The COVID-19 lockdown has affected the rural property market with sales of both farms and lifestyle blocks dipping.
The latest figures from the Real Estate Institute of New Zealand show there were 306 farm sales in the three months to the end of August, which included two weeks of Level 4 lockdown.
That was down by 14% compared to the the three months to the end of August last year.
Lifestyle property sales were even more badly affected, dropping 25% to 1809 in the three months to August from 2409 in the same period last year.
"Sales figures for the most recent three month period reflect both the time of year, when the rural sector is busy with calving and lambing, and the impact of the COVID-19 lockdown, with both factors impacting on sluggish sales," REINZ rural spokesman Brian Peacocke said.
However on an annual basis, rural property sales are running well ahead of the previous year.
In the 12 months to the end of August this year the REINZ recorded 1680 farm sales, up 37% on the previous 12 months, while 9893 lifestyle block sales were recorded in the 12 months to August this year, up 38% compared to the previous 12 months.
Prices have also remained firm.
According the REINZ All Farm Price Index, which adjusts for differences in the mix of properties sold, overall farm prices over the three months to August were up 0.9% compared to the three months to July, and up 15% compared to the three months to August last year.
The median price of lifestyle blocks sold over the three months to August was $940,000, up from $925,000 compared to the three months to July, and up by $190,000 compared to the three months to August last year.
The interactive chart below shows the trends in farm sales by farm type. A more detailed monthly analysis is available here.
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