The Bay of Plenty rural property market is coping much better than the urban market with stability in median sale prices and quantities sold according to the latest figures from the Real Estate Institute of New Zealand.
The June figures for urban areas in the Western Bay of Plenty showed four month and year on year lows.

In contrast, the rural market for the three month period ending June was reasonably stable in the Bay of Plenty with the median sale price for a farm up to $1,035,000 from $975,000 in the May period. It is, however, down on the June 2009 period when the price was $1,225,000.
There were 39 farms sold in the June 2010 period, which was up on both the May period when 34 were sold and well up on the June 2009 period when 28 were sold.
The lifestyle block market appears solid with 92 sold in the June period, similar to the 94 sold in the May period, but a bit down on the June 2009 period when 102 were sold.
The median sale price for lifestyle blocks in the June 2010 period was $482,500.