Property Report: The rural market boom
Good news for the New Zealand rural real estate industry as Newbold explains that the past few months have been exceptional for sellers.
Newbold talks about corporate investors and groups of individuals from metro areas wanting a safe space to invest. The movement of people from metropolitan areas to provincial New Zealand doesn't look like it will slow down.
Mackay brings up two defining dynamics of the market: the increased interest from people living in cities looking at lifestyle blocks, and the success of horticulture based properties.
Newbold adds that the horticulture industry is fascinating as there is not enough stock and farmers have been holding onto land, and the returns on stock have been really good.
Mackay queries the backbone of New Zealand agriculture with dark clouds looming over the sheep and wool industry. Newbold assures Mackay that there is still interest in the sector.