Sales of farms and lifestyle blocks both down by more than 50% compared to two years ago

The rural property slump deepened last month as sales of both farms and lifestyle blocks continued to decline.

According to the latest rural sales figures from the Real Estate Institute of New Zealand, just 171 farms were sold in the three months to the end of September, down 38.9% compared to the same period of last year and down 53% compared to the three months to September 2020.

The lifestyle block market wasn't much better, with 1325 lifestyle properties selling in the three months ended September, down 23.7% compared to the same period of last year, and down 51.3% compared to the three months ended September 2020.

Sales of both farms and lifestyle blocks are now at their lowest level in the last two years. (See the graphs below for the monthly trends).

Farm sales were usually lower in the September quarter compared to other times of the year but the latest reduction in sales compared to previous quarters had been quite dramatic, REINZ rural spokesperson Brian Peacocke said.

He believed the lifestyle block market was following the residential market down.

"It is likely the lifestyle market will, to a reasonable degree, continue to mirror the ebb and flow of the residential market," he said.

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