The time taken to sell a farm varies widely throughout the country. Anne Hardie reports.
It took nearly three times longer to sell a finishing farm in South Wairarapa in the 12 months to November than in Tararua, while Southland had the most sales with 26 properties taking a median number of days of 83 to sell.
Figures from the Real Estate Institute of New Zealand’s statistics to the end of November show the median number of days to sell five finishing properties greater than 50 hectares in South Wairarapa during that year was 157. However, they also recorded the highest median price per hectare of all regions at $30,900.
Properties sold quicker in Tararua and Northland which both recorded medians of 56 days to sell eight and nine properties respectively.
Tararua’s finishing properties were among the cheapest in the country at a median price of $15,200/ha, just above Hawke’s Bay at $12,400/ha for nine properties that took a median of 66 days to sell.
Throughout the country, 157 finishing properties had a median price of $26,500/ha and the median number of days to sell them was 76.
Canterbury recorded 25 sales of finishing properties and a median of 86 days to sell which resulted in a median sale price of $3.2 million and $27,500/ha. Southland and Otago were not far apart with 26 sales for the former taking a median of 83 days to sell and fetching a median price of $2 million and $25,200/ha while the latter had 20 sales taking a median of 73 days to sell and a median price of $2.9 million and $22,300/ha.
It was a similar story in the Waikato which had 22 sales during that 12-month period taking a median of 61 days to sell and reaching a median price of $22,600/ha, while Manawatu-Wanganui also had 22 sales that took a median of 75 days to sell for a median price of $22,100.
For grazing properties, it took longer to sell land in Northland where the median number of days to sell 18 properties greater than 100ha was 288 days and they sold for a median price of $7070/ha.
Down south, Canterbury had 20 sales for the same period with a median of just 55 days to sell and a resulting median price of $7530/ha.
On value, Southland was in the lead at $11,300/ha for its grazing land and 32 sales were recorded for that 12-month period with a median 88 days to sell. It was followed in value by Waikato which had 20 grazing properties sell for a median price of $10,200/ha and they sold readily with a median of just 53 days on the market.
Some of the cheapest grazing land to be found was Gisborne and Tararua, with the former recording seven sales for a median price of $5970/ha and taking a median 100 days to sell. Tararua also recorded 100 days and had 19 properties sell for a median price of $5520/ha.
Manawatu-Wanganui had the highest number of sales of grazing blocks and the 36 properties recorded the highest sales volume for the regions at $102,807,000. In this region, the median number of days to sell was 75 and the median price per hectare $6080.
In other regions, Wellington sold 11 properties at a median price of $3.2 million and $7390/ha while Hawke’s Bay had 16 sales at a median price of $8780/ha.
The bulk of arable sales were in Canterbury where seven sales in the November to November period sold for a median price of $38,200/ha with a median of 59 days to sell.
