The median selling price per hectare for Bay of Plenty farms is $72,448 less than it was at the same time last year according to the latest Real Estate Institute of New Zealand figures.
For the three month period ending May, the median selling price per hectare for a Bay of Plenty farm was $39,844 compared to $112,292 in the May 2010 period.
The median hectare price in April this year was $24,290.
REINZ says the large drop on the annual comparison is due to the type of rural land being sold this May compared to last year.
Farms sold in May 2010 were largely high value land, compared to low quality land this year.
About 88 lifestyle blocks sold in the region this May compared to 68 in April.
The median price for those lifestyle blocks decreased to $472,250 compared to $480,000 in May 2010.
1 comment
LOW VALUE LAND ?
Posted on 18-06-2011 12:48 | By JERRY CORNELIUS
Should all average out, missed the point of all that really in fact the value of land has droped that is the message here.
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