last year a drop of 11%. PGG Wrightson Real Estate General Manager Peter Newbold says while urban house prices are continuing to fall – farm prices are holding firm. He says farm sales always slow through winter but they’re expecting that to change going into spring.
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