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19 April 2021

Property report: Lifestyle market boom

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

Lifestyle sections have overtaken rural sales as they have increased from approximately 6 billion to 9 billion dollars, Mackay said.

Newbold confirmed this and said he thought it would continue to increase over the next few years.

People were looking to invest their money as Covid-19 continued to place restrictions around travel, Mackay said. He asked if these people would look at investing in the rural market.

Newbold said he was seeing more first time and new investors.

"Dairy has been doldrums yet it has near record returns at the moment, there is continued interest in horticulture, and sheep and beef keep chugging along," Mackay said.

Click the play button for the full interview.

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Property report: 'Onwards and upwards' - rural property on the rise

18 March 2021

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

The rural real estate market is heating up as it has seen more activity in the past two months compared to the previous three to four years, Mackay said.

Newbold agreed, and said this has been helped by traditional autumn sales being brought forward and a lot of historic listings which had now been cleared.

Mackay said there was a strong interest in larger beef or sheep properties.

A lot of this interest stemmed from investor groups, large entities, or people from metropolitan areas who had resources and were looking for investment opportunities, Newbold said.

Horticulture properties were still a hot commodity as owners were reluctant to sell, Newbold said.

Dairy farming was starting to generate interest again as some larger investment groups were looking for opportunities, Newbold said.

Property report: The rise of rural and provincial properties

19 February 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 asked if the rural market was as hot as the residential market.

Newbold said that, although the rural market wasn't as hot, there was renewed interest, with buyers out there perusing rural properties.

Also, for the first time in a number of years, there was an increase of property value, Newbold said.

Dairy properties were becoming of interest as their yield grew, and Newbold reported that he was starting to see movement in the "bottom-end." He anticipated more demand as time went on.

Currently, the returns for dairy farming were much better, compared to sheep and beef, Mackay said.

"There is a little bit of activity in that space, but I think it is going to be tight. The returns are too good and people are holding on to them," Newbold said.

Mackay said he'd heard that some residential property prices in provincial New Zealand were doubling in price over a short period of time - in places such as Tapanui.

Newbold confirmed this and said that statistics reflected high property value increases in some provincial New Zealand towns, compared to larger metropolitan areas.

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