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REINZ Rural & Lifestyle Reports July 2020

By Julie Halligan

RURAL

What does the future hold?

Data released by REINZ shows there were 61 less farm sales (-18.9%) for the three months ended June 2020 than for the three months ended June 2019. Overall, there were 261 farm sales in the three months ended June 2020, compared to 258 farm sales for the three months ended May 2020 (+1.2%), and 322 farm sales for the three months ended June 2019. 1,154 farms were sold in the year to June 2020, 13.9% fewer than were sold in the year to June 2019, with 28.9% less Dairy farms, 19.2% less Grazing farms, 21.9% less Finishing farms and 7.7% more Arable farms sold over the same period.

The median price per hectare for all farms sold in the three months to June 2020 was $23,136 compared to $22,044 recorded for three months ended June 2019 (+5.0%). The median price per hectare decreased 0.4% compared to May 2020.

The REINZ All Farm Price Index fell 3.0% in the three months to June 2020 compared to the three months to May 2020. Compared to the three months ending June 2019 the REINZ All Farm Price Index fell 10.1%. The REINZ All Farm Price Index adjusts for differences in farm size, location, and farming type, unlike the median price per hectare, which does not adjust for these factors.

Four of the 14 regions recorded an increase in the number of farm sales for the three months ended June 2020 compared to the three months ended June 2019, namely West Coast (+4) and Auckland, Taranaki and Wellington (+3 each). Waikato recorded the most substantial decline in sales (-20) followed by Manawatu/Wanganui (-13). Compared to the three months ended May 2020, eight regions recorded an increase in sales with the biggest increases being in Nelson (+5) and Southland (+4)……

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LIFESTYLE

Lifestyle market starts to lift

Data released by REINZ shows there were 33 more lifestyle property sales (+2.7%) for the three months ended June 2020 than for the three months ended May 2020. Overall, there were 1,240 lifestyle property sales in the three months ended June 2020, compared to 1,875 lifestyle property sales for the three months ended June 2019 (-33.9%), and 1,207 lifestyle property sales for the three months ended May 2020.

6,577 lifestyle properties were sold in the year to June 2020, 289 (-4.2%) less than were sold in the year to June 2019.  The value of lifestyle properties sold was $5.49 billion for the year to June 2020.

The median price for all lifestyle properties sold in the three months to June 2020 was $707,500 and was $17,500 higher compared to the three months ended June 2019 (+2.5%).

Brian Peacocke, Rural Spokesman, at REINZ says: “After a slump in sales volumes in April and May, due largely to the Covid-19 impact, a strong lift in sales throughout the country in June brought the figures for the 3-month period ending June 2020 back to a degree of respectability….

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