Farms and lifestyle block sales halved in Q4 2021 compared to a year earlier

The rural property market slowed considerably in the fourth quarter of last year although prices remained firm.

According to the latest rural sales data from the Real Estate Institute of NZ, 293 farms of all types were sold throughout the country in the three months to the end of December 2021.

That was down by 47% compared to the fourth quarter of 2020.

However on an annual basis, farms sales were up compared to a year earlier, thanks to stronger sales earlier in the year.

The REINZ figures show that 1831 farms were sold in all of 2021, up 14% compared to 2020.

Prices were also firmer.

The REINZ All Farms Prices index, which adjusts for differences in the mix of sales by farm size, type and location, was up 22% in the fourth quarter of last year compared to the fourth quarter of 2020. 

The REINZ Dairy Farm Price Index was up 9% in the fourth quarter of last year compared to the same period of 2020.

Lifestyle block sales showed similar trends to regular farm sales.

There were 1503 lifestyle property sales in the fourth quarter of last year, down 52% compared to the same quarter of 2020.

On an annual basis 9610 lifestyle properties were sold in 2021, up 1% compared to 2020.

The median selling price of lifestyle properties sold in the fourth quarter of last year was $1,075,000, up 29% compared to the fourth quarter of 2020.

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