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19 July 2021

Property Report: Rural Market Wraps up 2020-21 Season

The Country’s Rowena Duncum is joined by PGG Wrightson’s General Manager for Rural Real Estate Peter Newbold to take a look at the rural property market this month.

The 2020-21 rural real estate season has come to an end. Newbold notes that it has been the best year recently, especially with all sectors selling robust and values are up and there has been some promising movement in the dairy sector.

Duncum queries who the most active buyers are this past season. Newbold highlights that usually it is someone from the rural community, but now there are a lot of new entrance buyers in the market which hasn’t been seen for some time. 

Farmers who are looking at putting their properties on the market have been driven by retirement, family succession, the banks are cooperative, and the current positive market place. Newbold adds that if you are looking at selling, then now would be a really good time.

Overseas investment office regulations are still impacting the rural real estate market, particularly with properties over the $13 million mark. 

Duncum queries if issues around labor are influencing property buyers decisions. Newbold notes that there is more to the day-to-day operation of a farm than some people realize.  

Newbold highlights that the rural industry is a wonderful community to be involved with.

Related Articles

Property Collection Winter 2021 Out Now

22 June 2021

The new PGG Wrightson Real Estate publication the Property Collection is out now. This winter property publication highlights quality rural, lifestyle, residential and commercial properties listed for sale throughout New Zealand.

Our sales team throughout the country have been continuously busy across autumn and now leading into the spring listing period, with inquiry from prospective purchasers and action from aspiring vendors. This publication has an interesting variety of stories plus market commentary from around the country.

As you can see in this winter edition of the Property Collection, we have plenty of excellent listings awaiting your inspection and a national team of expert locals who can assist and guide you. 

Read the Winter 2021 articles online using the links below or read the full publication here.

Property report: Rural market still going strong

18 June 2021
The Country's Jamie Mackay is joined by PGG Wrightson's General Manager for Rural Real Estate Peter Newbold, to take a look at the rural property market this month.
Mackay said there was only one word to describe the market at the moment - "gangbusters."
Newbold agreed, adding that it had been an incredible past few months for the market and there had been a real lift in farm sales for the first time in a while.

Mackay asked if the out of kilter land prices from the previous "dairy boom" would happen again.
Newbold said he doubted this would happen, as people were more astute.
He thought there would be strong sales, but not necessarily a "boom".
Mackay said people had avoided the dairy market but recent turnarounds had made it a great yield story.

Newbold added that while it had taken a bit longer than people wanted, there was increased interest in dairy, and banks were looking more favourably at the wider rural market.
The sheep and beef market continued to be strong, but the wool market wasn't "too flash," Mackay said.
Prospect for lamb, beef, and mutton were looking extremely positive and Newbold noted that sales of these properties had been exceptional.

Horticulture continued to be going "great-guns" and no one seems to be selling, Mackay said.
Newbold added that there was no shortage of buyers for horticulture properties.
Banks had loosened the reins on loans in the rural property market and were lending with more enthusiasm, as rural property transactions and interest increased.

Property report: Rural property market slowing down for winter

26 May 2021

The Country's Jamie Mackay is joined by PGG Wrightson's General Manager for Rural Real Estate Peter Newbold to take a look at the rural property market this month.

Mackay said business was up over 70 per cent year on year, with a lot of renewed activity and interest in the rural sector.

Newbold agreed, adding that it was incredible for everyone in the industry.

Buying syndicates were making a comeback, especially in the higher value properties of 10 million or more.

Mackay raised the issue of the dairy industry and how banks had recently lifted their next season forecast which may encourage punters into the market.

Recent droughts along the East Coast had impacted the appearance of properties, particularly sheep and beef farms.

This influenced the timing of property sales, and some sales may be brought forward depending on the weather, Newbold said.

Mackay said the lifestyle block market was slowing. Newbold agreed, saying there weren't as many listings and that value had recently reached a plateau.

However, traditionally, the market slowed down leading into winter, Newbold said.

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