The latest figures from the Real Estate Institute of New Zealand show the farm property market in the Bay of Plenty remains slow with low values.

The median sale price for a farm in the three month period ending February this year is $875,000. This is slightly up on the January period when it was $867,500, but is down on the previous two February periods when it was $1,162,500 and $1,250,000 respectively.

There was not a great deal of activity in the market either with just 17 farms sold in this year's February period – following on from 20 sold in the January period.

Of the 17 sold, eight were horticulture, three were grazing, three were forestry, two were dairy and the last was ‘special'.

The number of lifestyle blocks sold in the Bay of Plenty was also down in the February period with 64 sold – down from the 81 sold in the February period. The median sale price for them was slightly up, however, to $503,000 from $485,000.