Rural property prices strengthened over August, despite low sales figures in the traditionally quiet month.
Sunday, September 25th 2005, 7:01AM
by The Landlord
Figures released yesterday by the Real Estate Institute of New Zealand showed the median sale price for grazing, dairying and horticultural property increased $77,500 or 7.6 per cent to $807,500 in the August year.
The price for lifestyle property increased 16 per cent to $335,000.
Only 170 farms were sold in August - a month where sales reach a relative low-point - compared with 175 in August last year.
However, 665 lifestyle properties were sold, up from 608 in August last year.
REINZ vice-president Murray Cleland said demand, assisted by consistent farm returns over recent years and investor interest from the cities, had consistently exceeded supply, putting upward pressure on prices.
