Property Report: The Rural Market Boom
The Country’s Jamie Mackay is joined by PGG Wrightson’s General Manager for Livestock and Rural Real Estate, Peter Newbold, to look at rural property this month with the market being worth more now than it was this time a month ago.
Newbold notes that they currently have more listings than they have ever had, and he puts that down to the quality of properties and the large numbers of enquiries. There continues to be a strong interest in dairy, and Newbold anticipates a large number of transactions in the 15 million+ bracket.
Mackay comments how the dairy industry has been “unfashionable” for the past 4 or so years, and how it has become popular again. Newbold agrees and adds that while it is a wonderful industry, it can be hard to find workers.
Mackay asks about the sheep and beef market being driven by forestry, and raises concern around the impact from carbon farmers overtaking pastoral land. Newbold adds that maybe it has gone too far but it is a critical part of New Zealand’s economy.
Horticulture is holding strong, and Newbold anticipates a few listings to come through.
The lifestyle market continues to entice new buyers. Newbold comments on the large numbers of purchasers coming from the metropolitan areas, the limited number of listings, and the trend of auctions being pulled forward due to the demand.