Property

NZ lifestyle properties continue to buck the trend

Rural lifestyle property sales have again overshadowed a very quiet rural property market during October, according to the Real Estate Institute of New Zealand.

Wednesday, November 24th 2004

The latest rural sales figures showed while rural sales continued at a very low level consistent with this time of the year, lifestyle block sales were up and so were prices.

The national median selling price for farms for October was $865,00 compared with the September figure of $750,000 and the 2003 figure of $610,000.

However due to low volumes and higher turnover of more expensive dairy properties, the REINZ cautioned that not too much should be read into these figures.

REINZ Vice President Murray Cleland said that the increase in the October median was a reflection of a low level of market activity and the impact of sales of more expensive properties rather than an overall trend.

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