The number of sales in the Bay of Plenty rural property market is steady according to the latest figures from the Real Estate Institute of New Zealand.

For the three month period ending January there were 78 lifestyle blocks and 20 farms sold.

These sales numbers are similar to compared three month periods, with 23 farms sold in the January 2010 period and in the December 2011 period.

There were 20 farms sold in the January 2011 period.

For lifestyle blocks, there were 76 sold in the December 2011 period, 81 sold in the January 2011 period and 77 sold in the January 2010 period.

The median sale price of the 78 lifestyle blocks in the January period this year was $549,000.

This was down on the December 2011 period median price of $571,500, but was up on both the January 2011 and January 2010 periods; respectively $485,000 and $535,000.

The median sale price per hectare of the 20 farms sold in the Bay of Plenty in the January period this year was $36,665.

These farm sales gave the Bay of Plenty a strong price compared to the national average of $20,299; a slight fall from $20,445 for three months ended December 2011 and down $918 per hectare on the $21,217 recorded for the three months to January 2011.

The Bay of Plenty, however, was one of seven regions to record a drop in the number of farm sales.

'The number of sales for the three months ended January, while reflecting an underlying improving trend do show an easing in the number of sales,” says REINZ rural market spokesman Brian Peacocke.

'We are seeing an increasing shortage of quality properties for sale as demand continues to rise on the back of very good farming conditions and improving farmer confidence.

'Even though demand is rising, buyers remain cautious and conservative in their price expectations and are unwilling to overpay.

'Because of the very good farming conditions, sellers of lesser quality properties are becoming unwilling to meet the market on price and are content to sit tight in the expectation that farm prices will eventually rise to meet their price point rather than the other way around.”